Folksy Ltd

Do you have an accountant. . .How much do they Cost?

(Aasiyah Johnson) #1

Good evening ladies

Could some please tell me how much it would cost to get an accountant on board, I really need the help for a bit, I have done well so far but have been advised by a solicitor today to get one.

Aasiyah :cherries:

(Rachel) #2

IF you have done the book keeping your accountancy fee’s will be lower. They should be able to quote you over the phone. Accountants will be quite busy at this time of the year so sooner you ring the better I think. Good luck

(Elmtree) #3

Hi there-are you sure that you really need one? Some professionals like drumming up business for other professionals. If your turnover is low, then you would only need to complete a short style tax form and the guidance notes provided by HMRC with the appropriate form are pretty useful. It is also pretty simple even if your “craft” income is in addition to a normal day time job (PAYE).

If you are really not confident about your abilities, then I would suggest using one perhaps for hte first year, then next tax year you just follow what they did!


(Sarah Eves) #4

I agree with Susan @elmtree.

The short tax form is so simple to fill in, and the Inland Revenue so helpful I’m not sure you really need an accountant.

Sarah x

(Ronald Koorm) #5

I think there is a link between the amount of work you do /i.e. transactions and the fee, but always with a minimum charge. Also, it’s true that if you keep a simple spreadsheet of your various sales and income, and expenses / outgoings, it makes the accountant’s life easier, and they shouldn’t charge as much.

My partner studied at a chartered accountant and is very good on this sort of thing, but we still use a local accountant, and he has saved us money in several years, so by all means use the HMRC form, but don’t underestimate what could be saved by a professional. If you are a very small trader, then it may not be viable, financially.

All depends on size and turnover of your business.

(Aasiyah Johnson) #6

Thank you all for your replies I think I may call around and get a few quotes.

(Deborah Jones) #7

I use an accountant , I send off my rudimentary bookkeeping and he does my end of year accounts and tax return and offers great advice.
He charges around £200 . I would rather pay him and not have paperwork to do as I hate it- and the tax man takes such a chunk of what I earn , that it works out cheaper than me doing it myself.