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

[richy_B]

I appreciate what you are saying but for me being able to sit down with someone who knows what they are doing is valuable. Face to face contact is preferable for me, or atleast the option of.

 

Everyone is different but i try to concentrate on customers and generating business. I do not want to spend a lot of time doing payroll, my personal tax and accounts. I think I am good at what I do and ultimately spending my time on that is more profitable. It is spend 3-4 days a year working on tax (or googling it!) I'll be a couple of grand amd no guarantee I'll get it right.

 

Also I don't like to fall into the trap that many of us on here moan about (not that I am accusing you of) - People assuming they can do it themselves and paying a 'professional' is a waste of money. We've all had customers who had said 'it's just a tree, I'll give you £50...'

 

Accounts spend years training to become chartered so I certainly don't think I can muddle my way though it.

[AardvarkTreeServices]

If the comments above were aimed at my earlier suggestion, then I'm absolutely not suggesting you do things yourself. What I suggested was using a book keeper to do the routine repeat stuff during the year and an accountant to do the black magic at the end of the year. Your input would be no different but the rate you pay a book keeper to run the paroll and VAT will be way lower than the rate you'll pay a firm of accountants.

[Ian C]

I pay 800 a year for my accountant to do the end of year stuff and about 100 a month for a book keeper (part of same firm) this Inc pay roll and vat submittions, this price also Inc an online invoice package that they have access to, money well spent imo.

[Taupotreeman]

I pay 800 a year for my accountant to do the end of year stuff and about 100 a month for a book keeper (part of same firm) this Inc pay roll and vat submittions, this price also Inc an online invoice package that they have access to, money well spent imo.

 

 

I pay something roughly equivalent here in NZ. Granted, I'm only part time but was roughly the same when I was full time. My monthly GST returns cost around $120-$140 and my year end invoice was $1200. For me, I equate it to one of my customers getting me in to do the tree work which frees them up to do stuff they are good at or want to do. I don't particularly (at least at this stage) want to be coming home and sorting out book work. Happy to sacrifice a little bit of coin and have the professionals do it so that the tax man isn't on my back. Peace of mind I suppose.

[agrimog]

back in the dark and distant past(pre personall computers), everybody needed an accountant, cos the sneaky gits had worded everything in there own language that nobody could understand!!, these days there are a multitude of accounting programs available that render the lowlifes redundant(maybe a bit harsh), unless you actually require one to prepare a set of accounts for companies house, everything else can be done in house, even your end of year returns, save yourself a fortune , DIY

[detritus21]

back in the dark and distant past(pre personall computers), everybody needed an accountant, cos the sneaky gits had worded everything in there own language that nobody could understand!!, these days there are a multitude of accounting programs available that render the lowlifes redundant(maybe a bit harsh), unless you actually require one to prepare a set of accounts for companies house, everything else can be done in house, even your end of year returns, save yourself a fortune , DIY

 

Like everyone needs a tree surgeon get yourself a saw and diy it. My tax return and books took me a couple of days in total. Based on my figures it is two days where I could turn over 800-1200 pounds for those two days. Makes 800 pounds to pay an accountant seem well worthwhile to me. In all honesty I did my accounts spread over a few evenings but again my time in an evening is more precious. Hence I will be getting an accountant.

[AardvarkTreeServices]

 

The thread is about ltd co accounts which need a set of accounts for companies house.

 

Doing a self employed tax return for yourself is one thing but theres more in a companies accounts than subtracting costs from turnover to get profit.

 

Years ago I tried to work out how my accountant had worked out my tax bill and I always ended up with a much higher figure. I now leave him to wave his magic wand over things at the end of the year and keep me and the tax man happy

[richy_B]

.....

 

Years ago I tried to work out how my accountant had worked out my tax bill and I always ended up with a much higher figure. I now leave him to wave his magic wand over things at the end of the year and keep me and the tax man happy

 

Agreed. We have been able to benefit from deductions I would have never known about doing it personally.