holidayqueen
Registered User
- Messages
- 85
Hi
I am a member of a voluntary body that is involved in running a community service, and to recieve funding we had to form a company limited by gaurentee. We must now file our first return and our accountant has prepared our accounts but says he must sent them else where to be audited. We had a meeting with the guy doing the audit and he says we must now engage a company to do our minutes and to prepare our annual compliance at an extra cost of 300 euro. We have very little funds and our accounts are starting to run up and I think it will be over 3000 euro. This seems excessive to us but it is a requirement of our funding to be a limited company but my query is this corparate service of doing up our minutes necessary or can we do this ourselves. Is there an online template to do this. Are our accountant fees expencive ? As I say we are just running a community service and trying to make ends meet we will have to cut staff hours to come up with this 3000 euro so I want to be able to reduce my accounts bill to as little as possible but still be compliant any advice
accountant inc vat 1000
Audit inc vat 15000
Corporate service 611 to include 399 registars fees including late filing penalties should have been filed first week of june.
Yes it is second b1 and there is not much to accounts all straifht forward income is our funding plus fees recieved expenses are wages and food bill plus rent heat and light nothing complicated. We hace a wage package so we gave print out of all wages to accountant and we have an exel package for expenditure. We do not have a tax liability just a small loss. We were not made aware about late filing penalty even though our accounts went to accountant 3 weeks before filing date. We are only getting them sorted now. Is there anywhere we can cut cost? The thing that annoys me most is that we recieved bill for corporate service before we got any service.
Hi there
I assume you mean €1500 for audit fees? I agree with the above poster re corporate service work.
I do not think it is acceptable that you have to pay audit and late filing fees.
You say you gave the books into the accountant 3 weeks before the filing date. Did the accountant tell you that there was not enough time to get them done? If not, I would argue that it is the accountants fault that the accounts have not been submitted and he should pay the audit fees and the late filing fees.
However if the accountant made it clear that there was not enough time to file on time or if there is extra work involved that you are maybe not aware of then the fees may be are justified.
Definitely do not need seperate accountant/auditors.
I suspect that in this case the accountant is not a qualified accountant so that is why they need a separate person for the audit.
It seems that when I asked the accountant he said he could do it . He did not tell me that he could not do audit so I think we will look for someone who can do both next year. The accounts are very straight forward so would you say that we can get the whole lot done for €1500 audit and all our staff wages are about 85,000 and we do all payments to revenue on p30 ourself and we could the return for our end of year to revenue ourself but just need to do an audit return and b1 form with accountant. T/o is very small € 20,000 would be our fees and all easy to see all monies lodged
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