This is directed at any accountants on here, my brother in law has just changed his business into a LTD, so I am unable to do his corporate tax return, but he still wants me to carry on with the books up to draft final accounts. He has asked how much he should expect to pay for the accountant to use my figures to complete the return.
Also, I've not done a directors self assessment before, is there anything that would be different from an employed persons return?
That is a very open question, it really good be anything depending in the business. Don't forget the accountant will be doing more than preparing a tax comp. there will be all the working papers, notes to the accounts iXBRL filing, accounts for companies house etc.
But as a guide, when I worked in a large practice we wouldn't do a set of accounts, even with the best records, and being a straight forward company for less than £500.
It also depends on the accountant, are they a small individual or a large firm with expensive premisies?
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Nick
Nick Craggs FMAAT ACA AAT Distance Learning Manager
Before I started doing my own accounts I used three different chartered practices. The first I paid £2400 (and dumped them after two years as their fee's seemed based on my turnover rather than the work involved), the second was £1500 for several years until they emigrated as they were worth every penny of their money. The third slowly came down from £1500 as my experience of accountancy increased to a final £375 and the only reason that I stopped using them at that price was that I didn't want them knowing the details of my clients.
For £375 though that really was minimal input from the accountant with my money really being used to get a chartered seal of approval (despite their exclusion clause) on my accounts.
Actual cost is really an how long is a peice of string but like Nick I would not expect anything less than £500 from a Chartered or Chartered Certified practice and there up it all depends on the amount of work that they need to perform.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I know it is a bit of an open question... currently his business is relatively small, but he wants to expand. He is a brand designer (I think that's how you would put it), he create brand identities/marketing designs etc. He is the sole director
I will be doing all books & possibly VAT returns (if he decides to opt into VAT), for around £40-45 per quarter (he is family after all...) & he was quoted £1800 plus VAT for an accountant to do his CT etc. Which I thought was pretty high, but it may be that the accountant just did not want the job! I expected between £500-700 for an accountant.
We are based in Peterborough, so not a major city. If there are any accountants on here that are local and would like to work with me on this would be great!
I think your expectation of price is reasonable. I am in Manchester, but work remotely with a lot of clients. I'd be happy to help if you are not bothered about the distance. You can contact me through my website foxaccountancyservices.co.uk
We would charge £450, assuming all bookkeeping has been done.
I've seen prices vary hugely from slightly less than we charge through to £1500 or more.
We are actually in the process of setting up a service aimed specifically at bookkeepers, as part of our new online service, where we do the end of year accounts, corporation tax and dividend paperwork and guarantee not to attempt to poach the end client....if you are interested in finding out more about it, let me know.
I have a client that has submitted their accounts themselves last year to Comp House but they dont know how to do the CT return.
I am going to quickly knock together a set of stat accounts based on their submitted accounts and then do their CT return. Doing it for £200. Though going forward charging £960 per year for following
1. Full stat accounts and abb accs to Comp House
2. CT return prepared and submitted
3. Payroll for up to 2 employees
4. Up to 2 personal tax returns.
5. File annual return at Comp House
Re the original query then if you are doing draft stat accounts then shouldnt be much work to do the final CT return and would probably charge £200 to do this.
I would charge about the same if I was in practice still, it is not too difficult to do and should not take too long.
I have invested in IRIS for the few friends and family I assist annually to make it quick & painless (would take less than an hour to do what you need including directors tax returns)
But the red tape around taking on a new client takes longer than the actual process in a case like yours..! Which is the main reason for higher fees...
Hope that helps
Jeremy
PS - Mark - are you coming back to Accountex in June? We have a bigger stand this year. Great response to Accountex 2012
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"Quite simply the best add on for Sage we have ever invested in.."
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PS - Mark - are you coming back to Accountex in June? We have a bigger stand this year. Great response to Accountex 2012
Hi Jeremy
Have registered to go to Accountex next month but not sure if will be going as wife is due 4th child mid next month so think will be otherwise engaged.
Still got your stick that you gave me last year. Still sitting in cupboard and not had a chance to look at it.
Though may do soon as got over a dozen clients now who I do regular bookkeeping and quarterly management accounts for and therefore they might be interested in your reports.
Got over 70 clients now, going to see two potentials tomorrow as well as doing some SAGE training in the morning (so no work in office getting done tomorrow)
If able to go to Accountex this year will pop over to your stand for a catch up, if not hope all goes well.
Apologies for hijacking this post Lyndsey & Shaun.......
Mark, congratulations on your 4th addition
Re OptegraMRP - we now have a monthly licence at £49 for unlimited sage clients. This is being received very well, especially with the online add-ons charging more for just 5 companies..!
Happy for you to trial OptegraMRP free for a month to see if any of those 12+ clients like the reports. At £4 lets say per client per month - you will be able to recover in time alone, let alone in added value fees you can charge...
Accountex 2013 post coming soon - Everyone should go..!
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"Quite simply the best add on for Sage we have ever invested in.."
Want to see what all the fuss is about? Click here: OptegraMRP
IMO Its worth building a good relationship with a local accountant if you can, remember it works both ways. Networking with an accountant is always worth it, sometimes it will take a long time to get anything back but keep plugging away.
-- Edited by Amanda on Saturday 11th of May 2013 12:21:01 PM
Will take up your offer of a months free trial and will be in touch when want to trial as got a lot of work on at the moment so wouldnt have a chance to look at the now.
Thanks for all the advice & offers. I will have to speak to my brother in law, as he did specifically want an accountant which was local, however, he may be drawn on price
I have spoken to a local accountant, who is happy to take a trial balance from me, so long as I sign a declaration that I take responsibility for the numbers & they are just doing the drawing up of accounts & notes and submitting to HMRC & companies house, which I expected and seems reasonable. They have agreed a price of £300+vat.
Now I need to decide whether building a relationship with a local accountant is worth more to me as a new bookkeeper. The work wont be until next April, so will have a chat with my brother in law and see what he thinks.
I agree with Amanda that local is good, if you can find it, but the relationship is more important. You should feel confident and at rest with your accountant, and be able to understand them. If you can find this local and at the right price, happy days... if you have any doubts, drop "local" from the list of wants, and look further afield.
