By PaperRocket Accounting, Jun 13 2019 02:01PM
Whether you’ve just set up a new limited company, or you’re looking for a change, trying to find a new accountant can be a minefield. Whilst some accountants charge by the hour (something many contractors try to steer clear of due to the possible ambiguity of fees), others may have various different packages offering a variety of different filings and responsibilities. But what will you definitely need from an accountant, and what should be included with ‘all inclusive’ accountant fees?
If you have a limited company, the absolute bare minimum that you will be looking for in an accounting package will be:
• Annual company accounts preparation and filing
• Company tax return preparation and filing
• Confirmation statement filing
• Liaising with HMRC on behalf of the company
• Tax planning (including advice on shareholding structure)
• Ensuring that the company is MTD (Making Tax Digital) compliant
• Quarterly (or annual) VAT return preparation and filing (if VAT registered)
• Monthly payroll (including RTI filing) for the director (if PAYE registered)
• P11d filing
• Self assessment return preparation and filing for the director*
*Some accountants may charge extra for the preparation of the director’s self assessment return. However, in our opinion, this should be included as a bare minimum requirement for an all inclusive fee as all company directors are required without exception to complete a self assessment return.
All of the above are things that absolutely are required when you have your own limited company and so should 100% be included in any accounting package that you choose. If you can find an accountant that provides all of the above in their monthly accounting package, then you will have yourself a good base for your accounting needs.
However, let’s face it, who really just wants the bare minimum in life? The below are some other extras that you may want to look for in your new accountant:
• Cloud accounting software- whether this be their own software, or a fee that includes a subscription for a third party software, this is the best way for accounting records to be maintained.
• Personal dedicated accountant- no one wants to be passed from pillar to post, with no single, contactable point of contact. So, it is ideal to look for a package that promises a dedicated accountant so you know who you will be dealing with.
• Registered office service- when you have a limited company, you are required to set it up with an address that will be available on the public register. You may want to look for an accountant that includes a registered office service, meaning that you will be able to use a third party address for this, rather than your personal one.
• IR35 contract reviews- when taking on new contracts, it is important that you know where you stand re its IR35 status, as that will affect how you withdraw funds from the business. Therefore, it can be helpful to have an accountant well versed in IR35 who can review your contract to provide an opinion on its IR35 status before you sign on the dotted line.
Of course, there may be other extras that are important to you to be provided, so it is always worth speaking to an accountant before you sign up to find out what, if anything, they would charge for such additions.
And the good news? Everything above, basics AND desirable extras are included in our basic (bronze) package, meaning your company is fully covered with PaperRocket!
PaperRocket Accounting provide accounting and tax services to professional contractors and freelancers working in the UK.
We offer our clients a flexible choice of fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.
Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.
We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Welwyn Hatfield Business of the Year' in both 2019 and 2018' in the SME Hertfordshire awards, 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.
To find out how we can help you please get in touch now.