new small ltd: self management or tax accountant?
I recently set-up a new limited company in london and i've been contacted by a society called "Tax Assist Accountants" to take care of my tax returns, book keeping and all this stuff. They offer me their service for 600£ per year (plus VAT). my business is so simple: i promote and organize events (party), maybe 4/5 per year, so i'm not sure if i really need a tax accountant or i can take care of everything by myself (i'm italian and the uk burocracy is new for me). what do you think about the price they offer to me: is fair or not? can i find something cheaper in london? thanks for your help, BYE.
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Your english is good so I would reccomend you read the HMRC website - most one man companies do their own accounts nowadays - on line and wit ha computer it is fairly easy.
Answer 2 :
Sounds a little expensive. Go to a small accountant but make sure thaye are registered with the Certified Accountants professional body. Get a couple of quotes. You need a proper accountant to do your Company House returns but you can do a lot of the paperwork yourself to save costs.
Answer 3 :
I doubt if you will find anything cheaper. If you go with that quote make sure you check exactly what is included in the price. I think you need to see an accountant. At least to talk through the obligations and responsibilities associated with running a limited company. Maybe let them prepare the first year's accounts and tax returns and then, if you feel confident that you understand the processes involved, continue doing them yourself in future. Bear in mind that you will need to know - Company law - the format of statutory accounts; what needs to be filed at Companies House (abbreviated accounts); the correct procedure for declaring and paying dividends; filing annual returns, etc. Corporation tax law - to calculate the correct amount of tax and to file the returns. Bear in mind that you will have to file these electronically and the accounts must be in iXBRL format. (Hopefully the software on HMRC's site will make this straightforward) Payroll law - you will probably need to pay yourself a salary and make returns even if you do not employ anyone else directly.
Answer 4 :
Sounds like you need to speak to an accountant who deals with small businesses. They can advise you on tax matters, provide software for your to do your accounting/expenses and do your annual tax returns. Shop around to see if there's a small business accountancy firm that meets your needs. If you genuinely believe you can do the relevant accounting and tax/companies house returns, do it yourself. However, ignorance is no excuse in the eyes of the law, so if you fail to do something you're supposed to as a limited business, the tax man may investigate you and fine you for any errors/inaccuracies. Getting a qualified accountant to do this work for you transfers the risk of getting something wrong to them largely. They can also arrange things like free business banking for you in your first year and advise you on any tax breaks available to new businesses, so their advice might quickly pay for itself...
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Saturday, July 28, 2012
Saturday, July 14, 2012
Can i become an accountant or a chemical engineer with these grades? pleeeeeease answer. iam begging to you?
Can i become an accountant or a chemical engineer with these grades? pleeeeeease answer. iam begging to you?
iam in year 11 doing my GCSE right now. i want to be either a chemical engineer or a charted accountant. these are the grades that i am going to get for my GCSE. english - C maths - B chemistry - B biology - B physics - C Re - A IT - C next year i am going to do A levels. SUPPOSE after the 2 year i get these A level grades. chemistry - A maths - A accountancy - A do you think any universities will take me to do a degree course in Chemical engineering or accounting.
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Now, I don't mean to insult you; I'm just going to be frank. Your GCSE grades are good, but they're not stellar. And if you want to do chemical engineering, you'll need your physics to be up to speed. But if you do get the grades; it should be fine. Chemical engineering or accountancy?? They're worlds apart! I think you may want to have a little think about what exactly these courses entail and what you want out of them. And A's aren't everything. You need work experience to show universities you're committed. Also, I think work experience in both fields would also help you choose between them. Or you might even end up choosing neither!
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iam in year 11 doing my GCSE right now. i want to be either a chemical engineer or a charted accountant. these are the grades that i am going to get for my GCSE. english - C maths - B chemistry - B biology - B physics - C Re - A IT - C next year i am going to do A levels. SUPPOSE after the 2 year i get these A level grades. chemistry - A maths - A accountancy - A do you think any universities will take me to do a degree course in Chemical engineering or accounting.
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Now, I don't mean to insult you; I'm just going to be frank. Your GCSE grades are good, but they're not stellar. And if you want to do chemical engineering, you'll need your physics to be up to speed. But if you do get the grades; it should be fine. Chemical engineering or accountancy?? They're worlds apart! I think you may want to have a little think about what exactly these courses entail and what you want out of them. And A's aren't everything. You need work experience to show universities you're committed. Also, I think work experience in both fields would also help you choose between them. Or you might even end up choosing neither!
