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Accountancy fees

(12 Posts)
ZuzuandZara Wed 06-Mar-13 17:54:47

Hi all.

I recently started my own business and need to employ an accountant.

I would say the finances of the business are fairly simple and straightforward (not easy enough for me to cope with though!).

A friend has recommended his accountant who is very good but not particularly cheap, his previous accountant was cheaper but crap.

I have no idea how much an accountant should cost, any guidelines please?

Many thanks.

AnneElliott Wed 06-Mar-13 18:05:18

Our one charges £600 per year to do company accounts and he's really good. Charges £100 each for tax return on top if you want that as well. What have you been quoted?

ZuzuandZara Wed 06-Mar-13 18:09:57

Thanks Anne.

I haven't been quoted yet, I'm going to ring this chap this evening or tomorrow but just wanted to know what price to expect first so I don't sound to shocked on the phone! Do you know if yours is a good price or not?

HDEE Wed 06-Mar-13 18:10:08

Depends on the job. This is the chap I recommend. Takes calls out of office hours which is great, always on hand for advice and tells his clients how to improve their records to reduce fees. Send him an email and he will be happy to chat with no obligation.

ZuzuandZara Wed 06-Mar-13 18:12:50

Thanks for the recommendation HDEE.

I've had a personal recommendation though, and was more looking for what prices to expect.

flowery Wed 06-Mar-13 18:18:25

Mine's about £1200 a year and for that they do

Tax returns/accounts for limited company
Payroll for me
Payroll for nanny set up under a different employer
My tax return
VAT returns

I did have a cheaper one who was completely incompetent

ZuzuandZara Wed 06-Mar-13 18:25:04

Great, thanks flowery.

Double Anne's accountant but I guess it's more complicated for a limited company? I'm a sole trader.

God, I'm clueless.

More please.....

yuleheart Wed 06-Mar-13 18:34:31

£500 a year here for tax returns and accounts for both our businesses.

We get a reduction as DH does all our accounts then sends them to accountant for checking and onward transmission.

OfflineFor40Years Wed 06-Mar-13 19:01:24

There are lots of variables:
Type of business - Sole trader should be less expensive than limited company
VAT registered? - if your annual income is greater than £77k (or you choose to register early) you will have to be VAT registered and file VAT returns. This will be extra if you want your accountant to do it.
Quality of data given to accountant - will you be handing over handfuls of invoices and receipts, or a nice spreadsheet with expenses already categorised? One of these will cost more grin
Tax return - will you want the accountant to file your self assessment tax return? Is it simple or will he need to complete extra schedules (such as dividends, trust income, rental income?)
Whereabouts in the country are you? - like most things being London or South East is going to probably cost you more

For a very basic service for a sole trader you would probably be looking at between £300-£600 +VAT. You may be asked to pay a monthly retainer rather than an annual fee.

I can PM you a couple of links to some accountancy companies (not remotely related to me!) who advertise their fixed fees which will give you an idea of what a bog standard service would cost.

ZuzuandZara Wed 06-Mar-13 19:18:10

Thanks yuleheart and Offline (love your user name)

Right, I rang him and liked him straight away which is a good start smile

Your pointers are really useful Offline, thank you. Husband is spread sheet crazy luckily so that will be the cheaper option! I'm sole trader, not VAT registered and don't have any complicated divedends, trust incomes etc. Unfortunately I'm in the South East though!

Anyway he said it won't be more than £300 so that seems pretty reasonable. I was expecting more as friend said 'good but not cheap'! I've set up a meeting with him.

Thanks everyone, your information was very helpful.

WaitingForMe Wed 06-Mar-13 20:48:43

Wow that sounds expensive! I pay £200 + VAT as a sole trader for my tax return plus him being available to answer various questions and business planning advice as an annual fee. And I'm in the South West and have slightly complicated business affairs. (But I have OCD and submit very organised files)

Talkinpeace Tue 19-Mar-13 22:21:43

single tax return should be under £300 anywhere in the country
ask here

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