Accountancy Fees

Hi Folks

First time poster here, so be gentle!!!

I am currently working full time as an Accounts Assistant for a National hire company and am studying towards my ACCAs, at which I am almost at the professional stage.

I have recently been asked by a number of friends/relatives to look at "their books".  One in particular has asked me to file their tax return.  I am confident that I can perform most of the tasks put in front of me however my question is regarding what services I should and could provide if I wished to develop a client base of similar sole trader businesses. 

Also please can you advise what sort of fees could I expect to charge and for what services.  

Any information would be gratefully received for this tentative enquiry into the possibility of starting my own business.

Regards

 

 

  

Comments

How long is a piece of string

SSmithCA | | Permalink

I don't in any way want to be discouraging - you would be starting exactly the way I did. However I'm afraid that there are a lot more hoops to jump through than just deciding what to charge. I was a fully qualified chartered accountant with PQE experience, so getting a practising certificate and PII wasn't too difficult, but I'm not sure how easy it would be for you. You will also need to apply money laundering regulations, comply with CPD requirements, comply with data protection requirements and many more.

In hindsight I wished I had not started up on a piecemeal basis and had instead planned a business in much the same way as I would have advised my clients to do (i.e business plan etc. etc).

Finally, re fees, it really is a "how long is a piece of string" question. But I started out charging £40 an hour as a qualified chartered accountant. I now charge completely differently, mostly using fixed fees, but it's taken me a while to be confident of the right level of fixed fees for my practice.

Tax Returns

Amit | | Permalink

Hi

In regards to your posting I recently received my Practicing Certificate with the ACCA.  However the ACCA advised me that without a Certificate I was not allowed to Produce Accounts or Tax Returns.  You can do the background work but you cannot be seen to be a Tax Advisor.  If the Revenue queried the return then you would not be in a position to reply to them. 

As in regards to fees there are people out there who charge from £50 per Return however it does depend on how much work is involved.  An hourly rate as suggested maybe the best way with possible a cap.

I wouldnt advise doing anything with confirming with the ACCA as you do not want to jeapordise your ACCA future.

Regards 

Thanks

Greig78 | | Permalink

Thanks a lot for you comments. 

I will contact the ACCA and proceed with caution.

 

 

 

Ermintrude's picture

ACCA Membership

Ermintrude | | Permalink

You are still a student, and not a member - so this may not apply - but I was an ACCA member who wanted to commence in private practice without having to work in employment to obtain a practising certificate.  (It was employment issues that resulted in my career change to self-employment).  I was able to become licensed to practice as an AAT member, but had to resign my ACCA membership.  I am allowed to refer to myself as an ACCA Past Finalist, but not as a Chartered Certified Accountant.

Be Careful

Anonymous | | Permalink

I am also an ACCA student and their regulations are very specific as to what a student can and can not do for money.

Refer to rulebook.accaglobal.com Section 2.1.8, it says you can only do basic bookkeeping work for reward

fangyan's picture

ACCA membership and Tax return

fangyan | | Permalink

Hi

I passed my ACCA final exams in Dec and met all other memebership requirements, have recently submitted my application and waiting for membership certificate to be posted to me.

Am I right by thinking that the membership can entitle me to do tax return or do I still need to apply for a practice certificate from ACCA to entitle me to do so?

Thank you!

Tax Returns

Amit | | Permalink

Hi

From my understanding you cannot do Tax Returns unless you have a Certificate. 

Regards

fangyan's picture

Thank you

fangyan | | Permalink

Thank you for your reply.

Please can you advise how can I apply for a practice certificate, what are ACCA's requirements?

Thanks!

 

 

ACCA Requirements

Amit | | Permalink

I am assiming you have completed a Student Training Record (STR).

Folloing this, you need to complete a PCTR signed off by a qualified Accountant with a Practising Certificate.  Needs to be part of the CCAB accountancy bodies.  This will need to cover a 3 year period of experience within ideally practice.

If you want to do an audit then you will also need to experince this through practice.

The ACCA webiste does have good information surrounding this.

Add comment
Log in or register to post comments
Group: Sole traders/self employed business forum
A place to discuss all matters affecting sole traders and self employed workers, such as registering for SE, dealing with HMRC, and issues surrounding