Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Changing Accountants question

  • 16-09-2020 7:07pm
    #1
    Registered Users Posts: 2,003 ✭✭✭


    Hi all,

    I started a small business about 6 years ago and invested some funds into equipment both at the start and down through the years and claimed relief for depreciation. I handled my own book keeping and VAT returns.

    My accountant who has done my annual returns has gone from a competitive low cost operation and merged with another practice to become a more high cost operation aimed at bigger business. Fees have gone from a reasonable €450 to €800.

    I had a limited amount of transactions and modest turnover. I have now closed the business down and want to submit 2019 and 2020 returns and de register for VAT and suspect I will be charged handsomely for this.

    Would there be any impediment to employing a new accountant and would they have access to my previous accounts as I would still be claiming depreciation on gear bought in the last few years.

    Thanks all


Comments

  • Registered Users Posts: 443 ✭✭marizpan


    Just my 2 cents.

    There is a lot of cost in terms of time and compliance in setting up/on boarding a new client.
    Many accountancy practices recognise that they may break even/lose money in the first year due to this but that long term the client will turn a profit for the firm.

    Therefore, if your expecting an accountant to take work on knowing that there will be no further work from you in the future, then they will have to charge accordingly and some may decline to even quote.

    If you change accountant they will do a professional clearance and handover of information.
    If your planning on changing accountant you’d need to act fast as it’s getting near the tax deadline and again many accountants won’t want to take on a temporary job like yours so near to the tax deadline when they are under pressure.


  • Registered Users Posts: 958 ✭✭✭Stratvs


    If you have no problem other than the recent fees increase and are happy with the work performed so far then I'd consider it best to stay where you are and let them complete the business to cessation and put it behind you.

    As previous poster said, you're looking at getting another firm to take it on, at close to the deadlines, for less than you're currently paying and with no prospect of future work.

    Any new firm will not only require the precious accounts &closing trial balance but also the tax & capital allowance computations and last filed tax return. That's normally done by contacting previous agent for copies.

    You don't know that you'll definitely be "charged handsomely" for this. So why not ask first then decide.


  • Registered Users Posts: 2,003 ✭✭✭veetwin


    Thanks all, just looking for opinions so I think I will stay with the current crowd.


  • Registered Users Posts: 2,422 ✭✭✭flasher0030


    veetwin wrote: »
    Thanks all, just looking for opinions so I think I will stay with the current crowd.

    I'll do it for you for no price if you want. I'm a qualified tax advisor. Have been filing these return for the past 13 years. I was going to say to you to do the 2019 and 2020 income tax returns yourself. People get so afraid of tax. But if I went through with you what's involved for an accountant/tax advisor, you'd be extremely surprised how easy it all is now. Especially with a more sophisticated system now in which the Form 11s are connected with salary income and Social Welfare benefits. Your current accountant might not appreciate me saying this to you, but I'd be pretty confident that there's no more than 3 hours work to get your income tax return fully complete. If they are going to quote you nearly €2k to file 2 years tax returns and deregister for tax, you'd be mad.

    I understand you might be cautious to have some randomer on Boards deal with your tax affiars. And that's fine. But if you do and are in Dublin, drop me a PM and I can meet you.
    But at the least, if I were you, I'd bargain with the accountant. Advise that you closed your business. That you have a brother in law who said he'd finish off your tax obligations for nothing. But that you'd like to finish off the relationship with the accountants. And what's the best price they can offer. Can't do any harm anyway.


  • Registered Users Posts: 474 ✭✭J.Ryan


    veetwin wrote: »
    .....
    I had a limited amount of transactions and modest turnover. I have now closed the business down and want to submit 2019 and 2020 returns and de register for VAT and suspect I will be charged handsomely for this.

    ... I would still be claiming depreciation on gear bought in the last few years.

    Thanks all


    ..... I'd be pretty confident that there's no more than 3 hours work to get your income tax return fully complete. If they are going to quote you nearly €2k to file 2 years tax returns and deregister for tax, you'd be mad.

    ......

    1 possibly 2 sets of accounts in 3 hours, good for you!!


  • Advertisement
  • Registered Users Posts: 2,422 ✭✭✭flasher0030


    J.Ryan wrote: »
    1 possibly 2 sets of accounts in 3 hours, good for you!!

    It's adding and subtracting.
    I've just filed 7 corporation tax returns in the past 3 hours.


  • Registered Users Posts: 474 ✭✭J.Ryan


    J.Ryan wrote: »
    1 possibly 2 sets of accounts in 3 hours, good for you!!
    It's adding and subtracting.
    I've just filed 7 corporation tax returns in the past 3 hours.

    Completing Tax returns is just data entry, taking the sets of financial statements prepared by the accountants, or did the IXBL accounts just appear out of nowhere?

    But you did 7 of them in 3 hours, arn't you just the best boy in the world


  • Registered Users Posts: 2,422 ✭✭✭flasher0030


    J.Ryan wrote: »
    Completing Tax returns is just data entry, taking the sets of financial statements prepared by the accountants, or did the IXBL accounts just appear out of nowhere?

    But you did 7 of them in 3 hours, arn't you just the best boy in the world

    No need to be patronising. I was just making the point that tax compliance is a lot more straight forward than the general public think.

    Seeing as you are so smart - can you tell us what "IXBL accounts" are.
    Perhaps you mean IXBRL.:rolleyes::rolleyes:


  • Registered Users Posts: 443 ✭✭marizpan


    I was just making the point that tax compliance is a lot more straight forward than the general public think.
    :

    Really!?!
    Do you not value your many years of experience, your profession or the CTA qualification? And that your background makes it straightforward but for Average Joe Blogs it isn’t.

    I have never heard clients refer to tax compliance as straightforward. I‘ve heard the words scary, overwhelming, stressful etc.
    And you won’t be getting completed financial statements so add further time and hassle pulling all them together.

    Would you be willing to file under your TAIN? Or PI insurance?
    Will you be setting up an AML file? LOE?

    All for the fantastic price of free?


Advertisement