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Cheap accountant

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    #32
    Cilldara_2000
    Registered Users Posts: 1,189 ✭✭✭Cilldara_2000


    markmoto wrote: »
    If people make enough money no doubt they would hire accountant full time.
    When asking for help because they cant afford to pay 2k per year on a smallish business you should help instead of scaring them off.

    The OP didn't say they couldn't afford it.

    There's advantages to having a limited company (if you're doing fairly well). Assuming they are, you can use tax law to your advantage but part of the drawbacks of a limited company is the more onerous accounts and CRO requirements than a sole trade has. And ultimately you have to pay for that if you want it done right.

    Any accountant in practice can give you loads of horror stories about clients going off half cocked thinking they can manage it themselves. Some can but others can't and it doesn't end well when Revenue find out they haven't been able to manage it themselves.


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    #33
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    I will never forget the bill I got as a 20 year old orphan from an unnamed medium sized accountancy practice 20 +years ago, shortly after my father suddenly passed away. They had already got alot of business from my father, who was not a wealthy man, but was surrounded by hangers-on like these accountants. The bill It was £10,000 for work they said the undertook only a few months after he passed. The work was not overly complicated. They charged £3,000 alone for a very simple tax return, which was full of tip-exed corrections. Then two of the senior partners rang me one night bullying me into paying up when I disputed the fee. I was very vulnerable and grieving. They were sharks dressed up in suits. I had to grow up fast I can tell you. I heard one of them lost a fortune in property during boom. I wasn't surprised as in hindsight money was his god.

    At the time I discovered, unlike Solicitors, Accountants could charge what they wished.


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    #34
    markmoto
    Registered Users Posts: 788 ✭✭✭markmoto


    Cilldara_2000 wrote: »
    The OP didn't say they couldn't afford it.

    Any accountant in practice can give you loads of horror stories about clients going off half cocked thinking they can manage it themselves. Some can but others can't and it doesn't end well when Revenue find out they haven't been able to manage it themselves.


    He said that, read between the lines, few invoice here and there and 2.5k to pay, how can I save some money?


    Instead of helping, you are keep giving horror stories.

    Shame on the mess.


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    #35
    markmoto
    Registered Users Posts: 788 ✭✭✭markmoto


    Yyhhuuu wrote: »
    I will never forget the bill I got as a 20 year old orphan from an unnamed medium sized accountancy practice 20 +years ago, shortly after my father suddenly passed away. They had already got alot of business from my father, who was not a wealthy man, but was surrounded by hangers-on like these accountants. The bill It was £10,000 for work they said the undertook only a few months after he passed. The work was not overly complicated. They charged £3,000 alone for a very simple tax return, which was full of tip-exed corrections. Then two of the senior partners rang me one night bullying me into paying up when I disputed the fee. I was very vulnerable and grieving. They were sharks dressed up in suits. I had to grow up fast I can tell you. I heard one of them lost a fortune in property during boom. I wasn't surprised as in hindsight money was his god.

    At the time I discovered, unlike Solicitors, Accountants could charge what they wished.


    If I pay accountant what they want, I will be working for them full time and sleep in the car :)


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    #36
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    markmoto wrote: »
    If I pay accountant what they want, I will be working for them full time and sleep in the car :)

    I made a mistake of not agreeing a price beforehand.

    Solicitors are known to agree a price beforehand and then sneak in an exclusion clause.


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    #37
    markmoto
    Registered Users Posts: 788 ✭✭✭markmoto


    Yyhhuuu wrote: »
    I made a mistake of not agreeing a price beforehand.

    Solicitors are known to agree a price beforehand and then sneak in an exclusion clause.


    My mate used to pay accountant 700 euro on sole trader income tax return.
    Until he figured out it takes 15 minutes to do that him self via ROS website.


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    #38
    CPTM
    Registered Users Posts: 1,296 ✭✭✭CPTM


    It's not really about affordability in this case. It's more value for money, especially since he began sending auto-generated emails which just reduces the personal touch a bit.

    I suppose I thought I could have an excel spreadsheet into which I could type my monthly earnings/expenses and it would just tell me how much VAT I need to pay to Revenue. And then in December I would hand the bank statement over to an accountant along with a couple of expense receipts and ask them to calculate how much wages I can drawdown for that year, and either verify whatever forms I need to fill out, or fill the forms out for a bit extra.


