So I currently pay a local accountant to look after my business accountancy which covers all the usual things: year end accounts, self-assessment and payroll. I do my own VAT submissions though.
Being a local company they don't have an online portal so a few months back I signed up to FreeAgent to basically give me visibility over my accounts which I find really useful.
My dilemma is that from this position I could do my own payroll via FreeAgent, something which my accountant currently charges me £60+VAT per month for (my wife takes a small salary and the accountant charges £30+VAT per employee). So at the moment I stand to pay £864 a year in payroll which seems like an awful lot given that its a fixed monthly amount and I doubt it takes much of their time.
FreeAgent costs me £30 per month and has the capability of doing payroll so in some respects it feels like I'm paying twice for this and only getting half the benefit. However there is the underlying concern that maybe payroll is more complex than I think so is it worth paying £800+ for the "peace of mind" that the accountant is doing this, or am I daft not to do it myself? Does anyone run their own payroll and find it easy to manage? Do you use FreeAgent for this and are there things to be wary of?
Just looking for a consensus really on how many of you handle payroll personally versus letting your accountant do it, and is my accountant overcharging me for a fairly simple task? Bear in mind I pay extra for the annual accounts and self-assessment so the above is not an all-inclusive fee it's just payroll.
Thanks.
Being a local company they don't have an online portal so a few months back I signed up to FreeAgent to basically give me visibility over my accounts which I find really useful.
My dilemma is that from this position I could do my own payroll via FreeAgent, something which my accountant currently charges me £60+VAT per month for (my wife takes a small salary and the accountant charges £30+VAT per employee). So at the moment I stand to pay £864 a year in payroll which seems like an awful lot given that its a fixed monthly amount and I doubt it takes much of their time.
FreeAgent costs me £30 per month and has the capability of doing payroll so in some respects it feels like I'm paying twice for this and only getting half the benefit. However there is the underlying concern that maybe payroll is more complex than I think so is it worth paying £800+ for the "peace of mind" that the accountant is doing this, or am I daft not to do it myself? Does anyone run their own payroll and find it easy to manage? Do you use FreeAgent for this and are there things to be wary of?
Just looking for a consensus really on how many of you handle payroll personally versus letting your accountant do it, and is my accountant overcharging me for a fairly simple task? Bear in mind I pay extra for the annual accounts and self-assessment so the above is not an all-inclusive fee it's just payroll.
Thanks.
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