[mark mann]

Hi guys

this post idea triggered by the tax post earlier.

re putting 20% away which i guess increases when you break ceratin income thresholds pluss your class 2 and class 4 contribtions.

my main question is (and i know there will be huge variants - just trying to get a rough idea)

1 - HOW MUCH DO GUYS PAY FOR YOUR ACCOUNTANT PER YEAR?
2 - WHAT ARE THE TYPICAL ANNUAL COSTS THAT INCLUDE VAN INSURANCE (maintenance,servicing) /PUBLIC LIABILITY - NEW EQUIPMENT AND REPLACEMENT FILTERS AND RESIN AND FUEL COSTS - OH AND ANY MARKETING COSTS ?

really appreciate feedback thanks all

[Paul Coleman]

Hi guys

this post idea triggered by the tax post earlier.

re putting 20% away which i guess increases when you break ceratin income thresholds pluss your class 2 and class 4 contribtions.

my main question is (and i know there will be huge variants - just trying to get a rough idea)

1 - HOW MUCH DO GUYS PAY FOR YOUR ACCOUNTANT PER YEAR?
2 - WHAT ARE THE TYPICAL ANNUAL COSTS THAT INCLUDE VAN INSURANCE (maintenance,servicing) /PUBLIC LIABILITY - NEW EQUIPMENT AND REPLACEMENT FILTERS AND RESIN AND FUEL COSTS - OH AND ANY MARKETING COSTS ?

really appreciate feedback thanks all

It can fluctuate a heck of a lot.
In my first year of WFP my expenses were around £19k.
However, I spread most of that out as a loan and much of it involved items that were capital items (tax relief spread over several years).  If you borrow, don't forget that the interest is an expense.

[formb]

The only advice I have is don't skimp on the accountant.

For years I went with the cheapest. He recently retired so I had to get a new one who cost twice as much but has already saved me £2000 per year.

[Sunshine/Cleaning]

My accountant costs me £330 per year. Good value in my eyes.
My average costs per year are around £5-6k. I've never spent much more than that even when setting up.

Paul Coleman said first year was £19k, that wouldnt be the figure on his balance sheet because, as he points out, much of that will be capital items that will be broken down over the next 5-10 years.

[Paul Coleman]

My accountant costs me £330 per year. Good value in my eyes.
My average costs per year are around £5-6k. I've never spent much more than that even when setting up.

Paul Coleman said first year was £19k, that wouldnt be the figure on his balance sheet because, as he points out, much of that will be capital items that will be broken down over the next 5-10 years.

Mine has settled down to around that mark too Stuart.  It depends really though.  Some years I will spend hardly anything on the van bar the diesel (18,000 mile service intervals).  Other years it might be a big service, replace tyres, clutch replacement, a couple of other bits going wrong too.  It can soon mount up.  Also I've recently started renting a place that has a water meter so the rent and water look like costing c. £1,700 p.a.  Not complaining as it's a good deal but it's a fair chunk for a sole trader.  It's a good base in case I expand eventually.  I live in a flat so was short on options.  By the time I factor in my filters and resin, it's not a great deal more expensive than buying pure water and I have the convenience of a storage area too - plus room for more tanks if I ever decide to go that way.
So it canb be difficult to give an accurate figure because it only needs a couple of big van repairs and a need to replace an expensive pole or two to push it up quite a bit.
As you say, of course the £19k wasn't on the balance sheet.  In fact, my accountant delayed showing the van by a year because it would have meant my income dropping below the allowance - therefore wasting some of it.  Fortunately it is perfectly legitimate to delay showing a capital item in order to gain a tax advantage.

[Clive McDonald]

Do the books yourself accountants  are a waste of money.

[Sunshine/Cleaning]

Do the books yourself accountants  are a waste of money.

Thats fine if you intend to 'cook the books' otherwise for the honest guys, get an accountant as they will find ways to reduce your tax bill without resorting to dishonest measures.

[Clive McDonald]

Stuat's projecting again.

Your first years turnover will not be great.Capitol items can be used fully or spread over four years.

If you use round management software such as wfp you can set expense catergories, there are only about nine in total.

If you keep your accounts as close as possible to the online self assesment form, filing your return is very easy.

[Sunshine/Cleaning]

Stuat's projecting again. Projecting ? No just disagreeing you can cope with that, right?

Your first years turnover will not be great.Capitol items can be used fully or spread over four years.

If you use round management software such as wfp (Great bit of software that  )you can set expense catergories, there are only about nine in total.

If you keep your accounts as close as possible to the online self assesment form, filing your return is very easy.

[roundbuilder]

i do mine myself too. They are after all called self assesments. I dont employ so its straight forward.

[zimzam]

i do mine myself too. They are after all called self assesments. I dont employ so its straight forward.

Same here.

[mark mann]

paul coleman - this was interesting didnt realise this....In fact, my accountant delayed showing the van by a year because it would have meant my income dropping below the allowance - therefore wasting some of it.  Fortunately it is perfectly legitimate to delay showing a capital item in order to gain a tax advantage.

thanks for all threads on costs really useful feedback thanks guys.

[gordonswindows]

Accountant all the way

do them yourself fine but what will you do when the taxman the vatman the paye and the benefits officer arrive to audit your accounts???

just gone through this, it has taken a year and the accountant had the initail bill reduced by over £62,000

ten years trading, nothing, woke up one morning and met all these wonderful people wanting to discuss ten years worth of trading

Do it yourself? No way, act like a professional have a qualified mechanic fix your vans , the bank to lend you money the accountant to do the payroll and a tried and trusted supplier to buy your equipment from, use the professionals

Actually it is the same argument you all use for your services, no im sorry lady but you can't manage all your windows yourself, "oh its okay i have a bloke does them for a couple of quid beer money" oh no you can't do that he is not a professional!!!!!

gordon