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    #39
    Immy
    Registered Users Posts: 260 ✭✭Immy


    As an accountant I always encourage clients to do their own VAT and payroll. Some want to do it themselves, some just want to hand everything over to me.

    I think there is value for money out there, but you won’t find it in one of the bigger practices . But what you’ll get there is a wealth of expertise.

    Most of my clients know with me they get the basics and they are happy with that


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    #40
    antix80
    Registered Users Posts: 2,419 ✭✭✭antix80


    Immy wrote: »
    As an accountant I always encourage clients to do their own VAT and payroll. Some want to do it themselves, some just want to hand everything over to me.

    I think there is value for money out there, but you won’t find it in one of the bigger practices . But what you’ll get there is a wealth of expertise.

    Most of my clients know with me they get the basics and they are happy with that

    Out of interest, given what the op requires and assuming he does his own vat and payroll and his setup with his "employer" really is that simple . What would be a fair charge ex vat?

    To me it's all year-end work: tax return, personal income tax, B1, and just crossing the Ts on payroll (guidance on what needs to be paid as salary/closed company surcharge /directors loan acct compliance/etc)


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    #41
    antix80
    Registered Users Posts: 2,419 ✭✭✭antix80


    markmoto wrote: »
    My mate used to pay accountant 700 euro on sole trader income tax return.
    Until he figured out it takes 15 minutes to do that him self via ROS website.

    I doubt many accountants would put their name to a tax return for less than 500+vat.

    And the op is not a sole trader, his setup is much more complex so that's irrelevant.

    Mark, i know you mean well but you're really in the wrong place. Why not go over to the dentist forum and give people advice on pulling a loose tooth with a pliers to save the €100 extraction cost?


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    #42
    The_Chap
    Registered Users Posts: 493 ✭✭The_Chap


    I have a number of simple sole trader clients, most pay a set monthly amount for me to take care of their returns whatever frequency that may be.
    They know also if they have any ad hoc queries during the year they have someone on the end of the phone.
    Typically cost is between 750-2000 per year depending on services required


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    #43
    ulster
    Registered Users Posts: 209 ✭✭ulster


    I'm in the same boat as the OP, but I figured the tax advice from the accountant, and him keeping me abreast of Revenue tax changes would be well worth the 2400 I have to pay.


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    #44
    CPTM
    Registered Users Posts: 1,296 ✭✭✭CPTM


    ulster wrote: »
    I'm in the same boat as the OP, but I figured the tax advice from the accountant, and him keeping me abreast of Revenue tax changes would be well worth the 2400 I have to pay.

    I mean if people in the know here are saying that it's not possible to get an accountant to do what I'm hoping for less than 1000 euro it might not be worth my while moving after tax really. The guy I have has lost a personal touch with the auto generated emails but he is always prompt to respond to any queries or ideas so maybe I should sit tight and let him do the monthly payroll and everything else that he does.


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    #45
    markmoto
    Registered Users Posts: 788 ✭✭✭markmoto


    CPTM wrote: »
    I mean if people in the know here are saying that it's not possible to get an accountant to do what I'm hoping for less than 1000 euro it might not be worth my while moving after tax really. The guy I have has lost a personal touch with the auto generated emails but he is always prompt to respond to any queries or ideas so maybe I should sit tight and let him do the monthly payroll and everything else that he does.


    Let him send you copies of everything he did for you over the year.
    E.g. bookkeeping records, salary, taxes, form filled etc absolutely everything


    This way you learn how the entire process works and make up your mind.
    Or else check this post link below about automated software for payroll and bookkeeping

    https://www.boards.ie/vbulletin/showpost.php?p=116917684&postcount=9


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    #46
    hold my beer
    Registered Users Posts: 1,680 ✭✭✭hold my beer


    antix80 wrote: »
    I doubt many accountants would put their name to a tax return for less than 500+vat.

    And the op is not a sole trader, his setup is much more complex so that's irrelevant.

    Mark, i know you mean well but you're really in the wrong place. Why not go over to the dentist forum and give people advice on pulling a loose tooth with a pliers to save the €100 extraction cost?


    :pac: brilliant


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