How much expect to pay in accountancy fees for a small ltd co turnover <€100k?
- Thread starter Bedlam
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rabbit
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Re: How much expect to pay in accountancy fees for a small ltd co turnover <€100k?
Even if that were true, two wrongs do not make a right.
I would love to find an accountant who only charged as much as a tradesperson. The accountants I know are more interested in their investment property portfolios, their detached luxury holiday homes, their 07 five-series and audi A6's etc etc. I would not mind if they done their job as quickly or efficiently as they are supposed to.
Even if that were true, two wrongs do not make a right.
I would love to find an accountant who only charged as much as a tradesperson. The accountants I know are more interested in their investment property portfolios, their detached luxury holiday homes, their 07 five-series and audi A6's etc etc. I would not mind if they done their job as quickly or efficiently as they are supposed to.
Can you do it all yourself?
I have started working as a contract employee and need to set up a company etc, income will be less than 100k p.a.
I was wondering is it a statutory requirement that your tax return is filed by a registered accountant?
I worked for a few months in 2006 as a sole trader and did everything myself ( after one hour with a semi retired former tax inspector ). I will probably have 10 invoices in the year and would be quite comfortable doing VAT returns, computing my tax liabilities etc.
I don't mind paying someone if it has to be done but I am a firm believer in educating yourself, especially when it comes to your money.
Thanks
boots
I have started working as a contract employee and need to set up a company etc, income will be less than 100k p.a.
I was wondering is it a statutory requirement that your tax return is filed by a registered accountant?
I worked for a few months in 2006 as a sole trader and did everything myself ( after one hour with a semi retired former tax inspector ). I will probably have 10 invoices in the year and would be quite comfortable doing VAT returns, computing my tax liabilities etc.
I don't mind paying someone if it has to be done but I am a firm believer in educating yourself, especially when it comes to your money.
Thanks
boots
Re: How much expect to pay in accountancy fees for a small ltd co turnover <€100k?
I don't think so.
I don't think so.
Re: How much expect to pay in accountancy fees for a small ltd co turnover <€100k?
Perhaps you need to check out the local accountancy firms and if you find an accountant leaving his office in a 1988 Skoda Octavia, wearing Dunnes' best and crouching down when he passes the bank managers window then maybe he's the man for you. Anyways, its Friday, gotta polish the Bugatti, get the learjet fuelled up and head off to the villa in Nice, catch y'all Tuesday.
Perhaps you need to check out the local accountancy firms and if you find an accountant leaving his office in a 1988 Skoda Octavia, wearing Dunnes' best and crouching down when he passes the bank managers window then maybe he's the man for you. Anyways, its Friday, gotta polish the Bugatti, get the learjet fuelled up and head off to the villa in Nice, catch y'all Tuesday.
Re: How much expect to pay in accountancy fees for a small ltd co turnover <€100k?
You will be a company director so you will be doing Vat,paye,corporation tax returns,personal tax return and Cro
There is nothing to these companies except understanding what expenses you can claim,most one man companies clear the P&L to zero by salary or pension payments
It is hard to judge how easy or hard this is for someone,if you have no finance background ,no knowledge or interest in tax then I wouldn't recommend the DIY option.
Most people in one man companies pay under 5K a year for accountancy/Tax fees and it is a tax deductible expense and for a turnover of 100k can be justified I think.
You could consider getting everything professionally done one year and then continue yourself in future years ,however most people I find would rather chew their arm off then do this kind of work when you can pay to get it done
You will be a company director so you will be doing Vat,paye,corporation tax returns,personal tax return and Cro
There is nothing to these companies except understanding what expenses you can claim,most one man companies clear the P&L to zero by salary or pension payments
It is hard to judge how easy or hard this is for someone,if you have no finance background ,no knowledge or interest in tax then I wouldn't recommend the DIY option.
Most people in one man companies pay under 5K a year for accountancy/Tax fees and it is a tax deductible expense and for a turnover of 100k can be justified I think.
You could consider getting everything professionally done one year and then continue yourself in future years ,however most people I find would rather chew their arm off then do this kind of work when you can pay to get it done
Re: How much expect to pay in accountancy fees for a small ltd co turnover <€100k?
I know an accountant who used to drive round the city (a small one at that) in a 5 year old middle of the road car eventhough he was a multi millionaire from property. The accountancy job just gave him some cash to start him off. He then became so wealthy that he bought a new car but he bought it second hand. I think there is a lot of similarity between accountants, solicitors, insurance brokers, mortgage brokers and engineers where once their practices get to a particular size they farm the business out to juniors. A lot of them will be at the initial consultation to know what work is required and then get juniors to do the work and then they are there again at the "closing" to gain all the kudos. Sometimes it can be beneficial dealing with the sole trader rather than the increasingly larger firm which can charge more but has more areas of expertise.
I know an accountant who used to drive round the city (a small one at that) in a 5 year old middle of the road car eventhough he was a multi millionaire from property. The accountancy job just gave him some cash to start him off. He then became so wealthy that he bought a new car but he bought it second hand. I think there is a lot of similarity between accountants, solicitors, insurance brokers, mortgage brokers and engineers where once their practices get to a particular size they farm the business out to juniors. A lot of them will be at the initial consultation to know what work is required and then get juniors to do the work and then they are there again at the "closing" to gain all the kudos. Sometimes it can be beneficial dealing with the sole trader rather than the increasingly larger firm which can charge more but has more areas of expertise.
Tax in Ireland is filed under the self assessment system. Whether you use an accountant to prepare you tax return or not the obligation to file it rest with the individual/company. If you accountant fro any reason does not file the return then you have no comeback against him. All you can do is report him to his professional body fro mis conduct.
So in answer to the quation there is a legal obligation on you to file your taxes, that you chose to use and accountant to prepare that return for you is up to yourself.
If you decided to do it yourself then the main areas you would need to look at would be motoring and travel expenses, entertainment (only staff entertainment is allowable) depreciation v capital allowances.
There is no small amount of guides and information leaflets on the revenue website to explain the treatment of them all.
So in answer to the quation there is a legal obligation on you to file your taxes, that you chose to use and accountant to prepare that return for you is up to yourself.
If you decided to do it yourself then the main areas you would need to look at would be motoring and travel expenses, entertainment (only staff entertainment is allowable) depreciation v capital allowances.
There is no small amount of guides and information leaflets on the revenue website to explain the treatment of them all.