Is my account CHARGING ME TO MUCH ?

John Phelan 2014

I own a small garage , it's a Ltd Company with 1 full time mechanic and myself .Turnover €120,000
I pay €150 cash every 2 months to do my vat return ( which is fine )
I also pay €922 every 3 months towards
>Preparation of Annual accounts
>Corporate tax computations
> CT1 Filing with revenue
> Filing of my tax returns for 2 directors

Am I being charged to much ?
Is there a cheaper way to do this moving forward ?
Is there software out there that I can use myself ?

Any response welcome

Gard1

Hi John
It does seem like you are being charged a little excessively based on the turnover you indicated.
Is it just the vat and annual accounts or are you discussing other issues over the phone on a regular basis.
Obviously it is hard to tell without seeing the volume of work your current accountant is doing.
Also is the company audit exempt or does an annual audit need to be prepared.

spin777

John Phelan 2014 wrote: »

I own a small garage , it's a Ltd Company with 1 full time mechanic and myself .Turnover €120,000
I pay €150 cash every 2 months to do my vat return ( which is fine )
I also pay €922 every 3 months towards
>Preparation of Annual accounts
>Corporate tax computations
> CT1 Filing with revenue
> Filing of my tax returns for 2 directors

Am I being charged to much ?
Is there a cheaper way to do this moving forward ?
Is there software out there that I can use myself ?

Any response welcome

You are being charged way to much, for a relatively small turnover business. Is it a typical garage where each customer would be charged €100-500? Paperwork shouldn't be a lot. Try change your returns to every four months, might reduce the fee also, shop around, shop around, shop around. Any small firm accountant would like to have your business and will price keenly to get it.

mozattack

You ask about software but surely the "accountant" uses software, if not he/she is living in the dark ages and should be shown the (garage) door for that reason alone.

It is like hiring a taxi and seeing a horse and cart turning up.

spin777

mozattack wrote: »

You ask about software but surely the "accountant" uses software, if not he/she is living in the dark ages and should be shown the (garage) door for that reason alone.

It is like hiring a taxi and seeing a horse and cart turning up.

Think the OP means software he can use himself to do the VAT himself.

OP, there is loads of simple affordable packages out there, not alone will they help you with the accounting but they will help you get a better view of your business and more control over it and managing costs.

CIARAN_BOYLE

John Phelan 2014 wrote: »

I own a small garage , it's a Ltd Company with 1 full time mechanic and myself .Turnover €120,000
I pay €150 cash every 2 months to do my vat return ( which is fine )
I also pay €922 every 3 months towards
>Preparation of Annual accounts
>Corporate tax computations
> CT1 Filing with revenue
> Filing of my tax returns for 2 directors

Am I being charged to much ?
Is there a cheaper way to do this moving forward ?
Is there software out there that I can use myself ?

Any response welcome

First off you are probably being charged too much. However accountancy fees can vary significantly depending on how awkward the client is to deal with. The place where I work has clients that would be a similar transaction volume to you that are charged similar amounts.

Also remember that while you pay €4,588 per year it is also €3,700 plus VAT. Also are you an audit, or are you audit exempt, if you are audit exempt are they doing an audit? An audit can increase the fees significantly.

The reasons for the high fees are that they provide horrible records, or constantly provide information in dribs and drabs or are otherwise awkward. So check your own behaviour first, ask your own accountant about whether there is anything you can do to reduce the fee. Then if you aren't happy ask other accountants for quotes.

Just checking but I suppose your accountant takes care of filing the annual return although you didn't mention it.