I've been waiting for Giant to unveil their new Trailblazer service. They finally did this on Friday - although it's not shown yet on their public site. Looks like it will be £33 per week(basic), which I've calculated is £144 per month. Even though they appear to have some nice 'features' - I'm not so sure it's worth being twice as much as using an Accountancy firm. I've highlighted the fees in bold. What strikes me also are the one off fees - such as £295 for abbreviated accounts and £60 for each VAT return. Are these reflective of what other accountants charge for these items?
What do people think? :
Limited company support services
on line company formation including paye and vat registration assistance
o online easy set up
o 4 hour service subject to Companies House backlogs
o on line company name search, Mem and Arts, registration certificate
o cost £25.21 (£15+£10.21) + vat of £1.79 (vat on £10.21) = £27.00 £30 One off Fee
o guidance notes to ensure Directors always make considered and
o informed decisions
o requests from giant for decisions and/or directions from the Director
o clients pay for company prior to ordering by on line credit card.
o clients who subsequently take giants bookkeeping services will have this
o fee refunded against their initial invoices
bank account set up
o online easy set up N/A
o high street bank
o bank interest
o massively discounted CHAPS fees
o on line banking integrated into giant portal
support services (all online)
integrated giant portal, bookkeeping / on line banking portal
o on line High Street Bank co-branded banking portal including payments
o no restrictions on payments
o ability to make daily payments
o choice of bacs and chaps
o funds received and paid alerts
o 24/7 bank reconciliations and bookeeping (no need to complete spreadsheets!)
o 24/7 analysis of current cash balances showing salary, expenses, advances, taxes etc owing and available dividends bookeeping for any unlimited combination of 'pass' and 'fail' ir35 assignments
o pro forma invoice, letterhead, business cards
o dividend calculations on demand
o unlimited number of dividend declarations and payments (daily if you want to!)
o dividend paperwork
o dividend payment summary by tax year
o calculate and advise on level of salary for 'fail' IR35 contracts
o guidance notes to ensure Directors always make considered and informed decisions
o requests from giant for decisions and/or directions from the Director
o client service manager
o automated compliance audit log for all actions/communications
o using giant nominated bank account
£23 Basic Weekly Fee for above
payroll and expenses:
o expense management system including tracking
o expense guidance in line with HMRC policies
o flexibility to fully, partly or not pay expenses at any time
o unlimited use of the expense management system
o payroll calculations - no limit to how many calculations, payslips, and payments (daily if you want!)
o on line payslips
o preparing a payment instruction to HMRC for the required amount for Directors online approval
o payment reminder alerts
o flexibility to change salary instructions at anytime
o unlimited number of employees
o integrated into bookeeping and banking portal
o provide comprehensive faq's
o guidance notes to ensure Directors always make considered and informed decsions
o requests from giant for decisions and/or directions from the Director (eg. salary level, when to pay)
o cost per employee £5 per week
o year end returns (p35, p60 and p11d) per employee £65 Per Year
vat returns:
o accounting on an ongoing basis for vat
o preparing a quarterly vat return for approval
o preparing a payment instruction to HMRC for the required amount for Directors online approval
o payment reminder alerts
o integrated into bookeeping and banking portal
o comprehensive faq's
o guidance notes to ensure Directors always make considered and informed decisions
o requests from giant for decisions and/or directions from the Director
o quarterly vat return and above: flat rate vat scheme £60 per return
o xxx standard rate vat scheme £85 per return
year end accounts and tax computations
o preparation for Director approval and filing with companies house and HMRC of year end statutory accounts
o preparation for Director approval of the year end tax computation (CT600)
o preparing the corporation tax payment instruction to HMRC for the required amount for Directors online approval
o payment reminder alerts
o comprehensive faq's
o annual accounts and tax computation if giant have provided services for
o bookeeping, payroll/expenses, and vat where applicable
abbreviated accounts + tax computation 295 per set
full accounts + tax computation 350 per set
insurances
o employers £10m/public liability £5m %TBA of turnover
o professional indemnity %TBA of turnover
o policies shown on the portal
IR35
o independent contract reviews £25
o IR35 insurance 0.35% of turnover
o all correspondance/contract reviews etc held on the portal
HR
o over arching employment contract £50
o annual over arching calculation to ensure compliance with travel and subsistance legislation £25
technical advice
o independent advice re tax, employment, legal, health and safety etc.
o all communication via the portal
o quotes and deadlines provided for work required
other
o if not using giant's nominated bank there is an additional bookeeping fee £5 Per Week
o if giant are not bookeeping for all items in the last quarter (eg. not doing payroll and/or vat returns) and have not processed the last vat return then the year end accounts and tax computation fee is subject to quotation but a minimum of £1000
o existing contractors who want to join giant will have a fee quoted upon joining to see if work needs to be done to bring their account/returns upto date prior to being eligible to take any services
o externally requested accountants references £50
payment of fees
o company formation and technical advice are paid upfront by on line credit card
o all other fees are invoiced by giant weekly or when they occur (vat returns quarterly, annual accounts annually etc)
o invoices and online payment instructions are placed in the portal awaiting authorisation from the Director.
o Payments terms are 10 days unless required before work is undertaken. After 10 days interest can accrue at 3% over base rate. After a further 14 days giant can stop the services with the exception of the banking portal where applicable. After a further 16 days giant can terminate the agreement without notice.
o minimum service re-instatement fee £50
All fees are quoted excluding VAT except company formation which is inclusive of VAT.
