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This post is not a recommendation about accountants or a request for a recommendation so I hope it doesn't break any forum rules!
The accountant who does our property work has increased their fees and blames it on new accounting standards like FRS102. As far as I can tell, FRS102 was last updated in 2015, have there been any other changes in tax legislation this year that make property accountancy more complex? Is there anything we should be aware of?
For reference, they did charge £27.50+VAT / month and £1175 + VAT for year end accounts, and now want to charge £39.60+VAT / month and £1475+VAT for year end accounts so it's a pretty big jump.
As an Accountant and Tax Adviser working with Property clients I can confirm that FRS102 has been around since Jan 2015 and is due to get its Triennial Review this year, though there are not expected to be any major changes to the original regulations. FRS102 if anything simplified the treatment of investment properties and allowed the directors to arrive at a fair value on the properties - using market information from Zoopla and mortgage valuations thereby removing the need for formal valuations. Other than this the only other changes that I have found are in having to give more detailed explanations of such things as what cash is and what debtors are - however once these are done the first time they rarely need revising.
As a firm we have not increased our fees as a consequence of FRS102 and I have not heard other firms I know using this as a reason for increasing fees.
Any other tax changes are the result of the normal legislation changes by HMRC and nothing which substantially affects fees.
There is a change coming after 2019 (we still do not have a definitive timetable) which is Making Tax Digital (MTD) and this will increase the amount of work and support clients will require and therefore fees will increase. However since HMRC are still trying to decide what they will want and how it will work we still do not know the real rules we will have to work to.
Nigel Reynolds FCCA CMgr FCMI
Property Tax Specialist
Reynolds and Co
Are you with Rita4Rent? If not, where are you based?
Thanks for asking. No we are not connected to Rita4Rent we are an independent Firm (Reynolds and Co) based in Solihull West Midlands but we have clients throughout the UK.
It would be useful if others Posted their recommended Property Accountants TOGETHER with fee's charged.
One that I've heard recommended, although haven't used and don't know their fee's is Sussex IFA - Karl Hooper-Young.
Moderators, would this violate any policy on the board? It strikes me as a useful source of information.
Moderators - just following up on this. Would it violate any property tribes policies?