company accounts fees

Billyjack

I currently pay 1500 plus VAT to my accountantfor my company accounts and tax return. Considering I do my own vat return (about 100 figures to be added up) and I am the only employee I think this is just too steep. My bank statements are only half a page each month and I am barely making a living (repair & maintenance of machinery).

Question is for a simple company like mine surely it can be done cheaper

honeymonster

I can pass you on my accountants details.

He's good and doesn't charge too much. But he will want two references before he offers a consultation.

smcgiff

Billyjack wrote: »

I am barely making a living (repair & maintenance of machinery).

Question is for a simple company like mine surely it can be done cheaper

What's your turnover - do you need to be VAT registered?

djk1000

Might be worth doing your own monthly bookkeeping, or considering becoming a sole trader.

gerryR

smcgiff wrote: »

What's your turnover - do you need to be VAT registered?

Don't mean to hijack the thread but the OP seems to be AWOL and I have a similar query.

I have a 6 month contract, I need to be VAT registered and I'm wondering what the accountancy fees would be if I set my own company up.

At the min I'm going through an umbrella company, the fees aren't too high and if the accountancy fees would indeed be around 1500 then it's probably not worth my while starting up my own Co. for a 6 month contract.

Thanks
gR

smcgiff

gerryR wrote: »

Don't mean to hijack the thread but the OP seems to be AWOL and I have a similar query.

I have a 6 month contract, I need to be VAT registered and I'm wondering what the accountancy fees would be if I set my own company up.

At the min I'm going through an umbrella company, the fees aren't too high and if the accountancy fees would indeed be around 1500 then it's probably not worth my while starting up my own Co. for a 6 month contract.

Thanks
gR

Hello GR,

Do you need to be VAT registered and incorporated - do you need to form a company?

It would be very unwieldy to set up a company for only 6 months. Once a company is formed it will require a degree of administration even if its not trading. And it can also be expensive to liquidate a company as, again, formal procedures need to be gone through. Which if not followed can involve heavy penalties and even jail.

Okay, that's the extreme, but I'm trying to emphasise that setting up a company for just six months is a bit mad.

If it is only VAT registration that is required and there are only a few transactions then it could be done very cheaply. Good luck.

gerryR

The 6 month contract is through a recruitment company and they require a VAT number. Think they required a company reg number too but I'll have to check that again.

I heard you need a chartered accountant to do your books if you were company and vat reg'ed than that their costs for end of year books would be high so the umbrella company was a quick way out. Looking at all the deductions (Employer and Employee PRSI and Umbrella Fees) I thought I'd check if there was a more economic way of doing it for the 6 months.

Thanks for any feedback
gR

J.Ryan

gerryR wrote: »

......I heard you need a chartered accountant to do your books ......

Thanks for any feedback
gR

As a company, if you are audit exempt, you don't need an accoutant at all, but given that you can be penalised for not complying with disclosure and formating requirments you would be advised to engage one.



Any accountant (once they are registered with their institute as being in practice) from any professional body can act as accountant or auditor for a Limited Company.

The 4 main bodies are (in no order)

CAI
ACCA
CPA
IIPA

(I believe that CIMA are now issuing practicing certs also - so a CIMA with a practicing cert could act for you as long as you were audit exempt, if that is the case)

Now before a certain person goes off on a rant about one of these bodies, I'd ask that he checks the professional ethics of his institute as regards what he can say about another body and their members.

All these bodies are recognised by IAASA.

smcgiff

J.Ryan wrote: »

The 4 main bodies are (in no order)

CAI
ACCA
CPA
IIPA

Okay, but that's a bit like saying that the two main states on the Italian Peninsula are (in no particular order)

Italy
Vatican City

J.Ryan

smcgiff wrote: »

Okay, but that's a bit like saying that the two main states on the Italian Peninsula are (in no particular order)

Italy
Vatican City

True, but both are recognised states

Accountancy

Billyjack,
My advice to you is to ask for a price.
People can charge anything they want really but if you ask for a price upfront they will stick to it.
HTH.
Valerie