Small Start up doesn't keep proper records. Provided them a spreadsheet to populate with the require data. They do call regularly on how to populate the spreadsheet and questions on various costs, vat etc.
There is a lot of work of putting together a set of accounts
I quoted £1875 for around 25 hours work of putting the accounts together, advice, meetings, calls, advice on tax liability reduction and submitting the Accounts and Corporation Tax Return
I know maybe a case of how long is a piece of string but still being new to the business I just want to make sure a) I am not ripping off the client b) That I do not end up being uncompetitive that he chooses to go elsewhere. Just want to be in the ball park figure.
Replies (8)
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Charges
I pay £2100 for End of Year Accounts. I don't know how many hours of work they do but I prepare my own records on book keeping software, don't get any advice during the year and have one meeting to discuss the draft accounts . Hope that helps.
Depends on
type of business, number of transactions, how accurate the records will be etc.
However assuming the client populates the spreadsheet reasonably well I'd say the quote is ok, maybe a little high and the quote doesn't appear to include SATR for the director?
The queries from the client will probably reduce as he/she gets used to the spreadsheets and familiar with the records they need to keep and the costs which are allowable.
This sounds like a nice sized client.
@Bizzylizzy - doesn't sound like you get a great service and your fee may be a little high?
Annual accounts fees
Thanks for your comment Kent. However, I probably should have mentioned that we are a charity so our Year End Accounts also includes an Independent Examination. Does it still sound a bit high?
bizzylizzy
I have no idea whether or not you are being overcharged but why not ring around other accoutants in your area.
To Jim I agree with Kent your price is on high side and if I were you I would let the client know why and discuss ways of reducing amount of time you need to spend
You are effectively pricing yourself at £75 per hour.
I would say this could be undercut by rivals. I have found that £50 per hour is the best rate to cost your work at if your are a sole practitioner working from home.