Getting a quote for end of year accounts

[MountainAir]

Hi,
I have been working as an IT contractor, via a limited company, for just over a year, and I have been handling the accounting side myself.

I have done all of the VAT returns and payments, and I have also done the annual return.

I do, however, need to get my end of year accounts done by an accountant.

I have contacted one accountant so far, and have been quoted just over £1,000 (plus VAT) to have them done, with an estimate of them taking around 4 weeks.

Does that seem reasonable, or should I consider shopping around a bit more?

Any help would be much appreciated.

[northernladuk]

I can't comment on the price as I don't know about only using for end of year accounts but shopping around for a price of any kind of service is essential.

[kaiser78]

Hi,
I have been working as an IT contractor, via a limited company, for just over a year, and I have been handling the accounting side myself.

I have done all of the VAT returns and payments, and I have also done the annual return.

I do, however, need to get my end of year accounts done by an accountant.

I have contacted one accountant so far, and have been quoted just over £1,000 (plus VAT) to have them done, with an estimate of them taking around 4 weeks.

Does that seem reasonable, or should I consider shopping around a bit more?

Any help would be much appreciated.

Seems a little on the high side - this is probably what you would expect to pay for a year round service, covering all activities.

[MountainAir]

Seems a little on the high side - this is probably what you would expect to pay for a year round service, covering all activities.

Hi. Thanks for that.

Yes, I believe that they are quoting me close to what their annual charge is (with a slight discount).

I don't know what percentage of a full year's work the annual accounts are.

I suppose it might include quite a bit of the advice, that they would otherwise have given me over the year.

[prozak]

Wow.

It took me four hours to do companies house and CT600 the other day.

And that included messing about with a stupid little rounding error that made balancesheet £1 out.

£250 an hour sounds like good money.

Reckon a pro can get it done in an half an hour if you have all the info nicely sorted in an accounting package.


Where is your accounting done?

[SallyPlanIT]

Hi,

Does that seem reasonable, or should I consider shopping around a bit more?

Any help would be much appreciated.

Depending on the way in which your accounts are presented will depend upon the price you are quoted. If you have the entries entered into a spread sheet and allocated into categories with "totals" then you can expect to halve the fee you have been quoted, assuming only one contractor through the Ltd. Co.

[MountainAir]

Depending on the way in which your accounts are presented will depend upon the price you are quoted. If you have the entries entered into a spread sheet and allocated into categories with "totals" then you can expect to halve the fee you have been quoted, assuming only one contractor through the Ltd. Co.

Wow.

It took me four hours to do companies house and CT600 the other day.

And that included messing about with a stupid little rounding error that made balancesheet £1 out.

£250 an hour sounds like good money.

Reckon a pro can get it done in an half an hour if you have all the info nicely sorted in an accounting package.

Where is your accounting done?

Thanks for the replies.

I would consider doing the accounts myself, but I need them done by a chartered accountant for the purposes of getting a mortgage.

I have only used a basic spreadsheet so far.

I am the only contractor, I have issued 6 invoices so far, and have received 6 payments. I haven't claimed for any expenses. I work at home and have had very little in the way of outgoings (no purchases, no travel), although I'm sure there would be items that an accountant would suggest claiming for.

As I said, I would do them myself, but they have to be via a chartered accountant.

[MountainAir]

Seems a little on the high side - this is probably what you would expect to pay for a year round service, covering all activities.

Thanks. Yes, I believe the quote is based roughly on the annual fee, with a small discount.

[prozak]

I am the only contractor, I have issued 6 invoices so far, and have received 6 payments. I haven't claimed for any expenses. I work at home and have had very little in the way of outgoings (no purchases, no travel), although I'm sure there would be items that an accountant would suggest claiming for.
.

Jeebus. £1k for that?

Contact one of the accountants on here that post.

Claire@InTouch helped me out a few times for no charge and was really very helpful.
Just based on that if I was in the market for an accountant I would go to her.

Worth asking what they will charge.

[malvolio]

Jeebus. £1k for that?

Contact one of the accountants on here that post.

Claire@InTouch helped me out a few times for no charge and was really very helpful.
Just based on that if I was in the market for an accountant I would go to her.

Worth asking what they will charge.

LASdt time this one came up (which it does woth monotonous regularity) one of the accoutnants pointe out that it's not just filling out the forms, they have first to check your year's records and reconcile them to the bank accounts. So they are still looking at doing most of a year's work. If you can give them a fully reconciled and charted set of records (which it sounds like the OP can't, sadly) then they may cut the cost.

How much that is true I don't know but it sounds awfully reasonable.