Accountant Problems Accountant Problems - Page 2
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  1. #11

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    I understand NW's point - although I don't necessarily agree with it - but there is a deeper issue here.

    It's your company. You should have (legally, you are required to have) a good awareness of its trading position at all times. It doesn't need to be in minute detail, but enough that you know how much you can withdraw (for any reason) and what its current commitments are. Sole Traders can get away with dumping everything on their accountant (which is why they pay more for them) but company directors can't unless the accountant is an officer of the company.

    Yeah, I know, that knowledge is what I pay my accountant for. Going by NW's answer, it seems you don't. Apart from which, I would want to know roughly where I stood - how much in the bank, how much owed for VAT, CT and anything else and how much is spare. Actually I do, to within a couple of hundred pounds, since I put everything on a spreadsheet.
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  2. #12

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    Im with NW too and never had a problem.

    Admitedly, you need to have a rough idea of the concepts involved but they always answer my emails in a day.

    Question: How did you lose money? Surely you mean you paid the right amount of tax just didnt realise you had to pay that much?
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  3. #13

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    Hang on - have I got this right? You paid dividends to yourself and basically went over into the next bracket on a personal basis?

    Is this right? Sounds like.
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  4. #14

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    Marking something as a dividend doesn't make it a dividend. In the absence of anything to support it it is just a directors loan. It does appear as though NW aren't too worried about this until year end, but I just wonder if there might be some S419 tax involved?

  5. #15

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    Quote Originally Posted by malvolio View Post
    I understand NW's point - although I don't necessarily agree with it - but there is a deeper issue here.

    It's your company. You should have (legally, you are required to have) a good awareness of its trading position at all times. It doesn't need to be in minute detail, but enough that you know how much you can withdraw (for any reason) and what its current commitments are. Sole Traders can get away with dumping everything on their accountant (which is why they pay more for them) but company directors can't unless the accountant is an officer of the company.

    Yeah, I know, that knowledge is what I pay my accountant for. Going by NW's answer, it seems you don't. Apart from which, I would want to know roughly where I stood - how much in the bank, how much owed for VAT, CT and anything else and how much is spare. Actually I do, to within a couple of hundred pounds, since I put everything on a spreadsheet.

    Tis true, it never ceases to amaze me why people think they can just hand over their business finances to a stranger and expect them to know it ins and outs intimately from a few invoices and spreadsheets, ultimately its up to you to contact the accountant explain what you want so its all clearly understood and do the same when any issues arise rather than bouncing emails around and then moaning about a lack of response.

  6. #16

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    Quote Originally Posted by juliehendry View Post
    Although I didn't mention who my accountant is I was contacted by their owner who apparently trawls these boards and recognised my name. Have to say I was creeped out by the uninvited approach which claimed I had not made a complaint, you can see the response below

    And now this month, 6 days after submitting my paperwork I still have no idea of what to pay myself and quite frankly feel they are playing funny buggers. First they couldn't read some richtext documents, so I resent in pdf format, only to be told they were too busy to get back to me - even after I explained that I really really needed to pay myself with Christmas coming up etc. After resending in pdf format and waiting two days they claimed they still couldn't read them and could I send pdf's ????

    BIG FAIL NIXON WILLIAMS.

    Have asked what I need to do to escape from their clutches. No tax advice ever from them, don't do monthly accounts, just estimates, according to them and now just being difficult. They work for me but it appears they think I have loadsa time to work for them.

    Anyone got recommendation on an accountant who can calc my pay in a day or two and provides the quality I would expect on a monthly basis from a professional accountant ? Money no object.

    See response below

    "Alan uses the Contractor UK forum to give advice to contractors on there where necessary and recognised your name as a client.

    The monthly accounts that we prepare are not ordinarily reconciled to the money going in to and out of your company bank account as these are intended to be estimates, ultimately the reliability of the figures contained within these are dependent upon the information that we are provided by our clients – a balance sheet is only prepared at the company’s year end and so these discrepancies would not usually be discovered until that point. The errors have been picked up in your year-end accounts before they have been submitted to HMRC or Companies House.

    The main checks that we do on clients files are at the company’s financial year end when statutory accounts are prepared and every transaction is reconciled to the bank – even these accounts though are dependent upon us being supplied with the correct information.
    "
    Julie

    As you have posted details on this forum I will respond to you on here.

