property Limited Company Accountancy Fees

[benj901 0]

Hi everyone! 

Always been eager to post on here and finally have a question!

My situation is that I have a single buy to let flat that was purchased in a company name. (I set up the company a couple of years ago) 

I'm currently achieving a pre tax monthly profit of £270. (After monthly mortgage (3.7% Interest only 5 year fixed with Paragon), Service Charge and Ground rent has been taken away)

I've always had an accountant lined up, however they are wanting a monthly fee of £62.50 plus VAT for their services. For that they will offer;

"the preparation of a small set of Ltd company accounts and associated company tax return with minimal levels of advice and assistance, as necessary."

As this is my first buy to let and I'm relatively inexperienced, this seems like quite a lot of money? I'm just wondering whether I should do the first years tax return myself? Has anyone else done this or should I just bite the bullet and go with an accountant?

I can understand that having an accountant is beneficial if you have quite a lot of properties and the accountancy fee remains the same, however I'm not quite so sure if it's your first. 

Would love to hear peoples views on this.

Much appreciated

Benji

[alja nosm 8]

£62.50 is cheap, We pay £180 not including general book keeping. 

[benj901 0]

21 hours ago, alja nosm said:

£62.50 is cheap, We pay £180 not including general book keeping. 

Hi there, thanks for the reply. Ok fair enough, just to clarify that's £180 per month you pay? Cheers

[alja nosm 8]

On 4/10/2020 at 9:59 AM, benj901 said:

Hi there, thanks for the reply. Ok fair enough, just to clarify that's £180 per month you pay? Cheers

Correct.