Accountancy Fee for Ltd company

[Billyboyfrancis]

Hi,
Does anybody know how much should i be getting charged by my accountants for an 18 month period with the below situations?
I Started my Ltd company on 6/12/16 and the accountants i chose said it would be best to go for an 18 month accounts system for the first time. They charge me for CIS payments at around 3 individuals per month, Payroll for myself and admin, so 2 people, VAT returns, self assesments, preparation of company accounts, prep of corporation tax computations, prep and completion of corporation tax return and anything else i may have left out but this generally covers it all.
Or let me put it another way.
How much have your ltd company been charged for 12 months including the above as a ballpark?

 

[Energise Accounting]

We would charge around £160 Month through our sister practice, using Xero and Auto Entry provided in with the fee.

 

[The Online Accountants]

What accounting system are you using and how many transactions are going through your Bank Accounts every month?

 

[Gordon - Commercial Finance]

12 months of all of the above for £954+VAT

 

[heidi hine]

Most accountants would charge you a fee for all of the above mentioned of between £125 to £145

 

[UK Contractor Accountant]

between £125 to £145

is that per hour

 

[heidi hine]

Not at all - is per month. Plenty of online accountants out there offering their services for this fees :-

 

[JCresswellTax]

Baffles me how quick people are to quote based on limited facts. Bit stupid if you ask me...

 

[JCresswellTax]

Quoting like that just leads to crap service if and when they realise they are undercharging.

 

[Energise Accounting]

The reason i can quote fairly accurately is because our processes for all of our clients is paperless and automated. What took our bookkeeper 3 hours can now be done in 1 hour. We just pass the savings on.

 

[JCresswellTax]

But you don't know how long it will take to train someone how to use Xero or how long it will take to fix their bookkeeping errors. You also have no idea how long you will spend with the client answering queries and providing advice (if you do indeed provide advice). So just quoting an exact figure on an internet forum is madness.

 

[JCresswellTax]

You may also wish to spend some of your fixed fees on your website: http://www.energiseaccounting.co.uk/

 

[Gordon - Commercial Finance]

The reason i can quote fairly accurately is because our processes for all of our clients is paperless and automated. What took our bookkeeper 3 hours can now be done in 1 hour. We just pass the savings on.

And yet you're still more expensive than any quote I've ever had for a fairly simple LTD.

 

[Energise Accounting]

You may also wish to spend some of your fixed fees on your website: http://www.energiseaccounting.co.uk/

That is down because we are not taking on anymore pub clients as our capacity is full. We take other clients via our sister practice.

 

[JCresswellTax]

And yet you're still more expensive than any quote I've ever had for a fairly simple LTD.

Exactly! It is impossible to quote accurately and fairly without knowing the facts of the business you are taking on. Fixed fees work for some, but to say it is an accurate quote is just wrong.

 

[JCresswellTax]

That is down because we are not taking on anymore pub clients as our capacity is full. We take other clients via our sister practice.

Why are you still quoting it in your signature then? Strange...

 

[Energise Accounting]

And yet you're still more expensive than any quote I've ever had for a fairly simple LTD.

We would only expect the client to generate his sales invoices. As we have found if you let clients do all their bookkeeping you spend more time correcting mistakes.

 

[Energise Accounting]

Why are you still quoting it in your signature then? Strange...

For the simple reason i personally deal with all the pub clients and have a set number i can handle at one time as their is quite a bit of travelling involved.

Most of my clients lease their pubs off Pub companies for a average of 5 years and stay with us for that amount of time.

So with keeping up with the latest trends in the trade and other work i do for my clients i only have so much capacity.

I set my self a target when i first set up and have been running a capacity for a while now.

 

[UK Contractor Accountant]

How much has @Billyboyfrancis been quoted then for his 18 months Accounts.

He has kept us in suspenders since his original post.

 

[Mr D]

We would only expect the client to generate his sales invoices. As we have found if you let clients do all their bookkeeping you spend more time correcting mistakes.

Get the accountant to do the bookkeeping and I'd have been looking at a considerably bigger bill. I was quoted £250 a month 3 years ago for about 30 income and 80 expense transactions a month.

I don't recall more than a couple of times in 6 years where the accountant found a mistake in the bookkeeping. Is it a major problem for the businesses you deal with?

 

[Energise Accounting]

Get the accountant to do the bookkeeping and I'd have been looking at a considerably bigger bill. I was quoted £250 a month 3 years ago for about 30 income and 80 expense transactions a month.

I don't recall more than a couple of times in 6 years where the accountant found a mistake in the bookkeeping. Is it a major problem for the businesses you deal with?

Not on the pub side as they expect the accountant to do the bookkeeping and are willing to pay. We found business owners that did their own bookkeeping were making mistakes or constantly on the phone. Like i said we just automated everything and this seems to of worked.

