£560 accountant bill (!)

CKhalvashi

Hey MSEr’s

Just looking rather in shock at a bill posted to me of £560 + VAT for tax return (from accountant).

Surely this doesn’t take 7 hours to complete (although I understand that as Self-Employed, Company Director and Town/District/County Councillor, with 2 rental properties and capital gains to declare, my tax bill is not easy to work out). Basically, there’s a figure in every box (!)

Any ideas as to why this is twice the price of last year (surely taking District wouldn’t do this) and any ideas for next year?! :cool:

InsideInsurance

Is that just your self assessment return or, given your a company director, also corporation returns? payee? vat? etc etc

Do you normally have services done before agreeing a price or basis for billing? How was data provided, a box of receipts or a fully itemised spreadsheet?

Acc72

CKhalvashi wrote: »

Any ideas as to why this is twice the price of last year (surely taking District wouldn’t do this) and any ideas for next year?! :cool:

There is only one person who can answer this .................

sharpee

Did you ask your accountant what his fee was before engaging his services?

CKhalvashi

InsideInsurance wrote: »

Is that just your self assessment return or, given your a company director, also corporation returns? payee? vat? etc etc

Do you normally have services done before agreeing a price or basis for billing? How was data provided, a box of receipts or a fully itemised spreadsheet?

I’ve opted to take allowances for District, as I have on County. Town, we just get paid expenses. Totals for both of these are £47162.48 + £3907.20 mileage in 2010/11. I’m also on the County cabinet for Education and Music/Entertainment, as well as Licensing and Business for District.

This is just the tax return element, as I pay for this myself, then offset against SE profit, separately from LTD. I find this more tax-efficient to do so. Hence they’re paid for separately.

I’ve known my accountant for several years (personal friend, also on Town/District), so I get her to send me a bill when it’s done. Same goes for printing and car (as long as nothing too major needs doing), as again, both services are provided by Councillors.

I’ve had a word, and she’s confirmed that this is correct, due to the fact that I’ve been on District for 11 months of last TY, making PR allowances difficult to work out. The fact there are also large capital gains apparently make up the difficulty in the offset (sold 2 rental properties in exchange for 2 for about £5k total more expensive (cash) each, that will produce an extra £18k annually in rental income (mainly in HB for homeless applicants). This has caused her a nightmare, especially in the form of the spreadsheet not being correct. I’m effectively running 2 halfway houses through a ‘for profit’ housing association (her words, not mine)

Pension going over the annual limit (with the exception) was the other thing. :eek:

Lets try to organise myself better next year! :cool:

Edit: She’s got my outstanding down by about £18k, so I’m REALLY happy with her!

Thanks guys :T

Pennywise

To include all those sources of income, plus capital gains, and with a dodgy spreadsheet, then that kind of money is actually on the cheaper side rather than expensive. A few hours soon gets used up when things aren't straight forward.

Mistral001

Was the bill broken down?

7 hours was mentioned. Does that mean 7X80 = £560?

I get a bill which is not broken down. My accountant usually gives my accounts to a trainee or junior member of staff and then she checks it and rings me with any querries. I have always assumed that the bill is made up of hours done by staff members at different rates, but am not sure.

Maybe I should ask next time. I got quite a large bill last year as well and want to ensure that it is not so big next year

Miss_Havisham

OP,

sounds like bargain to me.

Miss H

System

Fair price

nickj_2

was it your tax bill down by £18k , if so what are you moaning about ?