How much to charge for Corporation Tax and Annual Account Filing ?

How much to charge for Corporation Tax and...

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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.  

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By Bizzylizzy
28th Aug 2013 17:30

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.

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Replying to Slim Freddie:
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By glenbogle
29th Aug 2013 18:49

I suggest you are being overcharged. But what do I know?

 

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Replying to puzzel:
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By Jim100
30th Aug 2013 18:09

overcharged

glenbogle wrote:

I suggest you are being overcharged. But what do I know?

 

 

sorry who is being overcharged

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Man of Kent
By Kent accountant
28th Aug 2013 18:27

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?

 

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Replying to johngroganjga:
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By Bizzylizzy
28th Aug 2013 19:27

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?

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By Tosie
30th Aug 2013 20:33

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 

 

 

 

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By JDBENJAMIN
31st Aug 2013 13:36

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.

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Replying to lionofludesch:
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By Jim100
01st Sep 2013 12:59

agreed to an extent

JDBENJAMIN wrote:

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.

Yes I am working from home.

£50 is fair putting the accounts together but drawing up the Final Acccounts and CT probably should be little higher around £75 per hour. I have explained to the client that they should get a good accounting package which will then save additional costs in accountancy fees.  Next year I would think I may charge them only £1000 for Accounts Production and CT.  The putting the accounts together from scratch is taking a lot of time.  In fact the deadline is due in a couple of days (due to no fault of my own) and have to spend a full working day on a Sunday when there are so many other things to do on a Bright Sunday afternoon

The client is based in central London which is also a factor.

Most clients don't want to move unless they are either unhappy with the quality of work.   I know this client well and if he ever decides to get another quote. I am sure he would come to me and renegotiate instead of simply moving to the unknown.

I always wondered if there was a ball park figure to charge start ups. 

 

 

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