How long after year end do you expect to know your corporation tax bill?

Discussion in 'Accounts & Finance' started by Mike_S01, Sep 6, 2019.

  1. Mike_S01

    Mike_S01 UKBF Newcomer Free Member

    6 0
    I’m looking to change accountant. I have only ever had one and kept him for ten years but this year I got the accounts through three weeks before payment was due which I thought wasn’t great. I only find out PAYE the day before or sometimes on the end and VAT a week before.
    Just wondering how normal this is and what you expect from a good accountant? The ones I have spoken to today all assure me they will get it done sooner but one did say this is pretty normal. I have everything the accountant asks of me over to him within a week and it’s all done through email.
     
    Posted: Sep 6, 2019 By: Mike_S01 Member since: Jan 17, 2018
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

    16,097 1,797
    Generally once accounts done.
    If you supply the stuff to accountant a month after year end and they provide accounts months later then yes that could be improved upon.

    Paye my previous employer knew several days before end of the month.
     
    Posted: Sep 6, 2019 By: Mr D Member since: Feb 12, 2017
    #2
  3. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    12,731 2,361
    I cant answer for other accountants but in my firm all work is completed within 14 days of us receiving everything we need from a client.
     
    Posted: Sep 6, 2019 By: MyAccountantOnline Member since: Sep 24, 2008
    #3
  4. Mike_S01

    Mike_S01 UKBF Newcomer Free Member

    6 0
    Hi Nicola,
    Could we have a price to come on board with you please?
     
    Posted: Sep 6, 2019 By: Mike_S01 Member since: Jan 17, 2018
    #4
  5. Mr D

    Mr D UKBF Legend Free Member

    16,097 1,797
    I would recommend Nicola. Good price and good service, meeting my requirements. :)
     
    Posted: Sep 6, 2019 By: Mr D Member since: Feb 12, 2017
    #5
  6. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    12,731 2,361
    Hi Mike

    Yes I'll gladly give you a quote if you'd like to email me - [email protected]

    Our fees are also shown on our website.
     
    Posted: Sep 6, 2019 By: MyAccountantOnline Member since: Sep 24, 2008
    #6
  7. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    12,731 2,361
    Thank you very much indeed Mr D that's much appreciated.
     
    Posted: Sep 6, 2019 By: MyAccountantOnline Member since: Sep 24, 2008
    #7
  8. Mike_S01

    Mike_S01 UKBF Newcomer Free Member

    6 0
    Emailed you Nicola, thank you.
     
    Posted: Sep 6, 2019 By: Mike_S01 Member since: Jan 17, 2018
    #8
  9. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    364 105
    Whilst your accountant will produce your accounts, and will calculate exact profit and Corporation Tax due, you should have an approximate idea of profit (and hence Corporation Tax) when you provide the accountant with the information that they will use.

    Obviously for a complex organisation the approximation may be inaccurate, but for many more straightforward organisations, a simple spreadsheet of income and outgoings, will help ensure that there are no shocks when the accounts are produced.

    Depending on overall objectives, a good accountant should produce a Corporation Tax bill that is below your estimation.
     
    Posted: Sep 6, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #9
  10. Energise Accounting

    Energise Accounting UKBF Ace Full Member

    1,003 165
    You could also consider using a software like Freeagent. It will give you a rough idea of your corporation tax in real time. At least then you can put some money aside.
     
    Posted: Sep 6, 2019 By: Energise Accounting Member since: Sep 24, 2014
    #10
  11. Glenn Martin

    Glenn Martin UKBF Regular Free Member

    173 45
    We aim to have all year ends filed within 3 months of the year end. We would like to get this down to 6 weeks, which we do for some clients. Its easy if the records are in Xero and up to date.

    Wages are done on the 20th of Month for Monthly salaries and PAYe advised then for payment on the 22nd of the following month.

    VAT is more difficult if client info is not good and as to be chased. We try and advise as VAT accrues each month what liability is likely to be.

    We give everyone Receipt Bank now for all Xero clients to try and improve data flow but some clients still save up paperwork and scan once a month, which creates the bottle necks you have experienced.

    If you want info by certain dates agree them with your accountant, if you can guarentee your books by the 5th of the month he should be able to guarentee the VAT return back to you by say 15th
     
    Posted: Sep 9, 2019 By: Glenn Martin Member since: Oct 1, 2015
    #11
  12. SteLacca

    SteLacca UKBF Ace Free Member

    1,422 275
    This is concerning. Given that the tax month end is 5th of the month (and so that is the latest date that the RTI submission could be made), and the tax is not payable until 22nd (cleared funds with HMRC), you should always have a minimum of 17 days notice of the PAYE due.
     
    Posted: Sep 10, 2019 By: SteLacca Member since: Jun 16, 2016
    #12