Accountant

[SimSI]

Hi all,

So we had a problem recovering CIS deductions, finally got it sorted but an amount had to be recovered by amending last years self assessment, we weren't able to do this ourselves as our accountant prepared it (which we didn't get a copy of) so I had to contact him to make the amendment, we then received a cheque in the post, not from the inland revenue but from the accountant, which must have been made out to him becuase he enclosed a statement which showed he had deducted £300 fees from it!!!!! and no copy of the amended SA - We are really unhappy with the amount of charges we have had since we became a ltd company, and are slightly concerned that we haven't got a copy of the final SA as a sole trader or the amended version. Is it legal for him to take his fee's like that without even discussing it with us first?? We are considering changing accountants this year, what information will he be holding that we can ask for? Thanks a million

 

[elaine@cheapaccounting]

see here on how to change accountant ...

http://www.cheapaccounting.co.uk/mainnavnewac.php

As to the fee - what did your letter of engagement say?

If you are not hapy then I would suggest changing asap

 

[SimSI]

Letter of engagement - Oh I wouldn't even know where that is, my husband has been going to him before I met him when he was self employed and wouldn't be suprised if he didn't even get one

 

[David Griffiths]

If your accountant is a Chartered Accountant (can't speak for Certified and the others, but would expect the rules to be the same) he is not allowed to deduct fees in this way unless he has sent you an invoice detailing the charge before he makes the deduction. That's a breach of professional ethics

it wouldn't stop the fee being payable however, and the amount of the charge is down to the terms of engagement.

You should also be given a copy of the original and the amended self assessments to authorise before the accountant submites them.

If the accountant isn't a member of one of the professional bodies, then all of that goes out of the window.

 

[maxine]

There are going to be more charges as a limited company but your accountant should have explained these to you so there were no surprises.

If you need a hand looking for an ideal accountant for you then you may like my service at www.find-me-an-accountant.com which is free to you to use.

As for CIS I think you really need to get hold of the paperwork as this responsibility follows you around regardless of which accountant you are with unfortunately

 

[elaine@cheapaccounting]

There are going to be more charges as a limited company

not much more

 

[SimSI]

Hi guys, thanks for your replies....

He is ACCA qualifed off the top of my head....

We haven't been given terms of engagement that i'm aware of, he only said about the increase in charges once the invoices were raised for preparing accounts. He didn't invoice us before he took the fees.... oh the list goes on - I think we just better find another accountant.

How much would it normally cost to prepare a set of accounts if the following information has been prepared using Sage:

Monthly bank reconcilliations
Profit & Loss
Balance Sheet reconciled
Wages reconciled and payroll end of year summaries submitted
CIS payments/deductions reconciled

The only thing the accountant would need to do is review the information that would be all presented in a lever arch folder with details of nominal codes etc. a few year end journals for depreciation etc.

Cheers

 

[elaine@cheapaccounting]

our fees are here ...

sole tarder ...

http://www.cheapaccounting.co.uk/indexservicessolesup.php

limited company ...

http://www.cheapaccounting.co.uk/indexservicesltdsup.php

plus add a wee bit more for CIS - happy to give a fixed price quote / monthly fee

 

[maxine]

not much more

Depends who you use!

 

[DeanCo]

Ideally, your accountants should send you copies of everything for your approval before submitting them to Companies House and HMRC.

As for the fees you should get a list of fees upfront when you first contact them. Some accountants charge up to £1000 for one director and up to 2 employees. I think you would be pleasantly surprised at ours.

 

[MyAccountantOnline]

The ACCA rules are quite clear regarding offsetting fees from tax refunds. Here's a copy of the relevant section from the ACCA rulebook -


Section 3 Code of Ethics and Conduct
3.20 Clients' monies and other assets
Withdrawals from a client bank account

17. The following may be withdrawn from a client bank account, provided that the sums withdrawn do not exceed the total of the monies held for the time being in the account of the clients concerned:
(a) monies properly required for a payment to or on behalf of clients;
(b) monies properly required for or towards payment of debts due to the firm from clients, otherwise than in respect of fees or commissions earned by the firm;
(c) monies properly required for or towards payment of fees or commissions payable to the firm by clients for work properly carried out by the firm;
(d) monies drawn on clients' authority or in conformity with any contract between the firm and clients.
18. Monies should not be withdrawn from a client bank account for or towards payment of fees or commissions payable under paragraph 17 above unless:
(a) the clients have been notified in writing that monies held or received on clients' behalf will be applied against those fees or commissions, and have not disagreed; and
(b) principals of the firm have expressly authorised the withdrawal; and
(c) either:
(i) 30 days have elapsed since the date of delivery to clients of the notification; or
(ii) the precise amounts to be withdrawn have been agreed with clients in writing or have been finally determined by a court or arbitrator.

 

[SimSI]

Hi

There is 1 director, 1 company secretary and 7-11 employees that fluctuate through the year....

 

[maxine]

Hi guys, thanks for your replies....

He is ACCA qualifed off the top of my head....

We haven't been given terms of engagement that i'm aware of, he only said about the increase in charges once the invoices were raised for preparing accounts. He didn't invoice us before he took the fees.... oh the list goes on - I think we just better find another accountant.

How much would it normally cost to prepare a set of accounts if the following information has been prepared using Sage:

Monthly bank reconcilliations
Profit & Loss
Balance Sheet reconciled
Wages reconciled and payroll end of year summaries submitted
CIS payments/deductions reconciled

The only thing the accountant would need to do is review the information that would be all presented in a lever arch folder with details of nominal codes etc. a few year end journals for depreciation etc.

Cheers

Bit difficult to say as varies by where in the country you are (unless you use a national service like Elaines , approx how many transactions or turnover £, how many employees and whether weekly or monthly payroll, but if you are preparing things nicely and thoroughly by using something like Sage then you should be able to pay quite a bit less

 

[MyAccountantOnline]

Hi guys, thanks for your replies....

He is ACCA qualifed off the top of my head....

We haven't been given terms of engagement that i'm aware of, he only said about the increase in charges once the invoices were raised for preparing accounts. He didn't invoice us before he took the fees.... oh the list goes on - I think we just better find another accountant.

How much would it normally cost to prepare a set of accounts if the following information has been prepared using Sage:

Monthly bank reconcilliations
Profit & Loss
Balance Sheet reconciled
Wages reconciled and payroll end of year summaries submitted
CIS payments/deductions reconciled

The only thing the accountant would need to do is review the information that would be all presented in a lever arch folder with details of nominal codes etc. a few year end journals for depreciation etc.

Cheers

You are quite justified in making a complaint to your accountant if he has failed to act in a proper manner, and not adhered to the ACCA rules, and if he fails to deal with the complaint satisfactorily you can pass it to the ACCA who will investigate it fully - it is one of the advantages to using a properly qualified accountant.

That said my personal view is that sometimes in life its best to move on and not waste your valuable time pursuing complaints unless you've suffered loss.

Their are many good accountants out there who will provide you with a good service.

If you want to take a look at our website we show fees on the site.

Good luck with moving forward.

 

[elaine@cheapaccounting]

Hi

There is 1 director, 1 company secretary and 7-11 employees that fluctuate through the year....

we are just working on set fees for new payroll services - drop me an email and I'll get a quite for them