How much does an Accountant cost?
Discussion
snowley said:
£20 per hour for someone with the skill and expertise to complete that work is not much. You would expect a minimum of £40-50 per hour realistically.
At least two posters have indicated that £20 an hour seems to be the going ratefor simple limited company annual accounts.
It very much depends on the complexity of the accounts. For one man bands,
the primary input can be merely a dozen bank statements, a transaction diary
and the primary output can a half dozen page standard document suitable for HMRC
and an electronic standard filing.
Rocket science it isn't. The usual price reflects this.
Companies employing dozens of folks and so do complex PAYE, who have complex
dealings with customers, need to keep on the right side of the VAT man and need a complete in depth range of tax advice will of course need to pay far more.
dcb said:
At least two posters have indicated that £20 an hour seems to be the going rate
for simple limited company annual accounts.
It very much depends on the complexity of the accounts. For one man bands,
the primary input can be merely a dozen bank statements, a transaction diary
and the primary output can a half dozen page standard document suitable for HMRC
and an electronic standard filing.
Rocket science it isn't. The usual price reflects this.
Companies employing dozens of folks and so do complex PAYE, who have complex
dealings with customers, need to keep on the right side of the VAT man and need a complete in depth range of tax advice will of course need to pay far more.
Are you au fait with the 2006 Companies Act?for simple limited company annual accounts.
It very much depends on the complexity of the accounts. For one man bands,
the primary input can be merely a dozen bank statements, a transaction diary
and the primary output can a half dozen page standard document suitable for HMRC
and an electronic standard filing.
Rocket science it isn't. The usual price reflects this.
Companies employing dozens of folks and so do complex PAYE, who have complex
dealings with customers, need to keep on the right side of the VAT man and need a complete in depth range of tax advice will of course need to pay far more.
Do you understand the full disclosure requirements?
And that is just the Company Law aspect of a limited company - even a small one.
Are you up to speed on Corporation tax regulations and the myriad changes that affect them every year?
Are you happy you are aware of the Capital Allowance rules?
And MOST one man band limited companies are registered for PAYE - which of course now entails all the hassles and regulations covering RTI.
I would argue that £20 per hour to be on top of all this is WAY too low.
In professional offices there would be very few staff being charged out at less than £100 per hour with seniors well in excess of £200 - £300 and partners quite a way above that.
350 is too cheap, from shopping around last year 500-1000 is about right for a one man band ltd. co.
There can be such a difference in the amount of work required from one customer to another - one might give you a neat file with everything in order to start from, one might chuck a bin bag of paper at you a week before the deadline.
It's such an important thing to get right, and it's you that signs on the line and takes the consequences, I think trying to save the odd 50 or 100 quid a year is short sighted.
There can be such a difference in the amount of work required from one customer to another - one might give you a neat file with everything in order to start from, one might chuck a bin bag of paper at you a week before the deadline.
It's such an important thing to get right, and it's you that signs on the line and takes the consequences, I think trying to save the odd 50 or 100 quid a year is short sighted.
Eric Mc said:
Are you au fait with the 2006 Companies Act?
Do you understand the full disclosure requirements?
...
No, but I employ someone who does. Do you understand the full disclosure requirements?
...
My accountant doesn't understand how to write safety critical C++ code,
but then I do, for instance.
Eric Mc said:
I would argue that £20 per hour to be on top of all this is WAY too low.
Fair opinion, but there is a marketplace for accountancy servicesout there and some will be cheap and some will be expensive.
I made the point that simple accountancy services need not cost a lot.
I think my point still stands.
Indeed, I just checked the website of a well known accountancy service and
they offer self employed folks their services for £200 pa and limited company
accounts for £960 pa + VAT.
Ok, self employed usually isn't as complex as limited companies, but it
provides a reference point of what's available in the marketplace.
Eric Mc said:
In professional offices there would be very few staff being charged out at less than £100 per hour with seniors well in excess of £200 - £300 and partners quite a way above that.
Quite possibly.£960 plus VAT is pretty much what I would expect for a small limited company and not the £350 that was quoted earlier.
Quotes for self employed individuals bear little or no relationship to the quote for a similar sized limited company. My benchmark is that a sole trader's fee will be in the order of 1/2 to 1/3 of an equivalent limited company - at least.
And the figures you are now quoting seem to bear this out.
Quotes for self employed individuals bear little or no relationship to the quote for a similar sized limited company. My benchmark is that a sole trader's fee will be in the order of 1/2 to 1/3 of an equivalent limited company - at least.
And the figures you are now quoting seem to bear this out.
Edited by Eric Mc on Monday 9th March 13:48
LotusMartin said:
After emailing a couple and getting zero response, can anyone give me a very rough estimate on Accountancy costs for:
Setting up Ltd Co
Annual accounts
advice on expenses and tax efficiency
I'm not looking for exact, but are we talking £1k, £3k?
Id say just for simple end of year S.A. tax return, 400-500.Setting up Ltd Co
Annual accounts
advice on expenses and tax efficiency
I'm not looking for exact, but are we talking £1k, £3k?
Edited by rich83 on Monday 9th March 18:11
£350 for turnover of less than 50k, No idea how comprehensive their service is though.
http://www.sturgessonline.co.uk/accountants_prices...
http://www.sturgessonline.co.uk/accountants_prices...
£350 for turnover of less than 50k, No idea how comprehensive their service is though.
http://www.sturgessonline.co.uk/accountants_prices...
http://www.sturgessonline.co.uk/accountants_prices...
Bluequay said:
£350 for turnover of less than 50k, No idea how comprehensive their service is though.
http://www.sturgessonline.co.uk/accountants_prices...
I genuinely don't know how they could provide that service, using competent staff, for that price. http://www.sturgessonline.co.uk/accountants_prices...
LeighW said:
Bluequay said:
£350 for turnover of less than 50k, No idea how comprehensive their service is though.
http://www.sturgessonline.co.uk/accountants_prices...
I genuinely don't know how they could provide that service, using competent staff, for that price. http://www.sturgessonline.co.uk/accountants_prices...
As with most services, it will depend on where in the country you are.
Also, a good accountant will save you money and give good advice to help your business.
A bad one will cost you way more than their fee, which is often more than their inflated fee.
I've had both types.
I would suggest you talk to others you know and trust locally and see who they recommend (or suggest you avoid - more important).
Paul
Also, a good accountant will save you money and give good advice to help your business.
A bad one will cost you way more than their fee, which is often more than their inflated fee.
I've had both types.
I would suggest you talk to others you know and trust locally and see who they recommend (or suggest you avoid - more important).
Paul
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