Newsletter August 2018

Are you being charged high accountancy fees?

Are you paying the correct accountancy fees, or are they excessive?

Do you have to comply with the obligations of Self Assessment, whether a sole trader, have property you rent out or a limited company? Do you employ an accountancy firm or just one individual and are you paying the correct fees for the correct service they are offering you?

We have been persuaded to write this article as it has long been known in the profession that if you instruct a large firm of accountants you will be charged higher fees that a small firm would charge. We recently were instructed by a building subcontractor whose current large firm of accountants charged him over £1,100, provided him with a full set of accounts that included a balance sheet that meant nothing to him and he spoke or dealt with a different person, not necessarily qualified, each time - our fees were £360 including VAT!

Obviously these fees that are being charged is quite common with accountants, but as families compare their weekly shopping bills to say high street supermarkets, so why not for the needs of an accountant?

I was speaking to a car sales business recently... he said the secret isn't what you sell it for, it’s what you buy it for....

But it is always not about the size of fees, it’s the service you receive as well, like personal and friendly attention, you speak to the same person each time and receive the correct advice at all times from qualified accountants. It’s not always the size of accountancy firms and very often a misconception that you receive a better service from larger firms that small ones, we are all qualified accountants and follow the same ethics and are governed by an institute or association rules and have to adhere to practising certificates. Also to maintain a practising certificate, we have to keep up to date with affairs by attending regular courses and receiving Continued Professional Development (CPD) points.

So in short, are you paying excessive accountancy fees, why not consider speaking to others or give us a quick call as you have nothing to lose?

As reported in an earlier newsletter, it is an easy and common process to change your accountants.

DATES TO REMEMBER:

1 August 2018- Due date for Corporation tax for companies with an accounting period ended 31 October 2017.

7 August 2018- Due date for filing and payment of VAT for the period ended 30 June 2018, unless you submit a paper return then the date is 31 July 2018.

Monthly Dates:

19th of the Month:

Due date for postal payments of PAYE, NIC and CIS deductions and on-line filing deadline for CIS300 monthly return to HMRC.

22nd of the Month:

Due date for electronic payments of PAYE, NIC and CIS deductions to HMRC.