Accountants fees for self assessment?

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  19th Apr 2010 - 15:48 19th Apr 2010
David Hassell
dlh Marketing

Accountants fees for self assessment?

Up unitl now I have completed my own self assessment tax returns but as my turnover (marginaly) increases I think it's time I spoke to someone about tax savings. Can anyone advise what I should expect to pay an accountant? My accounts are very simple because 75% of income is for time with balance coming from supplying goods.

Thanks

  19th Apr 2010 - 15:59 19th Apr 2010
Chris Maslin
Maslins Accountants

Hi David,

Fees will vary quite considerably depending upon:

a) the quality of your books and records (shoe box of receipts = bad, excel summary = ok, reconciled bookkeeping software = good)

b) the size and qualifications of the firm (1 man band unqualified = cheap and cheerful, multi qualified partner firm = more expensive)

Ball park figures would start from ~£100 for an unqualified to £1k+ for a high street firm.

Feel free to contact me with a bit more info and I'll happily give you a few basic pointers for free.

  19th Apr 2010 - 16:03 19th Apr 2010
An Example
Example

Hiya, I've always done my own accounts too.

You will find a lot of Accountants will offer a free 1 hour consultation to prospective new clients. I would recommend you write down a list of any and all questions you can think of and go along to a free initial consultation. You may well find with the additional info you then pick up, that you can continue to do your own accounts until that turnover increases a bit more.

Good Luck:)

  19th Apr 2010 - 16:11 19th Apr 2010
Dave Gibson
Blu Sky Chartered Ac...

Hi David, agree with Chris on the banding. For £100 you'll get someone who just completes your tax return - don't expect any advice! £1k+ sounds maybe overkill in your situation.

Happy also to give you a chat on the phone and we'll see what happens.

  19th Apr 2010 - 16:18 19th Apr 2010
Les Kinch
Parrot Hosting & Web...

Why not use the tax filling software from intuit.. I forget the cost per year but, its a really good way of achieving a professionally completed return for small bucks.

Failing that, I got a new accountant after being literally arse-whipped financially from my previous one and got two returns, my wife's and mine done for £700'ish but he got us a £2.3k rebate.

Not all accountants are the same so look to pay about £300 for a good one per set of accounts including any little bits and pieces throughout the year.

If they are any good they should be able to collect their fees out of the tax you would have paid without their help.

  19th Apr 2010 - 16:21 19th Apr 2010
Denise Meredith
Denise Meredith Even...

My accountant is qualified and I admit that I gave her a folder of reciepts in date order (my receipts are a lot better organised now and have been totted up for her) she charged me £50 for my self assessment and she has done other bits for me as well - these could be mate's rates though.

  19th Apr 2010 - 16:30 19th Apr 2010
David Hassell
dlh Marketing

Thanks guys, I'll be getting back to you. I am keeping a spread sheet of all income streams together with cost of sales and running costs.

  19th Apr 2010 - 16:45 19th Apr 2010
Dave Gibson
Blu Sky Chartered Ac...
Quote:

My accountant is qualified and I admit that I gave her a folder of reciepts in date order (my receipts are a lot better organised now and have been totted up for her) she charged me £50 for my self assessment and she has done other bits for me as well - these could be mate's rates though.

Definitely mates rates - would cost us more than £50 to wade through the professional letter of engagement and various money laundering legislation barriers before we even looked at a tax return!

  19th Apr 2010 - 17:12 19th Apr 2010
Gareth Perrett
Crombies Accountants...

Totally agree Dave our self assement tax returns start from £200 + VAT.

  19th Apr 2010 - 18:10 19th Apr 2010
Les Kinch
Parrot Hosting & Web...
Quote:

Totally agree Dave our self assement tax returns start from £200 + VAT.

That sounds very reasonable - for SATR's Remind me to look you up if I ever fall out with my current Accountant... who incidentally is a really GREAT chap and should be on 4N...

Les

  20th Apr 2010 - 09:47 20th Apr 2010
Phil Hendy
PAH Accounting

Agree totally with Chris and David above. Fees will vary mainly dependent on your records. Around £3-400 would be reasonable.

I, and I am sure the others above, would give you some advice on record keeping to help reduce your fees to the minimum! Also providing recommended software or appropriate spreadsheets to get you going.

It is also key to ensure that your accountant is qualified with an appropriate body, either ACCA, ICAEW or CIMA. That way you have rebuke if they do make any major errors! I often have to correct the messes where a client has assumed their previous accountant is qualified.

Let me know if you want to have a chat with you about it. I will PM and call later today.

  20th Apr 2010 - 10:31 20th Apr 2010
Gareth Perrett
Crombies Accountants...
Quote:

Agree totally with Chris and David above. Fees will vary mainly dependent on your records. Around £3-400 would be reasonable.

I, and I am sure the others above, would give you some advice on record keeping to help reduce your fees to the minimum! Also providing recommended software or appropriate spreadsheets to get you going.

It is also key to ensure that your accountant is qualified with an appropriate body, either ACCA, ICAEW or CIMA. That way you have rebuke if they do make any major errors! I often have to correct the messes where a client has assumed their previous accountant is qualified.

Let me know if you want to have a chat with you about it. I will PM and call later today.

Dont forget CTA qualified :-)

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