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Just hoping to get some direction and reccommendation for good accountant, we are based in the west midalnds (Birmingham). Is it better to have an accountant who specialises in property, or this should not be of concern? Typically what costs should I expect from an accountant whom I need a full comprehensive service from?
Thank you all in advance for your advise,
I would advise you split the work into three parts before you decide what you need.
1) Transaction recording - ie bookkeeping
2) Compliance work - eg tax return production/processing
3) Consultancy - larger bespoke advice on your affairs (such as tax advice, estate planning, mortgages, etc)
The need for professional help increases as you go from 1 to 3. Everyone works on a time basis (even those who charge fix fees - as they pay their staff based broadly on days worked) so the more you can do the lower the fee. For example you could do the books yourself (just agree with whomever is doing item 2 what he is expecting to receive) or agree certain processes for the person doing (1) so that it is easy for them. Overruns will occur where there is a miscommunication. The accountant to be competitive will price tightly on the assumption everything is straight forward and then argue for more money when it goes wrong (lawyers are the best at this though!).
(3) will cost you the most but will also give you the most value. But do you need that expertise all the time - of course its depends on how frequently your business (and the rules) change.
The accountancy market has split in two. One side (usually the smaller firms) focus on process (although they will try and talk a good game on (3)) and the other side is set up more for (3) and so whilst able to do 1 and 2 will appear expensive unless the principals are young enough to embrace technology properly and so make 1 a very small almost incidental part to the work.
Best of luck!
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
Michelle good afternoon,Defo need the good specialist accountant i used a Mark Hall from MJH tax and accountants his direct number is 07834 176875 regarding cost he was very competitive when i looked around but been worth every penny and more now ,he assisted in all tax and more importantly help the growth of my portfolio and yield with is expertise and contacts and were still growing
Thank you Chris