Monetus
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Post by Monetus on Feb 12, 2016 10:44:12 GMT
I've recently been looking for an accountant to file year end accounts and just wondered if anyone had any advice / recommendations on this at all who may be investing through a Ltd company. I've been quoted 1,750 + VAT for Full Accounts Filing for my investment company which I thought was possibly a bit on the high side? Also been told that because my Ltd is an "investment company" the cost of "ensuring that the financial accounts are compliant with the nature of trade and show a true and fair view at the year end will be greater than a normal trading company" and that "we need to ensure, that the client account, debtors and creditors balance, interest earned on money lent out and paid back to investors is accurate at the year end", basically telling me that the overall cost is higher for investment companies than normal trading companies... anybody been told the same? While I would be in favour of doing them myself or have a relative do it (a retired bookkeeper) they do need to be signed off by someone Chartered for mortgage/income proving purposes  Just wondered how much people are paying for accountancy on their Ltd companies for P2P investment vehicles roughly and whether this is a fair quote? Like everything in like I am sure there's a degree of "you get what you pay for" and no point on skimping for quality service but just wondered if this seemed reasonable... Any advice is greatly appreciated... Thank you! |
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duck
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Post by duck on Feb 12, 2016 17:39:58 GMT
My circumstances are different to yours in as much that my Ltd Co is not set up as a trading company it is a personal service company that I had to run in order to carry out my business until I retired last year.
That said, I have never paid as much as you have been quoted (tops 1/2 of what you have been quoted) and that was for my business, my business investments and my personal tax (which included a lot of investments inc foreign earnings) ..... I have been quoted lower for this year. Top service for the past 12 or 13 years.
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pikestaff
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Post by pikestaff on Feb 13, 2016 14:52:23 GMT
... I've been quoted 1,750 + VAT for Full Accounts Filing for my investment company which I thought was possibly a bit on the high side? Also been told that because my Ltd is an "investment company" the cost of "ensuring that the financial accounts are compliant with the nature of trade and show a true and fair view at the year end will be greater than a normal trading company" and that "we need to ensure, that the client account, debtors and creditors balance, interest earned on money lent out and paid back to investors is accurate at the year end", basically telling me that the overall cost is higher for investment companies than normal trading companies... anybody been told the same? ... The bits in bold sound odd to me. Does the accountant think you have clients? If so, £1,750 is cheap. Take the time to explain exactly what your company does, and what the data sources are. You may find the quote comes down a lot, especially if you tell the accountant that you will put a pack together with all the information. You should be able to get everything you need from the platforms. The quote will be conditional on you actually doing that, of course. Expect to pay more if you don't. And do shop around. Prices vary a lot and it will be more expensive in London.
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bababill
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Post by bababill on Feb 23, 2016 4:25:55 GMT
My accountant quoted £1000 but now said it will be much higher because of the work involved.
Out of half a dozen platforms they were only able to get one platform to balance.
Others were out anything from £3.27 upto nearly £200 difference.
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SteveT
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Post by SteveT on Feb 23, 2016 8:14:49 GMT
My accountant quoted £1000 but now said it will be much higher because of the work involved. Out of half a dozen platforms they were only able to get one platform to balance. Others were out anything from £3.27 upto nearly £200 difference. I'd better keep that info away from my wife or she'll start demanding more than extra cups of tea for doing the company books  More seriously, the only one of my platforms that consistently fails to balance is ReBS (which rebsrep volunteered to look into a couple of weeks ago, but no news yet). It's one of the main reasons I'm now exiting ReBS. FC / SS / MT / FS / LB / AR (after a bit of manual adjustment for known display errors) and LC (after prodding them to include SM sale fees in their Dashboard) all balance to the penny.
