Can i get an accountant to back date my books?
I've been running a small business for 5 years in the UK and have always done my own books. I've paid a reasonable amount of tax each year and havent hidden anything but i'd like to find out for sure that i'm paying the correct amount. Is it possble for an accountant to go back over 5 years of books with me and correct any mistakes or will they only do it from now onwards? How much would this kind of service cost?
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
An accountant will do anything you ask them to. They will charge for their time. I don't know what the going rates are but I would guess it would be something like £75 - £300 per hour depending on the experience and skill of the accountant and where you are. If you have all your books, receipts, statements etc filed in good order that will make the job much easier and quicker - IE cheaper. If you have paid a lot of tax and you think you may have overpaid you might find that having an account do this will make you more money than he costs. You can only reclaim tax for the last 6 years, so you need to move quickly if you paid too much at the start.
Answer 2 :
you'd have to talk to a local accountant
Answer 3 :
Just to clarify what SimonC said. Accountants will NOT do anything you ask them to. For example, I will NOT undertake contract killings on a Sunday, and dog walking is absolutely verboten! You don't say what the business is or what records are held, but unless you've made a real cock up, it's unlikely to be a worthwhile exercise as it's going to cost you at least £2000.
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