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Hi all, appreciate that RITA are a preferred partner and have received a quote from them, but think it's pricey compared to what I could get elsewhere.
The quote was for accountancy services for my ltd company SPV assuming around 7 BTL properties within it and no income being drawn from it.
Any accountants out there recommended for a direct comparison?
I also run another ltd company that I provide IT contracting services through and would ideally also like to move away from my existing accountants to one that could provide services to both companies for me.
Any accountants out there you would recommend to cover both businesses?
What was the quote?
Stephen Coles Dip RLPM
Coles Property Management
32 Lune Grove
£1,500 plus VAT for the year
that seems about right but of course depends if you are comparing apples and oranges
are they qualified
are they tax experts
are they property experts
do they have sufficient pi insurance
is it just for compliance
etc etc etc
only a cheaper quote if you are comparing like with like ?
Director of Tax Peplows Limited
CTA ACA FCCA
It’s more expensive and less complex than my Ltd company accts, which includes P11D, Payroll, Dividends, VAT returns and a very well developed client portal. Not sure why property specialism attracts a substantially higher fee basis given the relative simplicity of my business model.
then what you currently have is really cheap
On what basis? I’m trying to find equivalent services for comparative costs
use quickbooks cloud, use the bank feeds ensure the bank recs are done, keep to a march year end
no vat, no payroll,
only issue is getting mortgage statements to end of march on a timely basis (bitter experience here)
if you dont need class accounting, you should get a quote around the £1000 mark plus Vat
Chartered Accountant, FCA 34th year in public practice,
BTL since 1992
The quote for £1500 pa is for 7 BT:Ls held in SPV - would folks expect the cost for a single property in held in an SPV to be similar or considerably less?
If it was me I’d expect it to be a bit, but not a lot, cheaper.
All the same events and services to cater for but fewer transactions going through the business.
You need to be clear about what you want a quote for. If its just end of year accounts and corporation tax return and no advice (ie you won't be calling up every few weeks with a query) then £1500 does seem a lot. This assumes of course that you have adequate record keeping systems in place to accurately record transactions.
Every accountant will have their own price for the job depending on their interpretation of your needs.
If you ensure you have good records, respond promptly to queries and communications and don't call your accountant every week, then David's guide is probably where I would set it.