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Post by rebsrep on Feb 23, 2016 21:46:03 GMT
My accountant quoted £1000 but now said it will be much higher because of the work involved. Out of half a dozen platforms they were only able to get one platform to balance. Others were out anything from £3.27 upto nearly £200 difference. I'd better keep that info away from my wife or she'll start demanding more than extra cups of tea for doing the company books More seriously, the only one of my platforms that consistently fails to balance is ReBS (which rebsrep volunteered to look into a couple of weeks ago, but no news yet). It's one of the main reasons I'm now exiting ReBS. FC / SS / MT / FS / LB / AR (after a bit of manual adjustment for known display errors) and LC (after prodding them to include SM sale fees in their Dashboard) all balance to the penny. Stevet I did send you a pm explaining that there was no transaction errors at all, it is just a display issue on the core dashboard figures. The Statement of Transactions is 100% accurate. The whole Client Account is reconciled to the penny on a daily basis as required by the FCA and I'm sure you would want us to do that after all the Client Account contains your money. The dashboard not matching to the penny we are aware of and we are working on correcting the way the data is pulled from the underlying tables. For those curious as to the size of the error, the DISPLAY error on your account is 0.27% and on my own account is 0.18%. The adjustments when made will result in most users either gaining more on either the Microloan Gain/Loss section or gaining interest. For anyone that would like to check their own dashboard follow these steps: Cash Deposited Less Cash Withdrawn Add Interest Received Add Transaction Gains or Deduct Losses Add Promotional Credits Deduct Fees = Grand Total 1 Investments Add Defaults Add Bad Debt Add Available Funds Add Bids = Grand Total 2 In Steve T's case 2 and 1 have a 0.27% difference, and on my own dashboard 0.18%
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SteveT
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Post by SteveT on Feb 23, 2016 22:01:48 GMT
rebsrep, I've checked again and have received no message from you other than your initial holding reply of Feb 10th saying you'd look into it. Please can you check your sent messages and resend whatever you thought you'd sent me? I'm pleased at least to hear that the failure of my ReBS Dashboard figures to balance is now acknowledged and that it's not just my account that is affected.
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Post by rebsrep on Feb 23, 2016 22:05:44 GMT
SteveT apologies if you didn't receive it, I could have sworn I sent it. The message was essentially the same as the above. It's a display issue not an incorrect transaction issue.
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SteveT
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Post by SteveT on Feb 23, 2016 22:15:11 GMT
SteveT apologies if you didn't receive it, I could have sworn I sent it. The message was essentially the same as the above. It's a display issue not an incorrect transaction issue. Well I'm pleased there are no transaction issues (although I was emailed just the other week to tell me about a months-old sale transaction that apparently hadn't had the correct fee applied, so forgive me if I'm a little dubious on that score too). However the problem remains that the monthly figures for ReBS in my company accounts (taken from the Dashboard) always require that an "Adjustment" figure be included for them to balance, a problem I have with no other platform!
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Post by grumbledore on Feb 24, 2016 15:28:00 GMT
I've recently been looking for an accountant to file year end accounts and just wondered if anyone had any advice / recommendations on this at all who may be investing through a Ltd company. I've been quoted 1,750 + VAT for Full Accounts Filing for my investment company which I thought was possibly a bit on the high side? Also been told that because my Ltd is an "investment company" the cost of "ensuring that the financial accounts are compliant with the nature of trade and show a true and fair view at the year end will be greater than a normal trading company" and that "we need to ensure, that the client account, debtors and creditors balance, interest earned on money lent out and paid back to investors is accurate at the year end", basically telling me that the overall cost is higher for investment companies than normal trading companies... anybody been told the same? While I would be in favour of doing them myself or have a relative do it (a retired bookkeeper) they do need to be signed off by someone Chartered for mortgage/income proving purposes Just wondered how much people are paying for accountancy on their Ltd companies for P2P investment vehicles roughly and whether this is a fair quote? Like everything in like I am sure there's a degree of "you get what you pay for" and no point on skimping for quality service but just wondered if this seemed reasonable... Any advice is greatly appreciated... Thank you! It depends on what is meant by Full Accounts Filing. Is this just accounts filing i.e. filing at Companies' House? Or does it also include Corporation Tax Return? And Director's SATR? As a comparison my firm would quote around £1,000 to £1,200 + VAT for Preparing the Ltd Company Accounts and filing at Companies House; c. £300 + VAT for the Corporation Tax Return and c. £300 + VAT per Director's SATR (if applicable). Hope this helps.
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