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Saturday, July 7, 2012
Considering becoming a chartered accountant after college?
Considering becoming a chartered accountant after college?
I am currently 14, in year 10 at secondary school. I plan on going to college, where I'll take accounting, and perhaps maths (but, I'm not entirely sure I want to be an accountant, so I want to keep my options pretty open at this point with psychology and law also) and I understand that once one has an A level in accounting, he or she can then, without going on to university to get a degree, find a work placement straight away and work for them (they'll train you et cetera) ... so I was wondering, is this a better idea than going further on, onto university to get a degree? Is a degree necessary or even a hindrance? I don't understand why one would go to university to study it and get a degree, when it's not needed and also, that person would end up in debt paying off the uni. tuition fees once they finally started working? Surely this would not be appealing to accountancy firms? So my question is; Why would one go to university to further study accounting and get a degree, when it's not necessary for charted accountancy? Is it if they're planning on doing a different type of accounting? Thank you
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Not sure how it all works in Britain, but a degree is never a bad thing.
Answer 2 :
You need a degree to be a chartered accountant and not just one degree because when you have your degree there is lot more you have to study as it is not just about accountancy. Being a chartered accountant means you are working in companies with more that 250 staff, you could be working with Company mergers, Forensic accounting, IT accounting, Business accounts, Public Practice, FTSE and many other areas which takes years of training and more degrees once you have done your first degree and became a member of the institute if chartered accountants.
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I am currently 14, in year 10 at secondary school. I plan on going to college, where I'll take accounting, and perhaps maths (but, I'm not entirely sure I want to be an accountant, so I want to keep my options pretty open at this point with psychology and law also) and I understand that once one has an A level in accounting, he or she can then, without going on to university to get a degree, find a work placement straight away and work for them (they'll train you et cetera) ... so I was wondering, is this a better idea than going further on, onto university to get a degree? Is a degree necessary or even a hindrance? I don't understand why one would go to university to study it and get a degree, when it's not needed and also, that person would end up in debt paying off the uni. tuition fees once they finally started working? Surely this would not be appealing to accountancy firms? So my question is; Why would one go to university to further study accounting and get a degree, when it's not necessary for charted accountancy? Is it if they're planning on doing a different type of accounting? Thank you
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Not sure how it all works in Britain, but a degree is never a bad thing.
Answer 2 :
You need a degree to be a chartered accountant and not just one degree because when you have your degree there is lot more you have to study as it is not just about accountancy. Being a chartered accountant means you are working in companies with more that 250 staff, you could be working with Company mergers, Forensic accounting, IT accounting, Business accounts, Public Practice, FTSE and many other areas which takes years of training and more degrees once you have done your first degree and became a member of the institute if chartered accountants.
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Sunday, July 1, 2012
Want to become an Accountant, were to start?
Want to become an Accountant, were to start?
Hi all I'm 34 years old and a stay at home mum with 5 year old twins and a 4 year old, All the kids start school in Sept so either thought of looking for a job or go back to college. I have roughly 14 years experiance working in Accounts, firstly I worked for a small company doing a range of accounts work, Wages, Credit and Purchase ledger, then off to a big company just doing purchase Ledger, then off to another company doing purchase ledger supervisor, then progressed to company cashier doing Bank Rec's and dealing with the auditors, then started to do managments reports whilst the Accountant was away including proffit and loss and stock reports. My question is what level should I start to look at and what courses should I consider? Thanks guys
Higher Education (University +) - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
As a mature person you could look into doing one of the professional qualifications that don't require an accounting degree. It may be a big commitment to do the 3 year accounting degree then the professional qualification for another 3 years. Try to always select the technical subjects like financial accounting, auditing tax. Avoid the airey fairy subjects like emerging issues in accounting etc.
Answer 2 :
Do you have any kind of college degree? If you don't have a college degree you'll have to start at the basic accounting classes that all business majors specializing in accounting have to take. The work experience doesn't transfer into college experience or college credit. You'll want to find a college that has accounting, pick that as your major, take 2 years to get all the prerequisites out of the way and then start your major classes in accounting. If you already have a 4 year degree you can try and apply for a masters program in accounting and get your masters in a specific area of accounting. Blessings
Answer 3 :
try and research schools in your area to see what they offer. sometimes you can do certificate programs or part-time degrees if you wanted if it is offered.
