How much £ is reasonable for Annual LTD Co accounts and VAT returns?

[TimberCutterDartmoor]

Hi,

 

I think my accountant thinks they have a licence to print money with me!

 

My sole trader annual fee for tax return used to be about £3-400 a year. Since going LTD and VAT reg'd this has jumped to almost £2400 per year; I pay £100/month by standing order but they've just added another £1200 for the last tax return.

 

This seems hellish expensive???

[Al Cormack]

I pay around £1500 for annual Ltd accounts

 

My step mum does monthly books and vat for me, but I am on flat rate vat scheme do quite simple now.

[AardvarkTreeServices]

That does sound like a big hike but if your accountant is doing all your accounts, hes now probably doing alot more than before, like

Weekly or monthly PAYE calc, return and payment

Monthly or quarterly VAT calc, return a payment

End of year PAYE and expenses returns

End of year self assessment calc and returns

Companies accounts prep for companies house and HMRC

 

Unless your turning over £350-400k a year you shouldnt be paying for auditted accounts as they dont need to be auditted below that figure

 

The monthly PAYE and VAT are straight forward to do yourself and you should easily slash the accountants bill in half by doing them yourself. I pay £600-700 a year for year end accounts prep and personal self assessment to be done.

[AardvarkTreeServices]

I pay around £1500 for annual Ltd accounts

 

My step mum does monthly books and vat for me, but I am on flat rate vat scheme do quite simple now.

 

If your mum is doing the monthly VAT and PAYE returns, £1500 sounds steep!!

[TimberCutterDartmoor]

To clarify no PAYE (no employees), only BFSC and T/O max 250k

[AardvarkTreeServices]

To clarify no PAYE (no employees), only BFSC and T/O max 250k

 

If you are running a Ltd Co. you and possibly your wife/partner will be employees of the company as well as shareholders so there will be weekly/monthly/annual PAYE returns to be done.

 

If you are not employees then ask your accountant why not as you're likely to be missing out on some of the perks of working as a ltd co.

[richy_B]

I pay around £3k for LTD company covering all the usual plus my personal tax and a couple of employees. I shopped around, near London it seems about right.

[richy_B]

 

If you are not employees then ask your accountant why not as you're likely to be missing out on some of the perks of working as a ltd co.

 

Agreed. You should be an employee taking an £8k salary minimum.

[AardvarkTreeServices]

I pay around £3k for LTD company covering all the usual plus my personal tax and a couple of employees. I shopped around, near London it seems about right.

 

£3k is a lot of money to be paying. Theres no need to have your accountant on your doorstep if that means paying a hefty premium. You can have a book keeper do the weekly/monthly PAYE and VAT and just use a remote accountant for end of year stuff.

 

The money saved will pay for a holiday when you make the annual trip to the accountants:thumbup:

[TimberCutterDartmoor]

Agreed. You should be an employee taking an £8k salary minimum.

 

Yeah, roger that, director / employee? Either way yes we take wage upto TF max the rest if any (!) is TFD.