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how much turnover justifies an accountants bill?

  • 15-10-2008 10:38pm
    #1
    madmik
    Closed Accounts Posts: 423 ✭✭


    I am selling about 2500-5000 euro a months worth of handmade items .

    I dont keep receipts for business purchases but i buy everything from a paypal account or a visa credit card so i could get a print out from them if required which would tell me roughly what i pay out for everything.

    I also get most of sales by credit card or paypal so this would help me keep track of incoming payments.

    I also dont record how much my advertising fees are but could find this info out from about 10 of the sites i sell things on

    If i were to get an accountant do i just print out everything and give it to him?

    does it have to reasonably well organised before an accountant will look at it?

    how many transactions/turnover a month is generally required before an account is required?


Comments

  • #2
    romah
    Closed Accounts Posts: 150 ✭✭romah


    Best advice I can give to you is to start to keep those receipts !!!

    You know how much you are selling but you dont seem to know how much it is costing you to sell ..so you dont know how much money you are really making ??

    Keeping those records even in a notebook of some sort would be a start..

    One page for each day ..what you sell..versus what your spend ..
    it will soon become a normal part of your routine ..


  • #3
    deepriver
    Registered Users, Registered Users 2 Posts: 346 ✭✭deepriver


    what do you want the accountant to do?

    you seem to be flying under the radar of Revenue.. an accountant will straight away look to settle your VAT and file accounts to revenue

    dont think they will look at you for less than 600euro for a half day, but I could be off with that figure


  • #4
    madmik
    Closed Accounts Posts: 423 ✭✭madmik


    i dont mind paying revenue if thats required
    im fairly sure im under the threshold anyway
    so i reckon i wouldnt have much if any revenue to pay

    600 for a half day sounds expensive but if thats what it costs il probly have to pay it


  • #5
    Boom Boom
    Registered Users, Registered Users 2 Posts: 240 ✭✭Boom Boom


    Hi Madmik

    I would first of all get your hands on every scrap of paper relating to your business and more, if your unsure about whether its allowable or not throw it in anyway your accountant will either allow it or not. You wouldn't believe what some will try chance their arm with and then others who didn't put it in coz they didn't know.

    Word of caution, not sure when you started but if it was in 2007 chances are you are due to submit a tax return by 31 Oct 2008 to avoid any penalties and charges.

    in relation to your VAT even though you claim you are under the threshold, I think there are some different rules for those engaged in internet businesses.(please don't quote me on this though, question your accountant make him earn his money and he might even sweat a little:p:p)

    And finally, Shop around for quotes of accountants, as you are a small business stay away from all the big accountants as they are generally much dearer and for less of a service.

    any other questions just ask................


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