How Much Do Accountants Charge?
In all businesses, the accounting and bookkeeping work is split between the business owner and the accountant and bookkeeper. Our fees are listed further down this page.
'Who does what' is different for every business, and here are some guidelines:
- It is unlikely that there is a legal requirement for a small businesses to need an accountant. The audit requirement for small businesses was stopped many years ago.
- HMRC Tax and Companies House returns and filing can all be done online, and in many circumstances online filing is now compulsory, and a small business may need specialist online iXBRL filing software.
- Modern accounting and bookkeeping software, like QuickBooks, will help a business owner complete the records to an advanced stage. This has the added advantage that up-to-date business reports will be readily to hand.
- A busy business owner may well conclude that it is a better use of time to concentrate on delivering services and selling products and growing the business, rather than spending hours doing the books, and therefore appoints a bookkeeper.
- Bookkeeping charges are usually considerably cheaper than accounting fees. It is therefore likely that savings can be made by using a combination of the two. Make sure that each one knows their role and that savings can be achieved.
- For a Limited Company the preparation of year end Financial Statements is subject to legal requirements and requires specialist accounting knowledge.
- Accounts are legally required to be prepared and presented on an "accruals" basis. This means that it is likely that adjustments need to made to the accounts to bring them to the legal standard.
- Accountants are also frequently tax advisors and are likely to be able to advise on tax strategy and potential savings.
- Accountants have many contacts and clients in various trades and professions and are therefore able to guide you to additional business services which you may require.
- Quite frequently the additional costs and fees arise when queries arise and the Accounts and Tax Computations go through several drafts.
Ainsworth Accountants Fee Guide 2013
This is NOT a quote and is subject to agreement with each new client prior to the commencement of services.
Preparation of Small Business Accounts (not Ltd Co) – based on a well kept set of books and records: Estimate £50 to £200 + VAT
Self-Assessment Return - if no major complications and Accounts have been prepared: Estimate £50 to £200 + VAT
Statutory Accounts - Preparation & Submission – Annually – Based on a well kept set of books and records: Estimate £250 + VAT
Corporation Tax - Preparation & Submission – Annually: Estimate £250 + VAT
Bookkeeping: Per Hour. £22 + VAT
Managements Accounts: Per Hour. £50 + VAT
Bookkeeping & Software Training: Per Hour £40 + VAT
Monthly Payroll / PAYE: 1 employee: £20 + VAT
Main Fee Rate – for any extra work which arises. For accounts, general tax, management accounts, business plans, etc: £50 + VAT per hour. This rate will also be used for extra general work and correspondence.