Personal tax return accounting - worth it?

[-Joe-]

Hi there, just wondering, my accountant's quoted me £3k for company accounts, and £510 for personal accounts (excluding corporation tax relief and higher rate tax relief) including VAT (well over threshold, but goods are VAT exempt) for my accounting.

Up until now, I've been doing my personal return myself, and don't find it too much of a bother. I think I'm fairly knowledgeable for a layperson, and am always interested in learning.

Would you guys say it's worth it/there's a strong benefit to paying for the personal tax return part? I queried it, and he said that I could do it myself, although he'd be able to help with dividend timing.

Are there any other advantages, or pitfalls I may have to navigate? Would you guys consider it worthwhile? In terms of the amount of time I spend doing my personal return, it'd work out cheaper doing it myself when factoring in my hourly rate.

 

[Bromley_Accountant]

Is it just PAYE income and dividends on your self assessment? If so, £510 is very expensive.

 

[john1989]

I agree with the above post regarding your personal tax return.

It's impossible to give a view on the price of your conpany accounts as there are too many variables. However, if it is only PAYE and divi income for your SATR, then they are probably expensive in general.

 

[-Joe-]

There will be some other income, from other smaller businesses I run. I haven't sorted out PAYE yet, although yes, it will be PAYE and dividends, the side income, as well as a directors loan account. The main business is likely to be high maintenance, with 7-8 figure yearly turnover. The accountant in question is the best (initial meeting, the first accountant I saw had to call in someone else, who also considered it too complex and referred to the guy I'm now talking to) at a top 50 firm, which may justify the higher than average fees a bit.

One thing I am concerned about is if there's an overlap, and there are company related accountancy issues, but they extend into the personal side. I've had some bank account issues (soon to be sorted, once I proceed with the accountancy), which means the company assets vs my assets are a bit of a jumbled mess. Now that I think about it, it may be worth it for that side, as that's going to be a world of headache.

 

[Jeremiah@RHJ Accountants]

I would agree with the above two comments so far in terms of the price it does sound excessive on for Personal tax returns, however we do not know your full circumstances and your accountant does.

I would suggest you go back to them and ask for a full breakdown of your fees and then at least you will know what you are being charged for.