What do people think? :
Limited company support services
on line company formation including paye and vat registration assistance
o online easy set up
o 4 hour service subject to Companies House backlogs
o on line company name search, Mem and Arts, registration certificate
o cost £25.21 (£15+£10.21) + vat of £1.79 (vat on £10.21) = £27.00 £30 One off Fee
o guidance notes to ensure Directors always make considered and
o informed decisions
o requests from giant for decisions and/or directions from the Director
o clients pay for company prior to ordering by on line credit card.
o clients who subsequently take giants bookkeeping services will have this
o fee refunded against their initial invoices
bank account set up
o online easy set up N/A
o high street bank
o bank interest
o massively discounted CHAPS fees
o on line banking integrated into giant portal
support services (all online)
integrated giant portal, bookkeeping / on line banking portal
o on line High Street Bank co-branded banking portal including payments
o no restrictions on payments
o ability to make daily payments
o choice of bacs and chaps
o funds received and paid alerts
o 24/7 bank reconciliations and bookeeping (no need to complete spreadsheets!)
o 24/7 analysis of current cash balances showing salary, expenses, advances, taxes etc owing and available dividends bookeeping for any unlimited combination of 'pass' and 'fail' ir35 assignments
o pro forma invoice, letterhead, business cards
o dividend calculations on demand
o unlimited number of dividend declarations and payments (daily if you want to!)
o dividend paperwork
o dividend payment summary by tax year
o calculate and advise on level of salary for 'fail' IR35 contracts
o guidance notes to ensure Directors always make considered and informed decisions
o requests from giant for decisions and/or directions from the Director
o client service manager
o automated compliance audit log for all actions/communications
o using giant nominated bank account
£23 Basic Weekly Fee for above
payroll and expenses:
o expense management system including tracking
o expense guidance in line with HMRC policies
o flexibility to fully, partly or not pay expenses at any time
o unlimited use of the expense management system
o payroll calculations - no limit to how many calculations, payslips, and payments (daily if you want!)
o on line payslips
o preparing a payment instruction to HMRC for the required amount for Directors online approval
o payment reminder alerts
o flexibility to change salary instructions at anytime
o unlimited number of employees
o integrated into bookeeping and banking portal
o provide comprehensive faq's
o guidance notes to ensure Directors always make considered and informed decsions
o requests from giant for decisions and/or directions from the Director (eg. salary level, when to pay)
o cost per employee £5 per week
o year end returns (p35, p60 and p11d) per employee £65 Per Year
vat returns:
o accounting on an ongoing basis for vat
o preparing a quarterly vat return for approval
o preparing a payment instruction to HMRC for the required amount for Directors online approval
o payment reminder alerts
o integrated into bookeeping and banking portal
o comprehensive faq's
o guidance notes to ensure Directors always make considered and informed decisions
o requests from giant for decisions and/or directions from the Director
o quarterly vat return and above: flat rate vat scheme £60 per return
o xxx standard rate vat scheme £85 per return
year end accounts and tax computations
o preparation for Director approval and filing with companies house and HMRC of year end statutory accounts
o preparation for Director approval of the year end tax computation (CT600)
o preparing the corporation tax payment instruction to HMRC for the required amount for Directors online approval
o payment reminder alerts
o comprehensive faq's
o annual accounts and tax computation if giant have provided services for
o bookeeping, payroll/expenses, and vat where applicable
abbreviated accounts + tax computation 295 per set
full accounts + tax computation 350 per set
insurances
o employers £10m/public liability £5m %TBA of turnover
o professional indemnity %TBA of turnover
o policies shown on the portal
IR35
o independent contract reviews £25
o IR35 insurance 0.35% of turnover
o all correspondance/contract reviews etc held on the portal
HR
o over arching employment contract £50
o annual over arching calculation to ensure compliance with travel and subsistance legislation £25
technical advice
o independent advice re tax, employment, legal, health and safety etc.
o all communication via the portal
o quotes and deadlines provided for work required
other
o if not using giant's nominated bank there is an additional bookeeping fee £5 Per Week
o if giant are not bookeeping for all items in the last quarter (eg. not doing payroll and/or vat returns) and have not processed the last vat return then the year end accounts and tax computation fee is subject to quotation but a minimum of £1000
o existing contractors who want to join giant will have a fee quoted upon joining to see if work needs to be done to bring their account/returns upto date prior to being eligible to take any services
o externally requested accountants references £50
payment of fees
o company formation and technical advice are paid upfront by on line credit card
o all other fees are invoiced by giant weekly or when they occur (vat returns quarterly, annual accounts annually etc)
o invoices and online payment instructions are placed in the portal awaiting authorisation from the Director.
o Payments terms are 10 days unless required before work is undertaken. After 10 days interest can accrue at 3% over base rate. After a further 14 days giant can stop the services with the exception of the banking portal where applicable. After a further 16 days giant can terminate the agreement without notice.
o minimum service re-instatement fee £50
All fees are quoted excluding VAT except company formation which is inclusive of VAT.
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