Chartered accountant

[bol-uk]

Another of those boring info/advice requests please blue friends.

I need to know what is considered a fair price to pay my accountant. I know it varies but I pay just over 3k per year and they want to add another £400 due to the new digital change being enforced.

Thy basically do my quarterly VAT return and my end of year accounts, does this seem a bit steep to anyone out there?

Thanks in advance

 

[anton66]

All tax deductible.

 

[Sy-]

I work for an accounting software firm but only really know about the MTD bit, seems a bit weird to charge extra for that unless their existing process was to do accounts on desktop software and submit VAT stuff on paper to the HMRC prior to that change?

The digital functionality is in most cloud software providers' base offerings, it's not like it was an upgrade or add-on.

At 3k PA I assume they are doing more than just year-end stuff though?

 

[Methuselah]

I think it seems reasonable. The key comparison is: Are you capable of doing it yourself and if you are, have you got the time? You could shop around and try to get a better deal but if the current people do a good job and know your business then that is worth more than £400.

 

[bol-uk]

I work for an accounting software firm but only really know about the MTD bit, seems a bit weird to charge extra for that unless their existing process was to do accounts on desktop software and submit VAT stuff on paper to the HMRC prior to that change?

The digital functionality is in most cloud software providers' base offerings, it's not like it was an upgrade or add-on.

At 3k PA I assume they are doing more than just year-end stuff though?

I a m not sure, it just seems odd to charge me for a system change that all accountants are having to embrace

 

[bol-uk]

I think it seems reasonable. The key comparison is: Are you capable of doing it yourself and if you are, have you got the time? You could shop around and try to get a better deal but if the current people do a good job and know your business then that is worth more than £400.

It's the whole price that concerns me £300 per month when they only do my quarterly accounts and end of year.

 

[chrismpw]

From what I've heard you don't pay them, they just take what they like.

 

[Sy-]

It's the whole price that concerns me £300 per month when they only do my quarterly accounts and end of year.

Ah ok, yeah I'll straight up say that I don't know even a ball park fig for accounting services.

For the increase though, you can go and look at the key players (Xero, Quickbooks, Sage) product pricing webpages for how little it can cost per month to get you digitial, most average about £20 per month without any kind of promo codes or partner discounts.

*and that's assuming they weren't using these services before hand anyway.

 

[kev]

I confess to knowing zero about accountancy matters, never having been in a position to need one. Surely though it's just like any other service i.e. you shop around for the best deal (not necessarily the cheapest, but the best value to you) I would never just accept an insurance or energy provider renewal for instance without 'shopping around' for a better deal.

 

[Zatara]

Another of those boring info/advice requests please blue friends.

I need to know what is considered a fair price to pay my accountant. I know it varies but I pay just over 3k per year and they want to add another £400 due to the new digital change being enforced.

Thy basically do my quarterly VAT return and my end of year accounts, does this seem a bit steep to anyone out there?

Thanks in advance

You can hire a 'virtual accountant' full-time for $500 a month in Philippines.

Comparing the costs for a firm to do quarterly VAT returns to a full time virtual service shows the difference.

If you want to save money mid-long term then send have both your firm and a virtual accountant do it next quarter and then see if they match up

If they do then you save yourself a tidy amount.

 

[bol-uk]

You can hire a 'virtual accountant' full-time for $500 a month in Philippines.

Comparing the costs for a firm to do quarterly VAT returns to a full time virtual service shows the difference.

If you want to save money mid-long term then send have both your firm and a virtual accountant do it next quarter and then see if they match up

If they do then you save yourself a tidy amount.

Thanks, will look into it

 

[Zatara]

Thanks, will look into it

Theres a lot mate, Philippines is the king of outsourcing from call centres to...anything...

If you need a 2nd opinion give me a shout...

Incidently i did work experience in 2 accounting firms many years ago...the fees were done by hourly billing...but of course were massively inflated...just a little higher each year.

One job was adding up receipts / payments from paper docs...it took me under an hour and yet they billed it for 3 hours on a junior accountants rate.

 

[degsy]

Another of those boring info/advice requests please blue friends.

I need to know what is considered a fair price to pay my accountant. I know it varies but I pay just over 3k per year and they want to add another £400 due to the new digital change being enforced.

Thy basically do my quarterly VAT return and my end of year accounts, does this seem a bit steep to anyone out there?

Thanks in advance

Aren't their fees a write-offable expense anyway. He/She should know this or at least how to...or they arent worth the money you give them.

 

[Eggs]

...I deal with plenty of turf accountants.

 

[Tramps_mate]

Another of those boring info/advice requests please blue friends.

I need to know what is considered a fair price to pay my accountant. I know it varies but I pay just over 3k per year and they want to add another £400 due to the new digital change being enforced.

Thy basically do my quarterly VAT return and my end of year accounts, does this seem a bit steep to anyone out there?

Thanks in advance

I pay £900 + vat. For everything. VAT, tax return, personal tax calc etc etc.. Only added extra is yearly confirmation statement.

Unless yours is a huge amount of paper work I'd say youre getting over charged.