New business and need and accountant

Kennyk85

Hi. My misses started up a self employed business back in January. She's made probably 6 to 8k. She's no idea of doing tax returns. We have an appointment on Thursday with an accountant who said the fee is 750e for vat returns, tax returns and end of year too. Is that a fair price? I mean she's prob 30 record or so and a diary of all in and out cashflow. Can anyone point me in the right direction please? We aren't confident doing it ourselves. Thanks

Calahonda52

Are you on ROS?
Are you registered for VAT?
Have you a separate bank account?
.
This stuff, at this level is not hard, so paying 112% of profits for accountancy seems off

Kennyk85

Calahonda52 wrote: »

Are you on ROS?
Are you registered for VAT?
Have you a separate bank account?
.
This stuff, at this level is not hard, so paying 112% of profits for accountancy seems off

Yes registered for Ros and income tax and has a separate bank account. We just don't understand the jargon

K.Flyer

Kennyk85 wrote: »

Yes registered for Ros and income tax and has a separate bank account. We just don't understand the jargon

ROS is relatively straightforward, but most people hate doing it, or fear making an error that will cost them.
Revenue have made it reasonably straightforward to do all of your own vat and income tax returns online, so best to go explore the site before paying any accountant.

Is your wife registered for VAT? This is the one item that needs doing on a regular bi-monthly basis, so you would need to keep that up to date.
Does she use a vehicle for this business?
Is she providing a service or just selling goods?
Or is it a service, with goods involved?
Lots of questions, but easy enough to help work out her best way to keep accounts.
You can buy business packages to track all of the finances, or build your own on excel spreadsheets, or stick with old fashioned pen and paper ledger books.
Very best of luck with the business, hope its a huge success.

Dell2009

So you are looking at the following returns;

VAT3's & VAT RTD
Form 46G
Set of Accounts
Form 11
Meeting/correspondence with Accountant

€750 does not sound like like an overly excessive price but you can probably knock €100/€200 off it with organised books and records and limit the amount of contact time (i.e give accountant everything in one go). What part of the country are you in?

jimmy456

Calahonda52 wrote: »

Are you on ROS?
Are you registered for VAT?
Have you a separate bank account?
.
This stuff, at this level is not hard, so paying 112% of profits for accountancy seems off

I can see where you are coming from but when you compare it to the penalties for non compliance under those tax heads 750 is cheap!

Calahonda52

Calahonda52 wrote: »

Are you on ROS?
Are you registered for VAT?
Have you a separate bank account?
.
This stuff, at this level is not hard, so paying 112% 12% of profits for accountancy seems off

I means 12%