If we come across a business that cannot be automated easily we don't take them on.

Of course clients can do their own bookkeeping for a reduced fee however, we do make them aware it is totally their responsibility.

 

[Mr D]

Not on the pub side as they expect the accountant to do the bookkeeping and are willing to pay. We found business owners that did their own bookkeeping were making mistakes or constantly on the phone. Like i said we just automated everything and this seems to of worked.

If we come across a business that cannot be automated easily we don't take them on.

Of course clients can do their own bookkeeping for a reduced fee however, we do make them aware it is totally their responsibility.

If the accounts turn out to be wrong who do HMRC chase for the money?

 

[MyAccountantOnline]

Hi,
Does anybody know how much should i be getting charged by my accountants for an 18 month period with the below situations?
I Started my Ltd company on 6/12/16 and the accountants i chose said it would be best to go for an 18 month accounts system for the first time. They charge me for CIS payments at around 3 individuals per month, Payroll for myself and admin, so 2 people, VAT returns, self assesments, preparation of company accounts, prep of corporation tax computations, prep and completion of corporation tax return and anything else i may have left out but this generally covers it all.
Or let me put it another way.
How much have your ltd company been charged for 12 months including the above as a ballpark?

If you want another comparison my firms fees are shown on our website.

I wouldn't give you an estimate for bookkeeping and VAT though as that will depend on how many transactions need to be processed etc.

 

[Energise Accounting]

If the accounts turn out to be wrong who do HMRC chase for the money?

The Individual or the company would pay if the tax returns are wrong. If the accountant has made a mistake they can be taken to court and they will have to pay. That is why we have insurance.

Accountants prepare the accounts based on information supplied. If the information supplied is in anyway inaccurate that is not the fault of the accountant. Accountants are only responsible for the work as outlined in there engagement letter.

 

[Mr D]

The Individual or the company would pay if the tax returns are wrong. If the accountant has made a mistake they can be taken to court and they will have to pay. That is why we have insurance.

Accountants prepare the accounts based on information supplied. If the information supplied is in anyway inaccurate that is not the fault of the accountant. Accountants are only responsible for the work as outlined in there engagement letter.

So either way the individual or company has to pay. Whether they make a mistake themselves or not.

 

[Hilary Armstrong]

Hi,
Does anybody know how much should i be getting charged by my accountants for an 18 month period with the below situations?
I Started my Ltd company on 6/12/16 and the accountants i chose said it would be best to go for an 18 month accounts system for the first time. They charge me for CIS payments at around 3 individuals per month, Payroll for myself and admin, so 2 people, VAT returns, self assesments, preparation of company accounts, prep of corporation tax computations, prep and completion of corporation tax return and anything else i may have left out but this generally covers it all.
Or let me put it another way.
How much have your ltd company been charged for 12 months including the above as a ballpark?

We would typically charge £1200 - £1500 + VAT for this type of work. We also offer a fixed fee for the first two years so at least our clients do not get nasty shock when it comes to bills.

 

[JCresswellTax]

If you want another comparison my firms fees are shown on our website.

I wouldn't give you an estimate for bookkeeping and VAT though as that will depend on how many transactions need to be processed etc.

JESUS! you are cheap!

 

[Energise Accounting]

So either way the individual or company has to pay. Whether they make a mistake themselves or not.

That is not what i said. If the accountant has made a mistake it can be recovered through the courts. It would probably not go that far in reality unless large sums were involved.

Accountants by nature don't take risks and even a one man band will have lots of support behind the scenes who they can consult on tricky areas.

 

[Mr D]

That is not what i said.

Then clarify for me please as to who pays HMRC.

 

[Mr D]

JESUS! you are cheap!

Good though. (waves at Nicola).

 

[Mr D]

That is not what i said. If the accountant has made a mistake it can be recovered through the courts. It would probably not go that far in reality unless large sums were involved.

HMRC recover it from the accountant?
Or the person / business pays HMRC then the person / business get to try recovering from the accountant?

 

[Energise Accounting]

Why would HMRC recover from the accountant. If you accuse a doctor or solicitor of making a mistake you have to prove it. And if the accountant has made a error they will have to pay compensation.

 

[Mr D]

Why would HMRC recover from the accountant.

I would not expect them to.

The Individual or the company would pay if the tax returns are wrong. I

Hence me now asking for clarification of what you meant as I appear to be wrong in what I'm thinking.

 

[Energise Accounting]

I thought you might be thinking that an accountant would have to pay HMRC if a mistake was made. As i said earlier the company or taxpayer would still pay. I have explained how the business owner could get compensation from the accountant if a mistake was made by the accountant.

My first post was quite clear who would be responsible.