RCT cost

cardwizzard

Hiyas, ive used the same accountant for last few years. Im RCT from main contractor, so acc does my income tax and vat returns.

This year his price has jumped from 600e to 1k. When i questioned him on it, he just said its the going rate. Bit of a jump i thought.

Any one got an idea of the 'going rate'? All good with taxman, no late returns or anything like that.

Thanks

cant26

cardwizzard wrote: »

Hiyas, ive used the same accountant for last few years. Im RCT from main contractor, so acc does my income tax and vat returns.

This year his price has jumped from 600e to 1k. When i questioned him on it, he just said its the going rate. Bit of a jump i thought.

Any one got an idea of the 'going rate'? All good with taxman, no late returns or anything like that.

Thanks

Does he prepare your VAT returns or just file them? Do you file bi monthly, every four months, twice yearly or once a year? These should be factored into pricing. I would think €600 for yearly VAT and preparation of income tax return is Very cheap and that €1000 plus VAT sounds more the norm.

cardwizzard

Thanks for the reply cant26.

Yeah its yearly for vat return, although he said need to every 4months going forward.

Re price, if thats near the norm fair enough. Suppose it was the hike and lack of explanation that surprised me.

Cheers

Immy

He should have agree a price or told you about the increase before he did the work.

You can’t just deviate from the norm.

I think if he is prepping the VAT returns and IT, €1k is about right

If you are giving all the figures and it’s just submissions, then it’s a bit expensive

Immy

He should have agree a price or told you about the increase before he did the work.

You can’t just deviate from the norm.

I think if he is prepping the VAT returns and IT, €1k is about right

If you are giving all the figures and it’s just submissions, then it’s a bit expensive

berettaman

I agree that any fee hikes should be agreed in advance.


However, given that he is doing VAT and RCT will usually involve some interaction with Revenue during the year (such as registering subbies or changing rates) €1K sounds about right.

cardwizzard

Sound for the replies.

He prepares the vat. Never any subbies or changing rates. Im always at 20%.

The new price of 1k seems fair to most of you, just poor communication on his behalf.

tanit

cardwizzard wrote: »

Thanks for the reply cant26.

Yeah its yearly for vat return, although he said need to every 4months going forward.

Re price, if thats near the norm fair enough. Suppose it was the hike and lack of explanation that surprised me.

Cheers

If he says your returns need to be quarterly now my first thought is that your Vat liability has increased and that means your turnover and the amount of work he needs to do for you. Quarterly returns are for people with Vat liabilities between 3,000 and 14,000 per year. Lower Vat liabilities will entitle you either bi-annual or yearly returns

Also when you say 20% do you mean you get a 20% deduction when the principal pays you? I mean he pays you directly 80% and then 20% go to Revenue.

cardwizzard

tanit wrote: »

If he says your returns need to be quarterly now my first thought is that your Vat liability has increased and that means your turnover and the amount of work he needs to do for you. Quarterly returns are for people with Vat liabilities between 3,000 and 14,000 per year. Lower Vat liabilities will entitle you either bi-annual or yearly returns

Also when you say 20% do you mean you get a 20% deduction when the principal pays you? I mean he pays you directly 80% and then 20% go to Revenue.

Yeah your correct about the 20%.

Re the vat, no great increase in liability. Got impression was more to make both our lives easier.

tanit

cardwizzard wrote: »

Yeah your correct about the 20%.

Re the vat, no great increase in liability. Got impression was more to make both our lives easier.

Okay if you are getting a 20% deduction it means your tax affairs are not in order (late payments, late tax returns, etc). It could be a small thing or it might be bigger you may want to check that up

In any case if your annual liability is between 3,000 and 14,000 Revenue will put you on quarterly returns. That's not something the accountant will change. Finally the rates are going up. I don't know the location you are but just check the price of rent in Dublin and everywhere else, the cost of living is going up and so are salaries. They need to pay the people that prepare your returns and those people need a proper salary to live. After a few years your fee is going to go up

cardwizzard

tanit wrote: »

Okay if you are getting a 20% deduction it means your tax affairs are not in order (late payments, late tax returns, etc). It could be a small thing or it might be bigger you may want to check that up

In any case if your annual liability is between 3,000 and 14,000 Revenue will put you on quarterly returns. That's not something the accountant will change. Finally the rates are going up. I don't know the location you are but just check the price of rent in Dublin and everywhere else, the cost of living is going up and so are salaries. They need to pay the people that prepare your returns and those people need a proper salary to live. After a few years your fee is going to go up

Im on 20% voluntarily, as it helps come tax season.

Yeah i understand people have to eat, was just the 65% jump that surprised me. Much appreciate the input, but seems to be a lack of communication with accountant is the cause.

On site today and asked a few lads what their charged. Anywhere from 360e to 1200e, so quite a spread indeed.

dbran

cardwizzard wrote: »

Im on 20% voluntarily, as it helps come tax season.

Yeah i understand people have to eat, was just the 65% jump that surprised me. Much appreciate the input, but seems to be a lack of communication with accountant is the cause.

On site today and asked a few lads what their charged. Anywhere from 360e to 1200e, so quite a spread indeed.

The common law of business balance prohibits paying a little and getting a lot. It can't be done. If you deal with the lowest bidder, it's well to add something for the risk you run. And if you do that, you will have enough money to pay for something better.