Member Since: 11th Aug 2011
18th Sep 2019
The way I look at it is work out what you are claiming based on however you want to calculate (room or area space), in this case £3000 per year or £250 per month, and think would it be reasonable to pay that amount if the person was having to hire a room in a commercial premise for what they do.
I would say that £250 per month would be more than reasonable for that type of business.
I would probably claim 99% of the 1/3 so not claiming 100% of the room to negate any argument from HMRC for CGT being chargable should they sell their home on the basis that one room is used wholly for business purposes.
16th Sep 2019
We charge £3 + VAT per invoice when we raise invoices for clients.
For credit control service we charge £5 + VAT per month for average number of debtors to be chased each month. So if say there is 10 debtors on average to be chased in a month would charge £50 + VAT per month.
16th Sep 2019
My view is if a dividend is declared then it is still a dividend irrespective if there is reserves or not to cover it.
If the reserves arent sufficient to make the dividend legal then it is still a dividend. Just an illegal one.
Only really an issue if the company is wound up and there are debts that cant be paid by the company then the liquidator may request the shareholders to repay any dividends declared illegally.
9th Sep 2019
We charge £300 + VAT for straight forward wind up of limited companies with net assets less than £25k as you have to deal with
1. Closing any PAYE scheme
2. Dealing with any final VAT returns and deregistering them for VAT
3. Advising the most tax efficient way to get any assets out of the company
4. Dealing with the actual wind up process of the company
5. Notifying all interested parties including HMRC
Never had anyone baulk at the fee as clients just want the process taken off their hands and make sure everything that needs to be done is done.
23rd Aug 2019
i remember speaking to someone last year who went to the event in 2017 and said it was one of they best events they had ever been too.
I have always looked for it happening again so thanks Sarah for pointing out.
Happy to catch up if you like at it.
23rd Aug 2019
We have collected monthly by DD via GoCardless for a number of years so by the year end the client has paid their fee for that.
Re your queries
1. We give them different options. Pay the 6 months in one go. Pay the full year over the next 6 months. (so double the normal monthly amount for 6 months). Pay the first 2 years over the next 18 months. Pay the first 3 years over the next 30 months.
2. Yes. If DD stops then we stop doing any in year recurring work eg payroll, bookkeeping, managements accounts, VAT returns. If you stopped paying for anything that was a monthly payment your supplier would also stop supplying. Accountants are in the service industry so why should we be any different. If the payments stops so do we as I dont work without getting paid.
3. If dont get asked then dont do anything. If do ask then would look at costed time on clock and refund any excess paid. Although we charge fixed fees this is where we would use costed time to bill.
4. If small personal tax returns happy to go on monthly DD then we will. Some clients pay £15 per month for their tax return. If not then we will either bill annually once tax return done and approved but before submitting or if due a refund from HMRC will deduct our fee from refund before paying over to client. We request refund to our clients funds bank account.
Generally if the fee is more than £1k and they dont want to pay monthly DD in advance then we dont take them on. Would rather not take on client than do work and not get paid for it. Never had anyone object to paying by monthly DD in advance. We live in an age where everything is paid monthly so clients are used to this philosophy. They also like it from a cashflow viewpoint as just becomes one of a number of monthly costs they are incurring.
23rd Aug 2019
Cant you just do it in
Accounting/Reports/Accounting/Management Reports. (or star the management reports option so is on the accounting tab)
You can then run the 6 page management report but just include the profit and loss and balance sheet. Need to go though all six pages till you get to end, click publish then delete the exe summary, cash summary, aged debtors and aged creditors pages.
Then publish and will be saved in published section of reports.
You can also colour in your company colours so looks more from yourself.
20th Aug 2019
I think you need to look for another accountant.
When meeting the other accountants be quite clear on what you want.
Most accountants will say they are proactive and help clients develop their business but in reality most have that many clients that they can only do the basic compliance work.
However what it seems like you need is an accountant who can work with you closely to help you develop your business over the next 5 years.
To do this they need to work with you closely, understand the business and what you do, understand you and what makes you tick.
To do this I would suggest that you are looking for someone who can
1. Identify what your business goals and how you are going to achieve them (to do this you should have an annual business plan completed that is no more than one page long that can be referred to during the year as well as a 3 way profit and loss, cashflow and balance sheet that is done every year showing a 12 month position so that actuals can be measured against budget).
2. Identify what your personal/lifestyle goals are and how they tie in with your business goals.
3. What difficulties and challenges that you are facing in your business.
4. How your accountant can work with you to overcome the challenges and difficulties you are facing. To do this you need to meet with them on a regular basis to work "on" your business as most of the time you will be working day to day "in" your business. You should meet with them at least quarterly for 1-2 hours but in the first year I would be looking to meet with them every month or every other month for an hour.
This relationship will be more expensive than your current relationship with your accountant as your are paying for the years experience/expertise of the accountant to help you run and grow your business.
You may find that someone that has commercial/industry experience is more what you need as opposed to someone who has just worked in practice all their life (as many who have worked in practice the only experience of running a business on a day to day basis is that of running their own).
20th Aug 2019
Personally i feel that as agents we should have a agents account for all the main taxes, not just self assessment.
ie CT, VAT, payroll, CIS.
20th Aug 2019
Had an enquiry from a CIC yesterday about doing their accounts. Never done one, no intention of ever doing one.
Said thanks but no thanks.
Stick to what you know rather than trying to do something you don't.
Lot easier and a lot less hassle.