Jennifer Adams wrote:
My firm has been going for over 40 years (no... not just me but partners before) and we have never ever had an enquiry (touch wood!)
Can't believe this unless you dont have any VAT registered clients.
HMRC conducts VAT visits every 4 -5 years on average and is mostly what our enquiries are.
We probably have 4 enquiries on average over the year and 3 of them tend to be VAT related.
From memory if you take out Fee protection insurance, you get free tax helpline too. I understand some these tax advise helplines are really good. Is that still correct ?
Yes you get tax helpline support with Taxwise. We probably use them about 40 -50 times over the year.
That is a nice tidy profit. Maybe I should rethink not having it ...
Possibly a stupid question, but do you charge that as 1 annual fee rather than monthly?
Most of our clients pay monthly by DD (about 80%) so is just part of the monthly payment
Also they say that the Client hub was given free in the software so I imagine the PM module will come with a price tab once its useful.
I asked at Accountex what the cost of the new PM and time recording would be for Taxcalc. We have 6 staff and will cost us an extra £300 + VAT a year. If is any good then would be worth it.
CIPP has an online course that lasts about 6 months and costs about £1300 and you get qualification at the end of it.
We have all cover with Taxwise. Just raised first claim today for the year for a VAT visit next month (claimed for £800). Couple of hours of my time and 5 hours of manager time.
We charge it onto clients at reasonable rate and have about 90% take up
£2 per month for tax return only
£3 per month for sole trader
£4 per month for partnership
£5 per month for ltd company
We have about 200 clients over half of which are Ltd Cos and we collect in about £9k a year in fees from it.
Our premiums are £280 per month so nice recovery being made.
When you have enough work for 2 days a week then go it alone and use the rest of your time to market yourself.
Thats what I did and was up to 5 days work per week within 3 months.
Have now been trading about 6.5 years; turnover about £250k (170 clients) and 5 staff.
Clients will want to contact you and meet you when it suits them (not you) and most will want to do that Mon-Fri (9am - 5pm). There are some who prefer evening or weekend meetings but that tends to be the minority. (they like us want to have a life outside of their business)
We have most clients on monthly DD (even tax return only ones some paying £15 - £20 per month).
We have a few historic SO clients that have never switched to DD.
Only annual ones are contractors who are due a refund which we get refunded to us and deduct our fee before paying them the balance.
Clients are free to leave at any time and we dont tie them into any contract however we dont refund any of the monthly DDs paid either.
As well as doing their year end work we are also on hand to meet with them, answer their emails or speak on the phone. We dont charge for this work as it all part of the annual quote however whether they use the service or not is up to them.
I view our service like any other service such as a gym membership or insurance cover. If you have paid monthly but not used then leave you dont go back asking to get what you have paid refunded from these providers.
I spoke to them as well as accountex however out of our budget and we turnover about £250k a year.
We are members of entrepreneurs circle and we pick up different ideas of what marketing to do from them. Their offer includes doing everything to save you doing any of the heavy lifting.
Suppose if it generated at least £3k a month would be worth it but no marketing company can give such a guarantee.
We are also a member of 2020 and they advise to spend 3% of GRF on marketing. In our case that is £7500 a year or £625 per month. We probably spend about that in marketing over the year; we have the following each month and then have one off stuff during the year.
Outsourced marketing support £150/month
Google Ads £75/month
Direct marketing £75/month
Entrepreneur Circle annual pass £100/ month
As a guide they say that for every £1 spent on advertising you should be looking to get £1 in new business (of course clients come back year in year out so assuming they stay 10 years that is a £10 return to £1 spend over the lifetime of the client).
We use first corporate (www.fcls.co.uk) for anything that outside our knowledge of what is needed which this would fall into.
We get quote for doing the work from them then quote that to the client to have the work done.