Accountant asking £650 for Annual Accounts

[ishfaqsangra]

My accountant asking for £650(including payroll,3 employees) for Annual Accounts.
Any opinions.
He was agreed with me for £550 before ,now saying they have reviewed their rates

[Olasunkanmi]

@ ishfaqsangra, if your accountant is doing a very good job for you, then £650 per annum for both annual accounts and payroll is a good bargain.

[ishfaqsangra]

To be honest,till date he has issued me only salary slips ,nothing else.They even not properly aware of the fact that whole
£50 ,000 should be invested and he asked me to send the guidance.When I discusses that I want to get a commercial mortgage,he said I would not suggest it as Your business is providing services to GP practices you do not need an office,in other words he said they will question why you invested in property(so that you can sell it later)
He has given the option of investment as discussed on the forum about,Marketing,Furniture,Staff Salaries,Lease(if possible).But I am not convinced with this as my business is generating 2200/month from 3 different contracts,and PAY OUT IS ABOUT 1600/for two employees and room rent£250,I do not know what to do next.
He has only issued me slips for the year(emailed me every month,thats it.) Company annual Return I have submitted myself online through Webfiling ,which he said was OK.

[samaygrg]

My accountant asking for £650(including payroll,3 employees) for Annual Accounts.
Any opinions.
He was agreed with me for £550 before ,now saying they have reviewed their rates

That's reasonable, Ishfaqsangra.

[Wanderer]

That's cheap, mine is £1400 a year for one employee (me). the real work is in the year end accounts which with a Ltd and CT etc is quite complex. Saves me more than that though with his knowledge and stuff.

Seems a bit too cheap to me...

[nasirkhan]

Why don't you do it yourself ?

[Olasunkanmi]

@ ishfaqsangra, to be frank, the annual fee of £650 is a very good bargain as most accountant charge on average of £1000 for company annual accounts which they usually file during the accounting end period. Filling an annual return is not a complex task for you to do.

Your accountant can only advice you but you are the one to decide what exactly you want. Don't forget that an accountant is not a solicitor, so don't expect your accountant to know every rules about the Tier 1 Entrepreneur visa. Most applicant know the rules more than their accountant because of the stress they went through during the application process.

Also most accountant will give advice base on a normal business process not knowing that HO has put lots of restriction on Tier 1 Entrepreneur visa holder.

[TIER1AUSSIE]

Anyone on Tier one should use ODESK you can get qualified people for a third of the price. I outsourced everything to odesk except for the employees I needed. Those legal and accountants costs should be a third of those prices if not a quarter.

[ishfaqsangra]

Thanks Ola
I definitely visit forum and read guidance in detail time to time.I have explained him every thing as they really do not know much compared with us(who have been through the process) but Investment in services business other than marketing is not easy to go for.I was strongly thinking for commercial mortgage which he said is not easy and not recommended.