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taking_off_

Hi,

can anybody give me an idea of how much would cost an accountant? Do they charge you in proportion do how much you earn, or do they use a flat rate? If it does not costs me a lot, I might prefer to hire an accountant, as I find the accounting the hardest part. I have bought some books and tried to learn about this subject , but still, I am always left with that feeling of 'what if I made a mistake' ?

I have started a small business one year ago. I am not earning much (under £ 15000 for the whole year) and for almost 7 weeks now I have sold almost nothing, ugh , but I think it's just because people have saved for their holidays, so it's understandable. :)

Even when it has been a good month for sales, I rarely sell more than 10 or 15 items in a month , but even so, I am having trouble doing the book keeping. I have bought a couple of books about it but they are overkill and don't reflect the 'smallness' of my business :)

anyways, just want to get an idea of the costs....any suggestions?

Thanks.
 
Try something like Kashflow or solar accounts, where you don't need to know book-keeping, you just intuitatively record the transactions in the same way you'd think about them (record an expence, pay suppliers, invoice customers etc).

All computerised systems have the ability to edit, and produce comprehensive trails for accountants that show what you've done, and even give you a text box for you to say why you've done it.

Don't worry about getting in fatally wrong, because it's easy to correct.
 
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A lot of accountants will offer the whole service from bookkeeping through to accounts and tax returns for a fixed fee price. Our prices are clearly shown on our website to give you an indication of what to expect.
 
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sandiep said:
Try something like Kashflow or solar accounts, where you don't need to know book-keeping, you just intuitatively record the transactions in the same way you'd think about them (record an expence, pay suppliers, invoice customers etc).
Click to expand...

Good advice - one of the 'easy to use' software packages will make it simple for you. Avoid the software that is really meant for accountants, as that will raise more questions in your mind as you use it than it provides answers, and might lead to the indignity of having to shell out again to get training in its use.

As regards the accountant's fees, many of those that post here offer services with prices on their websites. If you search this forum it's an often discussed subject.

Rule of thumb is that you could well save more in tax than the accountant costs you. Not guaranteed, but it tends to go that way.
 
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Hi

You will see a huge difference in how and what accountants charge.

Traditionally accountants have charged by the 10/15 minute unit for all time spent on a clients affairs, but fixed fees are now becoming increasingly popular and adopted by many firms.

I run an online accountancy practice providing a service which includes bookkeeping, accounts and tax returns primarily for small business owners who dont want to do their own bookkeeping. If its of interest do have a look at our website. The fees are shown on the site too http://myaccountantonline.co.uk
 
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thanks to all for the replies.
On average I do only a few transactions a month, about 15, so they are very few. Don't know if it's really worth getting an accountant for that, my main reason is that as I am an one-man business, I am a bit scared that I get things wrong with the IR unintentionally.

Sandiep, thanks for the suggestions, I'll check out Kashflow.

Thanks for the replies.
 
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taking_off_ said:
thanks to all for the replies.
On average I do only a few transactions a month, about 15, so they are very few. Don't know if it's really worth getting an accountant for that, my main reason is that as I am an one-man business, I am a bit scared that I get things wrong with the IR unintentionally.

Sandiep, thanks for the suggestions, I'll check out Kashflow.

Thanks for the replies.
Click to expand...

Even with only 15 transactions you still have the same legal obligations as any other self employed person and still need to ensure you make a correct tax return.

If you are going to keep your own records with 15 transactions per month why not look at some free software like VT cashbook and get an accountant to do a year end tax return for you? That really shouldnt cost very much.
 
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hi, yes you are right of course, plus Kashfklow defeats the purpose for me, I can get an accountant for about £ 20 a month. I have been sent some offers through here but I still didn't look at them in detail because I have been overwhelmed with stuff to do.

How do self-employed pay for their taxes? In a single lump sum ?
Will the IR just detract the sum from my business bank account ? ( I have opened a Direct Debit with them for paying my NI insurance every month)

Dim questions for most of you probably, but that's the first time I work as self-employed.
 
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'because I have been overwhelmed with stuff to do.'

surely not a good excuse, though
 
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taking_off_ said:
hi, yes you are right of course, plus Kashfklow defeats the purpose for me, I can get an accountant for about £ 20 a month. I have been sent some offers through here but I still didn't look at them in detail because I have been overwhelmed with stuff to do.

How do self-employed pay for their taxes? In a single lump sum ?
Will the IR just detract the sum from my business bank account ? ( I have opened a Direct Debit with them for paying my NI insurance every month)

Dim questions for most of you probably, but that's the first time I work as self-employed.
Click to expand...

I suspect at present Kashflow wouldnt really be a cost effective investment for you.

If you are self employed you'll pay tax in 2 instalments - January and July. The tax office dont collect it from you, you have to pay it. Your accountant will explain this in detail and tell you the various due dates. Never be afraid to ask him/her any questions.
 
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Our practice can raange fees depending on the tax saving - if you're unsure about the cost/benefit of an accountant. PM me or click on the link in my signiture if you would like more information.
 
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elainec100 said:
The day my Institute tell me how to charge will be the day I cancel my membership :)
Click to expand...

Give them time - some bright spark will deem it's a good idea;)
 
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elainec100 said:
Ah right - there in lies the flaw in your argument ...

bright :D:D:D:D:D
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Just what are you suggesting - the ICAEW surely wouldnt employ the services of anyone who was not bright, or use your subscriptions for anything other than value for money member services....surely not!!:D
 
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Nicola J said:
Just what are you suggesting - the ICAEW surely wouldnt employ the services of anyone who was not bright, or use your subscriptions for anything other than value for money member services....surely not!!:D
Click to expand...

I'm being mean - I have spoken to a couple of nice people at ICAEW but we all know that some accountants are complete t****** and we know where they can be found :D:D:D:D
 
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