Open Association of Landscape Industries
Information about accountants
I thought it would be interesting to have a discussion about accountants,
as there are probably quite a few on LJN that have accountants and a fair number that
don't.
I do have an accountant, but I would like to hear what information everyone expects to get
from theirs.
There are different arrangements that a business can set up with an accountant, I hand all my details in before the deadline and they calculate from my figures the amount of tax I have to pay. I use a spreadsheet that was given to me by the accountant.
The accountant can also do all the work, receipts can be handed in each month with the bank statements and details of earnings.
If you have employees, their weekly wages can be calculated by the accountant and paid
directly into their accounts, once they have the hours worked. - Although it is very easy to
calculate this using the HMRC CD.
Replies to This Discussion
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Permalink Reply by Daniel Gillings @ DC inc on -
I do our books, and this years were a b!tch. Pushed far too close the thresholds and it was the first time I've done the books on the "partnership" not so much fun. I use quickbooks, but will be purchasing the services of an accountant next year, just don't have the time.
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PRO MemberPermalink Reply by Paul McNulty on -
I do everything such as sorting and filing receipts, totalling expenditure etc., write it all down and give the numbers to the accountant. He then does the tax return and makes sure all the capital expenditure, use of home as office etc. are in order. I would imagine it's a very easy job for him, but it's money well-spent as I know everything is fully checked and correct if I ever have an inspection.
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Permalink Reply by John on -
The accountant can also undertake the end of year employers P 32, covering the wages for
employees and the NI and tax contributions, which I think has to be filed online in May of each year.
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PRO MemberPermalink Reply by Nick @ NM Garden Services Ltd on -
My accountant takes care of my personal tax arrangements. They get a full set of books and reconciled bank accounts already prepared for them, and should have an easy job completing my self assessment.
I take care of all PAYE matters including Employers annual return.
My accountant is always on hand to give advice as often as I need, this is part of what I pay for.
Nick.
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Permalink Reply by John on
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Like someone else on LJN, i am also considering buying a new truck/van this
financial year, (before April)
I emailed my accountant with a few facts and figures to check whether I should or not,
and have just received this email from her.
If it is a proper commercial vehicle you get 100% allowance in the year you buy it, so firstly buy it before the end of the tax year, as you will get the reduction in the 11/12 tax liability. On those figures it will reduce your tax bill by 20% of what you spend £1400 - £1800, in addition to this it will save you the same again on the two payments on account, so cashflow wise it will save you £2800 - £3600 next year.
So guess what I will be buying in the next two months ?
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Permalink Reply by Keith Barker on -
We have our accountants do book-keeping, end of year accounts, PAYE, personal income tax, corporation tax and they provide us with monthly management accounting information. It's not cheap, but it lets us get on with what we do best.
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Permalink Reply by John on
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Hi Keith, exactly how does this work - and how much does it cost ?
Keith Barker said:We have our accountants do book-keeping, end of year accounts, PAYE, personal income tax, corporation tax and they provide us with monthly management accounting information. It's not cheap, but it lets us get on with what we do best.
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Premium SupplierPermalink Reply by Gerry Sims on -
I thought you may be interested to have an accountant's view on this topic. I'm not trying to plug for business so don't worry !
In my experience there are two broad types of clients as far as 'bookkeeping etc' goes. Some clients like to have hands on control of all that happens in their business as they can feel the pulse of cashflow and growth. These people are happy to present the accountant with a tidy set of year end books and just need some help with the filing requirements, tax saving and maybe some specialist advice.
The second category hate all things 'officey'. They are content to have a bookkeeper and/or accountant sort out all the necessities and tell them what needs doing. They want to be doing the business not the admin.
Both approaches are fine from my point of view and have their own merits. I think what causes most problems and costs for accountants/clients is the halfway approach. Having a go at the bookkeeping and not really getting it right. That way you have wasted your time in the attempt and the accountant has to spend time putting it right or starting again. And not unexpectedly the client expects a lower bill as they've done some of the work !
The big leap forward in this are the online solutions. Someone mentioned Kashflow but there are now a lot of others and the beauty of the service is that it enables a degree of regular contact between the accountant and the clients records that was previously very expensive or time consuming. The extent of the interaction can be agreed so the client only pays for the amount of help they want, so ranging from a full weekly bookkeeping/management accounts package to the annual accounts/tax production. But the live data is available to both parties and the input is real time. In my view this is game changing and will force a lot of accountants out of the ivory tower and into real interactions with their clients.
I'll be writing an article soon for the network to expand on this and how all businesses (but particularly small ones) can use this new possibility to help them manage their growth and performance.
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PRO MemberPermalink Reply by Ian @ Red Barrow East Sussex on -
I'll be writing an article soon for the network
Looking forward to reading that, Gerry.
As you say, secure web-based accounting appears to be the way forward.
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Premium SupplierPermalink Reply by Gerry Sims on -
John, I can let you know what I charge for a range of similar services if that would help you get a picture of potential costs. I have clients who just scan and email all their 'accounts' post and let me do everything for them. I'm not suggesting you use me but as I'm actually doing this a guidleline might be useful.
John www.acegardenservices.co.uk said:Hi Keith, exactly how does this work - and how much does it cost ?
Keith Barker said:We have our accountants do book-keeping, end of year accounts, PAYE, personal income tax, corporation tax and they provide us with monthly management accounting information. It's not cheap, but it lets us get on with what we do best.
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