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Hi all I'm 34 years old and a stay at home mum with 5 year old twins and a 4 year old, All the kids start school in Sept so either thought of looking for a job or go back to college. I have roughly 14 years experiance working in Accounts, firstly I worked for a small company doing a range of accounts work, Wages, Credit and Purchase ledger, then off to a big company just doing purchase Ledger, then off to another company doing purchase ledger supervisor, then progressed to company cashier doing Bank Rec's and dealing with the auditors, then started to do managments reports whilst the Accountant was away including proffit and loss and stock reports. My question is what level should I start to look at and what courses should I consider? Thanks guys
Higher Education (University +) - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
As a mature person you could look into doing one of the professional qualifications that don't require an accounting degree. It may be a big commitment to do the 3 year accounting degree then the professional qualification for another 3 years. Try to always select the technical subjects like financial accounting, auditing tax. Avoid the airey fairy subjects like emerging issues in accounting etc.
Answer 2 :
Do you have any kind of college degree? If you don't have a college degree you'll have to start at the basic accounting classes that all business majors specializing in accounting have to take. The work experience doesn't transfer into college experience or college credit. You'll want to find a college that has accounting, pick that as your major, take 2 years to get all the prerequisites out of the way and then start your major classes in accounting. If you already have a 4 year degree you can try and apply for a masters program in accounting and get your masters in a specific area of accounting. Blessings
Answer 3 :
try and research schools in your area to see what they offer. sometimes you can do certificate programs or part-time degrees if you wanted if it is offered.
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Thursday, June 28, 2012
How to begin a career as an Accountant?
How to begin a career as an Accountant?
I hold a BBA( Bachelor of Business Administration) Degree from Bangladesh.I have no education from UK.My Status in this country is Indefinite Leave to remain.Currently I am working as a Retail Assistant. I have worked at a bank as an Accounts Assistant in Bangladesh for over one year.Currently i am looking to make a career in UK as an Accountant. But I don't know from where to start. Currently i have joined in a course named Certificate in Accounting Level-2. Can anybody suggest from where to start if I want a career as an Accountant. Thank you
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
When you say 'My Status in this country is Indefinite Leave to remain' is that for the UK or Bangladesh? If it's not the UK the first thing you need to do is get a Visa. You'll then need to decide what type of Accountant you wish to become, whether it's Chartered, Management, Certified Public. Upon deciding this, you'll have to begin your training with the relevant qualification boards to become an Accountant. You can get onto one of these training schemes by applying to companies that offer the graduate schemes (they'll sponsor you, aswell as you receiving a small salary, about £23000. This usually takes 3/4 years). You could pay for the courses yourself and complete them in a year instead of three. The total cost for all of the courses for MOST qualification bodies is anywhere upto £3000. You could then look forward to a starting salary of anywhere between £25000 - £40000 once FULLY qualified.
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I hold a BBA( Bachelor of Business Administration) Degree from Bangladesh.I have no education from UK.My Status in this country is Indefinite Leave to remain.Currently I am working as a Retail Assistant. I have worked at a bank as an Accounts Assistant in Bangladesh for over one year.Currently i am looking to make a career in UK as an Accountant. But I don't know from where to start. Currently i have joined in a course named Certificate in Accounting Level-2. Can anybody suggest from where to start if I want a career as an Accountant. Thank you
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
When you say 'My Status in this country is Indefinite Leave to remain' is that for the UK or Bangladesh? If it's not the UK the first thing you need to do is get a Visa. You'll then need to decide what type of Accountant you wish to become, whether it's Chartered, Management, Certified Public. Upon deciding this, you'll have to begin your training with the relevant qualification boards to become an Accountant. You can get onto one of these training schemes by applying to companies that offer the graduate schemes (they'll sponsor you, aswell as you receiving a small salary, about £23000. This usually takes 3/4 years). You could pay for the courses yourself and complete them in a year instead of three. The total cost for all of the courses for MOST qualification bodies is anywhere upto £3000. You could then look forward to a starting salary of anywhere between £25000 - £40000 once FULLY qualified.
