[Dave Willis]

Wasn't it £150 each for two people? Sounds cheap to me.

[Window Lickers]

Saving me cash is just one reason for using an accountant.

I use one because they know more about this particular part of running a business than I do.

Using an accountant saves me time.

I believe HMRC view using an accountant in a positive light, which can be beneficial should your affairs be investigated. My accountant hasnt had any investigations apparently. Peace of mind.

 

[PoleKing]

Back to OP
We pay £118 PCM. Thats all the fees for the whole year.
I'm not a fan of direct debits but quite like it with them.

[Window Lickers]

£1,400 a year?

Whats your setup there?

[jimiwindows]

profit or turnover

I would call it turnover as profit is what your left with after expenses.

you only pay tax on profit.

[SeanK]

profit or turnover

I would call it turnover as profit is what your left with after expenses.

you only pay tax on profit.

Yes but your missing my original point, if your tax bill is £600 then your profit would only be roughly £13000.
It would be very hard to justify that if you had a turnover of £25000.

[jimiwindows]

The frist £10.000 you pay £0 tax

[SeanK]

The frist £10.000 you pay £0 tax

£10500 from April next year.

[jimiwindows]

So it would not be hard to justify that if you had a turnover of £25000.

[PoleKing]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

[deeege]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

We pay similar, ltd company, 2 directors, 2 tax returns, use their address as registered office etc etc. Could probably get it cheaper but that's not a bad price for the service we receive imo.

[PoleKing]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

We pay similar, ltd company, 2 directors, 2 tax returns, use their address as registered office etc etc. Could probably get it cheaper but that's not a bad price for the service we receive imo.

I thought that.
Could probably get it cheaper but when i was sole trade they saw me right and i was happy

[Tom-01]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

We pay similar, ltd company, 2 directors, 2 tax returns, use their address as registered office etc etc. Could probably get it cheaper but that's not a bad price for the service we receive imo.

Similar here. limited Co. Pay £150 a month inc VAT. Plus a little bit extra for a couple of things.

It's definitely worth the money as it saves me a hell of a lot time. I just give them all my receipts, balance sheet and bank statements and they do it all. They also save me a lot of money too.

If you are in a position to do so it's definitely worth paying for a good accountant.

[PoleKing]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

We pay similar, ltd company, 2 directors, 2 tax returns, use their address as registered office etc etc. Could probably get it cheaper but that's not a bad price for the service we receive imo.

Similar here. limited Co. Pay £150 a month inc VAT. Plus a little bit extra for a couple of things.

It's definitely worth the money as it saves me a hell of a lot time. I just give them all my receipts, balance sheet and bank statements and they do it all. They also save me a lot of money too.

If you are in a position to do so it's definitely worth paying for a good accountant.

DeeGee and Tom-do either of you use Barclays Business and the reconciliation tool for your accountants?

[deeege]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

We pay similar, ltd company, 2 directors, 2 tax returns, use their address as registered office etc etc. Could probably get it cheaper but that's not a bad price for the service we receive imo.

Similar here. limited Co. Pay £150 a month inc VAT. Plus a little bit extra for a couple of things.

It's definitely worth the money as it saves me a hell of a lot time. I just give them all my receipts, balance sheet and bank statements and they do it all. They also save me a lot of money too.

If you are in a position to do so it's definitely worth paying for a good accountant.

DeeGee and Tom-do either of you use Barclays Business and the reconciliation tool for your accountants?

No. I use Natwest business banking. I just keep all my receipts and send it to my accountant with my bank statements with notes explaining each credit/debit. He then gives me a list of questions and then runs up a set of draft accounts for me to check.

Works well for us.

[Tom-01]

£1,400 a year?

Whats your setup there?

Ltd, 2 directors. literally everything to do with HRMC for both of us. everything filed. payslips. some other bits i can't think of right now but not major. id imagine it could be done cheaper.

We pay similar, ltd company, 2 directors, 2 tax returns, use their address as registered office etc etc. Could probably get it cheaper but that's not a bad price for the service we receive imo.

Similar here. limited Co. Pay £150 a month inc VAT. Plus a little bit extra for a couple of things.

It's definitely worth the money as it saves me a hell of a lot time. I just give them all my receipts, balance sheet and bank statements and they do it all. They also save me a lot of money too.

If you are in a position to do so it's definitely worth paying for a good accountant.

DeeGee and Tom-do either of you use Barclays Business and the reconciliation tool for your accountants?

Yep I bank with Barclays. The account I got I managed to get via my accountant, otherwise I couldn't have got it and the benefits I get with it.

[duncan h]

Without knowing turnover, expenditure, allowances etc, etc, etc, how can anyone say his tax bill of £600 is good

Because if you took the time to read & analyze the original post you would see that the accountant has done all he can to reduce that bill down to £600. Add to that accountant fees of only £220 for the accounts & IMO, plus most others on here the OP is getting a bargain!! I pay more than that as a sole trader just to have my forms filled in!! So, all in all, I would say the OP's got a good deal & it would suggest that £600 is the minimum his acc' has been able to reduce his liability down to.

Nonsense, if you have a turnover of £25000 a year then your tax bill will be around £3000 so to get a tax bill of £600 you would
have to offset £12000, he's either taking in a small amount or is getting a rebate from previous years.

Which bit is nonsense?

Regardless, his "accountant" has "reduced" his liability to "just" £600 by ways the OP would never have known about otherwise. So, given the now "blatantly obvious" do you think the "accountant" has organized the OP's accounts in a way that this £600 liability is actually more than it needs to be?

Disagreeing with KS cleaning post, your cant say that a tax bill is good if you don't know what the accountant has saved.
If he took in £15000 last year then that tax bill is nothing special you could have got it to that yourself.
Accountants are very good at getting you to believe that they are saving you lots of cash their living depends on it.

+1
in most small sole traders. An accountants job is so easy and they cream it in

[LWC]

My accountant cost me more than original post and youd need to have a sit down if you saw my tax bill 

[Nathanael Jones]

My accountant costs me €520 a year as a sole trader and IMO its money very well spent.

The first year I used an accountant all my previous figures for the last 7 years were looked at and I was told about loads of things I should have been claiming & a couple I shouldn't have - the good outweighed the bad by a large margin though & I ended up owing nothing AND getting a hefty refund that covered the accountants fees twice over.

Now I find it removes a lot of stress from me & offers peace of mind having a professional do the job, knowing that its done right.

I also pay €200 a month direct debit to the tax man, so at the end of the year my bill is a lot less painful!

[PoleKing]

My accountant costs me €520 a year as a sole trader and IMO its money very well spent.

The first year I used an accountant all my previous figures for the last 7 years were looked at and I was told about loads of things I should have been claiming & a couple I shouldn't have - the good outweighed the bad by a large margin though & I ended up owing nothing AND getting a hefty refund that covered the accountants fees twice over.

Now I find it removes a lot of stress from me & offers peace of mind having a professional do the job, knowing that its done right.

I also pay €200 a month direct debit to the tax man, so at the end of the year my bill is a lot less painful!

Why not stick the 200 in another of your own accounts and take the extra few pennies in interest Nat?