Filing your own returns with CRO?

Hi Guys,
I currently have an IT business which is a limited company.
We use quickbooks in which I enter in all our sales and purchases. I also reconcile the accounts every month.
All our accountant does is logs into quickbooks and posts the vat with ros and does the year end.
We get charged nearly 5k per annum it seems for the privilage. I am thinking this is a bit over the top?
Is it a big job for me to post the VAT myself with ROS? I think he might be charging me €200-€500 everytime he does this. I have never done this before so is it difficult?
Is it possible to just have him do the year end or would he have to be more involved?
Its a small enough business, no employees with 100K turn over per annum.

Unless you have something very complicated going on 5k is way too much. You can do the VAT yourself.
Small non limited Accounts, company CT return, 6 VAT returns, P35, 2 Directors Form 11s and B1 CRO return you should be paying 1k - 2k per annum.

You are obviously using a qualified accountant.

As it's a small company, you do not need an audit.

A good bookkeeper or an unqualified accountant would do it for you for a lot less or show you how to do it.

I wonder if there is a particular service out there for businesses such as yours which show you how to do your own books and make your own returns with a bit of backup if you get stuck.

Brendan

What about your local Co. Enterprise Board they are very helpful to small businesses in doing their own accounts

Brendan Burgess said:

You are obviously using a qualified accountant.

As it's a small company, you do not need an audit.

A good bookkeeper or an unqualified accountant would do it for you for a lot less or show you how to do it.

I wonder if there is a particular service out there for businesses such as yours which show you how to do your own books and make your own returns with a bit of backup if you get stuck.

Brendan

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Very strange to see a member of ICAI and experienced consumer advocate suggesting that a member of the public uses an unqualified (and by extension, unregulated) accountant rather than a qualified, regulated and insured alternative.

The OP should consider doing their own VAT returns and having their accountant check them at year-end. If they are dissatisfied with their accountant's value for money they should ask friends and family for recommendations for alternative accountants, or at the very least discuss their grievances with their accountant to see if alternative arrangements can be negotiated.

Its a small enough business, no employees with 100K turn over per annum.

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In my opinion, as a chartered accountant, this is a job for a bookkeeper or unqualified accountant.

One of the problem with qualified accountants in practice is that the regulatory process is such, that they simply can't provide a service for less than a certain minimum.

With respect Brendan, that's absolute claptrap. I'm alarmed that you appear to know so little about the accountancy profession.

In my own practice (over ten years established), I would guess that easily over half my clients have turnover of less than €100k. The same goes for most sole practitioners and smaller partnership firms throughout the country. Maybe all these clients would be better off with bookkeepers or backstreet nixer guys. Yet, by their own choice, they opt instead to avail of a professional service. Maybe they're all stupid, but I doubt it.

Brendan Burgess said:

You are obviously using a qualified accountant.

As it's a small company, you do not need an audit.

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Thanks Brendan, yes it is a professional accountant, actually a firm. I have been with these for a long long time and would'nt like to rock the boat too much. I have other larger businesses that they are looking after for me that I can justify their charges for as they are very time consuming.

What annoys me is that although my t/o has decreased substansially they have never ever adjusted their prices, and they can see the decrease I have gone through.

Are there any short training courses around that can help people like myself with bookkeeping and filing their own returns?

"Small Companies" are required like all other companies to have their accounts audited unless they meet certain specific requirements. These requirements are outlined in CRO's [broken link removed]. If the comapny meets these requirements, they can avail of audit exemption.

The late filing of your annual return and accounts in the previous or current finacial year with the CRO will result in the loss of this audit exemption status.

You do not need to lose the contact with your accountant for the other companies. You are the customer after all! I am a qualified practicing regulated accountant and I do accounts for companies where the owners and directors have other businesses and use other accountants for same. It makes economic sense. Look around for a smaller (less expensive) firm to do the accounts. Do not on any account use an unqualified accountant. These guys are unregulated, uninsured and in my experience lack quality, training and experience. I spend a large part of my working life cleaning up after the likes of these guys.