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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4340
Experience:  FCCA FCMA CGMA ACIS
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I help run a property management company with 50 flats (107

Customer Question

I help run a property management company with 50 flats (107 tenants) and an annual turnover of £1m, with costs of £700k.
How much should I expect an accountant to charge me to do the company's annual tax return?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
, I'm Keith and happy to help you with your question.
Flippant answer, a lot!
I would suggest at least 5K depending on the detail of the books of account kept and supporting vouchers. If it is just the tax return and you can produce Final accounts prepared and audited in accordance with the Companies Act then it would be much reduced. Most auditors would do the return and roll the cost in with their fee anyway.
Hope that has helped you.
Customer: replied 2 years ago.
We pay our existing accountant £24,000 per year. He doesn't do any reports at all. All he does is our annual tax return. I know he's ripping us off, but could you please tell me by how much? £500 per week sounds very heavy one-off process.
We send him the monthly statements, he does our tax return.
In the real world, what do you reckon this one-off service should cost?
Could you please detail it to say the nearest £500 (eg £1500 in total),
I am astounded we pay this amount and would like a disinterested third party to give me the honest amount.
When you say less than £5000, what roughly are we talking about? £1000 in total?
Very many thanks help.
Expert:  bigduckontax replied 2 years ago.

I am sorry, but whilst agreeing with you that you are paying through the nose service, as I am now retired I am not completely in touch with this market. Presumably he does your Annual Report and Accounts ?

However, I would have thought that if you shop around package with other professionals, you could get this service 10K plus VAT. My original suggestion was based on merely doing the tax return as the figures would have to be waded through before he could make the return. Your additional question has opened another door. Personally I wouldn't stand a rip off and would change professionals as soon as convenient.

Mark you I was horrified at the price charged by a local firm to prepare final accounts from a Sage package which does it all anyway. Any competent apprentice could have completed it in a couple of hours and the bill was astronomic.