[SunShineCleaning]

I think many miss the point. A good accountant will save you 5x what you pay. Yes you can fill in the boxes but do you know the best way to save paying tax. No doubt many pay more tax because they either have a sloppy accountant or do it themselves.

[8weekly]

I think many miss the point. A good accountant will save you 5x what you pay. Yes you can fill in the boxes but do you know the best way to save paying tax. No doubt many pay more tax because they either have a sloppy accountant or do it themselves.

Rubbish. 380x5 = 1900. To save you that he has to identify around £8,000 costs you can deduct from your turnover. 

Most accountants would struggle to save you what they cost. That's not to say people shouldn't use them, but don't believe the hype.

[MATT BATEMAN (OWC)]

To save £380 an accountant will have to identify about £1250 in costs/charges you might otherwise pay tax on. Where do you get the £8000 figure from?

But it's not just the lower tax bill that helps with their charge its the time they save you which frees you up to be able to earn or have as free time.

[8weekly]

To save £380 an accountant will have to identify about £1250 in costs/charges you might otherwise pay tax on. Where do you get the £8000 figure from?

But it's not just the lower tax bill that helps with their charge its the time they save you which frees you up to be able to earn or have as free time.

Sunshine said an accountant will save you 5 x what they cost. 5x380 is 1900 tax saved. So that represents around £8000.

[8weekly]

To save £380 an accountant will have to identify about £1250 in costs/charges you might otherwise pay tax on. Where do you get the £8000 figure from?

But it's not just the lower tax bill that helps with their charge its the time they save you which frees you up to be able to earn or have as free time.

To add to that. To fill in a tax return takes me around 1/2 hour. It takes much longer to compile the information to complete the tax return, but even if you have an accountant, you still need to compile the data.

[Crystal-clear]

how can an accountant save you 5x what you pay them , i rang around one day and all i was pretty much being told was keep doing it yourself all we will do is fill in the figures and charge you,i said what about the amazing things you know ,,, worth every penny,, tricks of the trade save us more money??
"No we just ask you to subit your earnings and expensis for the year and that will be £400+vat"

only worth it if it takes your time from your job that you could be otherwise be earning , so i think dealing with vat,pay roll etc etc.then its worth it if im wrong and these amazing accountants exsist that can actually save you forget 5x even double and legally then pls let us know!

[SunShineCleaning]

Maybe I have a great accountant, last year We paid total of just about 2.6% of our turnover in tax.
I had worked it out to be about 15%.

There were things he did that I wouldn't have thought of.

Keep filling it in yourself and I'll keep my accountant.

As for the 5x saving, I meant that if your accountant charges £350 he should be able to save you £1400 off your tax bill.

If you turn over £35k with expences of £5k you pay tax on £30k.
At 20% thats £6k. If he cant reduce that by £1400 he's not very good at all.

[Moderator David@stives]

my accountant saved me a fortune over the last accountant who had missed a golden nugget

all accountants are not the same

[keyser soze]

hi mr woods did you speak to the offending accountant and did he reduce his bill to you , regards andy

[Ben wood]

no he wont reduce the bill so i said i wont pay him. will wait to see what happens

[Cliff perkins]

mine was £450
and to be honest he was close to useless this year
regards cliff

[tlwcs]

no he wont reduce the bill so i said i wont pay him. will wait to see what happens

Did you ask if he will spread the cost to help you out a little?
I would also make sure you get some investigation insurance from the federation of small business and your books are bullet proof (I'm sure they are) as he could possibly stir the pooh with the revenue men, an added grief you don't need.
Tony

[Ben wood]

Its not that i cant pay it, i have a nice saving account its because he hiked the price without telling me and i feel he is taking the mick. and i declare every thing so i have no worries of a investigation.

[AuRavelling79]

Just asking - but did he do more hours work this year?

[SunShineCleaning]

Its not that i cant pay it, i have a nice saving account its because he hiked the price without telling me and i feel he is taking the mick. and i declare every thing so i have no worries of a investigation.

Everyone is upset for you that he didn't tell you of the price hike, however telling him you won't pay is not a smart move. If an investigation is done they will look into evey aspect of your life including, as a friend found out, having to explain about the contents of his wardrobe. They are linked to Customs and don't need any permission to be inside your house doing an inventory of your possessions.
Your ex accountant can, even though it's unlikely, "spoil the pot" for you.

[8weekly]

Why would the accountant tell IR anything untoward is happening? It would incriminate himself surely. Write to him and ask him to put in writing why the bill has doubled. When you get a reply, give it som e more thought. It might be that he has had to do more work this year?

[AuRavelling79]

Why would the accountant tell IR anything untoward is happening? It would incriminate himself surely. Write to him and ask him to put in writing why the bill has doubled. When you get a reply, give it som e more thought. It might be that he has had to do more work this year?

Sensible post.

[Frankybadboy]

£150 a year for me and she does a great job

[keyser soze]

tell him you will argue it out in arbitration . he would have to explain to a arbitrator why the massive increase. if he knows you  prepared to do that hell drop it.. hopefully .i wouldnt worry about hmrc .. all there inspectors are at google hq

[Ben wood]

I have no worries about my accounts at all. I have declared every thing since day one so i can sleep well