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Thursday, June 14, 2012
Should I pay my accountant after they did a such a poor job?
Should I pay my accountant after they did a such a poor job?
I have just been invoiced for nearly £450 by my accountant for work they claim to have done, I have offered to pay them £200 in final payment with a list of my grievences but it has been rejected. Here are my issues with them: A lack of communication, very slow replies to emails and answer-phone messages, sometimes weeks and after repeated attempts. Lack of financial advice when changes were made in the way I was being paid. Admission that they had forgotten to do my tax returns which ended up in a £100 fine. (admittedly they paid this) but not until I had debt collection threats Did not do my annual returns and still hasn't done so. I am willing to pay something but by law can I pay what I feel the service was worth, or could this end in them taking me to the small claims court. Scott
Law & Legal - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You have to pay them as they and yourself would have signed a contract but if you where unhappy with there performance you would have to fire or talk about to them about the situation.
Answer 2 :
You can refuse to pay and they would have to take action via the small claims procedure in the county court to pursue this. You are always expected to pay for what you have received. Therefore, your suggestion of £200 seems like a good compromise. Send them a cheque with a letter stating that it is in full and final settlement of the matter. If they refuse to accept it then you need to decide if you can face going through the legal procedure. You should defend yourself as you will not be able to recover solicitors costs even if you win the case. That said, neither will they, costs are limited to £50 in the small claims. If you lose the case you will have to pay about £100 - £150 on top of the amount claimed so it might be worthwhile taking the risk.
Answer 3 :
you have to pay so your question doesn't matter
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I have just been invoiced for nearly £450 by my accountant for work they claim to have done, I have offered to pay them £200 in final payment with a list of my grievences but it has been rejected. Here are my issues with them: A lack of communication, very slow replies to emails and answer-phone messages, sometimes weeks and after repeated attempts. Lack of financial advice when changes were made in the way I was being paid. Admission that they had forgotten to do my tax returns which ended up in a £100 fine. (admittedly they paid this) but not until I had debt collection threats Did not do my annual returns and still hasn't done so. I am willing to pay something but by law can I pay what I feel the service was worth, or could this end in them taking me to the small claims court. Scott
Law & Legal - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You have to pay them as they and yourself would have signed a contract but if you where unhappy with there performance you would have to fire or talk about to them about the situation.
Answer 2 :
You can refuse to pay and they would have to take action via the small claims procedure in the county court to pursue this. You are always expected to pay for what you have received. Therefore, your suggestion of £200 seems like a good compromise. Send them a cheque with a letter stating that it is in full and final settlement of the matter. If they refuse to accept it then you need to decide if you can face going through the legal procedure. You should defend yourself as you will not be able to recover solicitors costs even if you win the case. That said, neither will they, costs are limited to £50 in the small claims. If you lose the case you will have to pay about £100 - £150 on top of the amount claimed so it might be worthwhile taking the risk.
Answer 3 :
you have to pay so your question doesn't matter
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Thursday, June 7, 2012
can i get an accountant to fill out my canadian 08 tax return when i live in northern ireland?
can i get an accountant to fill out my canadian 08 tax return when i live in northern ireland?
i spent a year backpacking in canada. i did the 07 tax return with HR block who messed it up. i am now back in northern ireland and have my 08 return to do. needless to say i dont have a clue how to do it. the forms dont make it easy for people who backpacked there, i was there for more than 183 days in 08. the CRA website has a habit of sending you in circles and the international dept have not been very helpful in previous dealings. does anyone know of an accountant i could use online or is able to offer any help??
Canada - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, H&R block does have a habit of messing things up. I'm surprised, though, the folks at CRA are usually pretty helpful. I emailed you privately.
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i spent a year backpacking in canada. i did the 07 tax return with HR block who messed it up. i am now back in northern ireland and have my 08 return to do. needless to say i dont have a clue how to do it. the forms dont make it easy for people who backpacked there, i was there for more than 183 days in 08. the CRA website has a habit of sending you in circles and the international dept have not been very helpful in previous dealings. does anyone know of an accountant i could use online or is able to offer any help??
Canada - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, H&R block does have a habit of messing things up. I'm surprised, though, the folks at CRA are usually pretty helpful. I emailed you privately.
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