    I did note your first posting on this thread and responded directly to you. I am sorry if my attempt to assist you ‘creeped’ you but I find that most clients appreciate an attempt to remedy any problems.

    We generally process our client’s paperwork on the day of receipt and note that we received an email on 30/11/11 with your invoices and expenses etc. However, my colleague Nathan, had contacted you with some queries regarding the expenses and to point out some duplications. You re-sent some paperwork on Sunday (04/12/11) and Nathan sent you a courtesy email on Monday to advise you of a delay.

    Today (06/12/11), Nathan again contacted you with the queries that he had, mainly with some copy receipts that we could not open (I believe you mentioned that these may be due to you converting on a Mac?).

    Our service is more thorough than other accountants in that we check your receipts etc so that you have some protection in the case of a HMRC enquiry/investigation. You would not have this benefit if you simply submitted a spreadsheet.

    However, assuming that you are happy, I will ask Nathan to process your submission without the copies of receipts that we have requested and assume that you hold valid copies.

    The monthly profit and loss statement that we prepare is an estimate and so would any interim statement, even the largest company will produce estimated interim statements, the annual accounts are when the process is more thorough.

    To deal with your other points:

    but never once questioned or advised that a separate email had to be sent when she saw huge withdrawals marked clearly as DIVIDENDS. Cost me approx £3000
    I sent you an email on 20/11/11 to ask regarding this, whilst you have not responded, I understand it relates to 2008 - again, if you can provide some details I would be happy to look into this for you.

    This year after many problems as I was in India working (try getting receipts) I got my final accounts through. Why would my corporation tax suddenly be £1500 more than in August's profit and loss I wonder?
    One of my other colleagues, Simone, has responded to this - this was due to a missing invoice that we had not been supplied with, hence the profits were higher when we prepared the annual accounts amd so higher profits will mean more corporation tax to pay.

    Have asked what I need to do to escape from their clutches. No tax advice ever from them, don't do monthly accounts, just estimates, according to them and now just being difficult. They work for me but it appears they think I have loadsa time to work for them.
    All we need is one month's notice from you and we can close your file and transfer your paperwork to a new accountant. We have provided tax advice, as an example we suggested an expense you could claim for but you decided against claiming for it. We do prepare a monthly profit and loss statement.

    I hope this explains the situation.

    Alan

  7. #17

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    Quote Originally Posted by Support Monkey View Post

    Tis true, it never ceases to amaze me why people think they can just hand over their business finances to a stranger and expect them to know it ins and outs intimately from a few invoices and spreadsheets, ultimately its up to you to contact the accountant explain what you want so its all clearly understood and do the same when any issues arise rather than bouncing emails around and then moaning about a lack of response.
    Well I just hand everything over to my accountant, with some annotations using the online portal - but when it's not clear they email me and ASK what it's supposed to mean
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  8. #18

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    Well I'm glad I do my own accounts - I know I've probably missed a trick or two - but they're accurate & I know where I stand at all times.

    Plus anything I'm really not clear on I just ask hmrc - I hate getting the hmrc letters but I'd definately rather be in control than have any nasty surprises!

    Sounds like a whole bunch of extra hassle having an accountant.

  9. #19

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    Quote Originally Posted by ASB View Post
    Marking something as a dividend doesn't make it a dividend. In the absence of anything to support it it is just a directors loan. It does appear as though NW aren't too worried about this until year end, but I just wonder if there might be some S419 tax involved?
    NW provide me with a P+L every month which tells me profit available then if I so desire I tell them how much of a dividend and then they sort out all the paperwork.

    OP - Are you sure you just didnt decide on a dividend without asking NW to sort out the relevant supporting docs?
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  10. #20

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    Quote Originally Posted by Nixon Williams View Post
    J


    One of my other colleagues, Simone, has responded to this - this was due to a missing invoice that we had not been supplied with, hence the profits were higher when we prepared the annual accounts amd so higher profits will mean more corporation tax to pay.
    OP - be fair if you didn't tell them about an invoice then how are they supposed to know about it? Sounds like it all came out in the annual accounts so the CT paid is right.

    Dont mean to be harsh but it sounds like you need to ensure your accountant is made aware of this.

    I know NW do it this way i.e. You've got to send them stuff. But to be fair, is it really their job to check your bank statements every month to check you've not forgotten to send them something?
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