fees for accounting

[bledubd]

Fairly new to contracting. Just done my first ever final year accounts.

I do all my own payroll and VAT returns.

I do my own basic book keeping (Excel spreadsheet). My accounts are really simple - 1 sales invoice per month and a running total of some basic expenses per month.

At the year end I gave the spreadsheet to the accountant and he produced my accounts and submitted them for me.

Bill = £980 + VAT.

Does that sound expensive? Anyone recommend a cheaper but good accountant.

I reckon it can't have taken him more than 1 hour (top side). That's not a bad rate - guess most of us on here would be happy with that sort of gig. I'm thinking about re-training

i pay my accountant £72 per month and submit the docs and all. he does the payroll as well. i have been meaning to start doing it myself but just can't be bothered. besides i need the accountant to verify my contractor status in other areas of my life.

p.s. the do my payroll, the VAT returns, submit accs etc

[JOE]

Look for an accountant who is new in business. He will be less expensive and you will get more of his time.

[EchoSierra]

I pay £800 (incl VAT) which includes payrolling, VAT, PAYE/NIC, etc. I'm taking some of these things on board myself and have become proficient at payrolling (payslips), VAT, PAYE/NIC. I intend to do my annual return (363a) myself and submit electronically and once I see how the company accounts are done I plan to do it all myself and dispense with the accountant.

[philip@wellwoodhoyle]

I reckon it can't have taken him more than 1 hour (top side). That's not a bad rate - guess most of us on here would be happy with that sort of gig. I'm thinking about re-training

In just an hour, he won't have even completed the planning checklists! At the very minimum, you're looking at 3-4 hours for the simplest of jobs - even a dormant company with no transactions will take a couple of hours. For a client with good book-keeping etc., we usually plan to allow 5-10 hours.

[Little'Old Me]

I spend a lot of time learning new technologies and keeping my skills current, but I wouldn't get away with charging a grand for an hours work. Don't accountants just key stuff in to Sage and press a button?

I wish! But then I don't charge a grand for an hours work - £25-£250 depending on what I am doing.

For example I charge £65.00 to do a company annual return. It sounds a lot if you can do it yourself. Some would say that a lot just to press a button.

But that includes the annual return fee of £15.00. So that leaves £50.00 - I use a Software package to submit it, which cost me about £20 per company. (The package also allows me to pdf the return and e-mail it to the directors to check the details, and so they can have the information too. Directors can have copies of any of the records when ever they want in file form). So that's £30 for me to make sure its correct, e-mail it to the directors, make any changes, and then submit it.

Doesn't sound so high now does it.

[WetBehindTheEars]

Have you factored in the amount of time that they spend learning all the regulations and then keeping informed about any changes that affect those regulations, so that you don't have to?

I spend a lot of time learning new technologies and keeping my skills current, but I wouldn't get away with charging a grand for an hours work. Don't accountants just key stuff in to Sage and press a button?

[Gonzo]

<snip>I reckon it can't have taken him more than 1 hour (top side). That's not a bad rate - guess most of us on here would be happy with that sort of gig. I'm thinking about re-training

Ah, the old "what does an accountant do for their money?" chestnut.

Have you factored in the amount of time that they spend learning all the regulations and then keeping informed about any changes that affect those regulations, so that you don't have to?

[JOE]

Hi,

I am assuming your accountant have filled company accounts,annual return and CT600 for you.
I appreciate you have taken efforts to do your bookkeeping. But your accountant reviewed your books(even if they are in good shape accountants dont rely on your knowledge as this is not your field of expertise) and produced 2 set of statutory accounts for you one abbreviated form to be submitted at companies house and another full accounts. Filled your Corporation tax using his own knowledge regarding reasonableness of deductions and how best you can save tax.

Normally accountants do account for the hours they have spent on your job. Which is multiplied with their respective hourly rates( rates depend upon the employee who spends his time on the task being partners having a higher rate).
Its like if you buy branded product from the companies who are in business for long or those who have just entered the market.
However new players may be good at times and give you a good value for money.You just need to keep your eyes open.

[WetBehindTheEars]

Fairly new to contracting. Just done my first ever final year accounts.

I do all my own payroll and VAT returns.

I do my own basic book keeping (Excel spreadsheet). My accounts are really simple - 1 sales invoice per month and a running total of some basic expenses per month.

At the year end I gave the spreadsheet to the accountant and he produced my accounts and submitted them for me.

Bill = £980 + VAT.

Does that sound expensive? Anyone recommend a cheaper but good accountant.

I reckon it can't have taken him more than 1 hour (top side). That's not a bad rate - guess most of us on here would be happy with that sort of gig. I'm thinking about re-training

[Watermill Accounting]

£300 would be reasonable be a reasonable price. We divide into equal monthly instalments.

[Little'Old Me]

You need to be very clear on what you want.

I charge between £250 and £2,200. I do charge £250 a couple of times a year if I don't have much to do e.g. one client that does everything himself and then passes it to me to check, tweak - because so far I have always spotted something he has omitted, or not adjusted.... and I submit it all for him - providing pdf file copies for his records. The £2,200 includes company secretarial, payroll, VAT, full accounting etc etc........


Having said all that, I have remembered the client who I charge £100 per year..... but that's just for Dormant accounts and the annual return etc.

[Nixon Williams]

£400 to £500 sounds about right, but check what service you will be getting.

If the "accountant" simply compiles your figures and does not check them (as some do) you are not really going to get the service you think you are paying for.

We've just handled a takeover of a new client, and have found over £2000 for them in taxes they have paid in error and HMRC were sitting on their money. The last accountant had not reflected this in the accounts, so if we had not checked our client would not have seen the money again!

Alan

[Alan @ BroomeAffinity]

If its purely year end only its not unreasonable to expect a bill of about £400 to £500 plus VAT.

[Archangel]

Last time I paid for one I paid £700 + VAT.

I now do my own.

HTH

[Jai D]

Hi ,

I have formed a company last year. I am looking for an accountant to file my company returns to companies house and CT600. Could anyone suggest how much your accountant charges for this.

Thanks