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Author Topic: Accountant  (Read 1757 times)

Amber123

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Accountant
« on: 29 April 2013, 12:51:48 pm »
Do you think ?54.00 a month (for 12 months) for an accountant is too much for a self employed person?




amy

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Re: Accountant
« Reply #1 on: 29 April 2013, 12:59:59 pm »
Well it's really a how long is a piece of string question, and there isn't a right or wrong answer given that it depends on what you're prepared to pay; if you're only prepared to pay ?30 than obviously it is, and if you're prepared to pay ?60 then it isn't?

Assumed you mean a self-employed sex worker (as there would be no other reason for asking here) with a basic business model and no added complications such as a second business, employees/different departments and whatnot it seems highish to me, but then I've been with my accountant for years and pay what I originally did so I'm not that up to speed really.

Either way nobody can tell you what to do, and if you think what's being offered is worth it than that's your choice. I would want a pretty comprehensive breakdown explaining this before I went ahead, but that wouldn't be affected whatever I was paying :).

Amber123

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Re: Accountant
« Reply #2 on: 29 April 2013, 01:12:04 pm »
Hi Amy,

Thank you for that information.  :)

I just wanted to really find out what others were paying as I am paying ?54.00 a month and it seemed quite high to me. Also, I'm paying monthly, and not sure what I'm really paying for as I now have a UTR (self-employed number) and have set up for National Insurance. My accountant won't be doing anything else now until the end of the year. Do you pay monthly too?  I guess you're right about how much a person wanted to pay. I think its high, but wondered if it was normal because its "sex-work" (not that it should make a difference). I thought maybe i should pay more because other accountants may not want to take it on?


amy

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Re: Accountant
« Reply #3 on: 29 April 2013, 01:34:55 pm »
Well I'm sure your accountant would be happy for you to pay the entire annual fee in one go if you wanted to, but I doubt that's very popular with most people so it's more common (as far as I know) to split it into monthly direct debits, which is also how I pay mine, just like I do with council tax and other biggish bills I don't want to spring for in one lump.

Your occupation doesn't (or shouldn't) make a blind bit of difference. Our business model is very simple and that's what counts - the only way it would matter here is if you were being charged an inflated rate because of your job, which you ought to be able to find out. You're paying for accountancy services, which would be producing a set of proper accounts and filling out your tax return accurately based on the records you provide, just like anyone else.

Rooby

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Re: Accountant
« Reply #4 on: 29 April 2013, 01:58:41 pm »
Like Amy I do my own accounts, but when I used to employ an Accountant my rule of thumb was that he had to save me more than he cost.

I expected him to be really hot on maximising my expenses and minimising my receipts to the extent that it was legal to do so. So he had to be telling me EVERYTHING that I could claim as an expense, really thorough at working out the depreciation I could claim (cars, computers etc have a declining value which you can offset against the tax you pay) and the maximum I could claim for using a room of my house as my office etc.

When I added up all of the stuff he told me that I didn't know it had to more than cover what he cost - otherwise he just wasn't worth it!
Hope that helps :)
R xx


amy

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Re: Accountant
« Reply #5 on: 29 April 2013, 02:16:20 pm »
Like Amy I do my own accounts,

I don't do my own? It's one of the few things I don't do myself, but I have a good chartered accountant (which I think can also bump the fees up) and I wouldn't have it any other way. I think I would have had a job being able to buy property without his help/proper 'official' paperwork, to say nothing of the fact that my maths is so bad I couldn't score a darts game if you held a gun to my head.

Saying that an accountant 'isn't doing anything' I suspect is a bit like the idea that if we do three one hour bookings we've only 'done anything' for three hours that day. If nothing else, your accountant is responsible for your tax and accounts being accurate (assuming you've given them the right information) as well as having expert knowledge should things go wrong, and the time needed to keep this up to date won't be free either.

Amber123

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Re: Accountant
« Reply #6 on: 29 April 2013, 02:17:09 pm »
Thank you Amy and Rooby for your replies.

I think from what you're saying I am paying way too much as I have no other contact with my accountant now until self-assessment time. On top of this fee I have to pay for a reference for a letting agent. I don't think its worth my while for someone new to the industry as I am registered self employed now, and have a NI number so won't have anymore contact with him until its time to do my self-assessment.  :(

My accountant does offer additional investment advice, but again at extra cost :-(





 

Amber123

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Re: Accountant
« Reply #7 on: 29 April 2013, 02:21:12 pm »
Thats is true Amy. I might have to give this some thought.

Abbeycro

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Re: Accountant
« Reply #8 on: 29 April 2013, 02:35:17 pm »
That's around what I pay, but I am based in the London area.  It might be less outside of London.
I am happy paying that fee as I know everything is being done properly, if I get into problems I can call him and ask a question, and a professional knows much more than I will ever know about what I can claim for/get my tax bill down.

Rooby

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Re: Accountant
« Reply #9 on: 29 April 2013, 02:54:00 pm »
Sorry amy, I was confused (as usual!)

Amber123, I dont necessarily think it is a lot of money - when I did pay it was around the ?700 pa mark if I recall but it does depend where you are (as UKDomme says), whether your Accountant is Chartered or the other kind (both are legit, but as amy says, one costs more)

If you're not sure though I would suggest politely asking him why you should carry on using his services. He should be able to justify his fee to you and to explain how he has helped you save money. In this day and age its a reasonable question to ask - particularly as he knows you can do them yourself if you want to.

R xx


Amber123

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Re: Accountant
« Reply #10 on: 29 April 2013, 03:04:12 pm »
Thanks for the advice guys!!!  :D

lady c

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Re: Accountant
« Reply #11 on: 29 April 2013, 04:38:01 pm »
i do my own and did so on a previous business of mine and will do so for this aswell. Its not too bad really as long as u keep on top of it.

saturnspirit

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Re: Accountant
« Reply #12 on: 29 April 2013, 04:39:26 pm »
Well i paid my accountant ?250 plus vat so ?300 in total.

This was just to file my tax returns and go through all expenses with me, my expenses came to ?13,000 ad he manged to claim 75% of my car purchase, petrol, car repairs etc which i wasn't claiming and also makeup, laptop etc.

So well worth ?300!

He also gives you a advice for a year, so you can ring him up if you have any questions regarding something. All in with the price.

I paid the money once he submitted my tax returns (i used to do it myself online) but didn't get a monthly payment option. Remember also your accountant fees are also tax deduct able, so you can claim them as an expense against your tax.




gemmalou77

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Re: Accountant
« Reply #13 on: 30 April 2013, 08:21:55 am »
I think it is too much, i save all my accounts myself and just put them down in a spreadsheet or a book, incomings, outgoings and then found an accountant that would just fill in my tax return, works for me ;D ;D just one yearly bill.