Accountancy Fees

[Gem87]

Good evening everyone!

I hope you're all keeping safe and well?

I just wondered if anyone would be willing to share what they currently pay their accountant per month/year? We're a limited company, with 5 employees and we're being charged just over £3000 per year + a £36-00 per month Xero subscription. In our fee they cover:

Preparation of the statutory financial statements and submission to companies house

Conversion of the accounts to iXBRL format, preparing corporation tax computations along with corporation tax return, CT600 for submission to HM Revenue & Customs.

Dealing with all company secretarial work including preparing the annual Confirmation Statement for filing at Companies House.

Preparation of your P11d’s, calculating your Class 1A National Insurance Liabilities and advising on the payment of tax. Filing the P11d forms online with HM Revenue & Customs.

''All other associated tax work''- (not specified what)

Processing the company payroll including auto enrolment for the year ended 5 April 2020.

We were thinking about shopping about, because we find it quite expensive considering we're not a large company, but we weren't sure if that sounds about right for the service we get? Any input would be appreciated!

 

[QueenBee20]

Hi,

We are a limited company with 5 employees and pay £2000 per year. The following work is included in this price :


Accounts preparation
Corporation Tax Return
Payroll for 5 employees inc pensions and all associated returns
Personal Tax Returns for 2 directors
Rental property accounts for 4 properties
Xero Subscription

Hope this helps !

 

[NicoJ]

I would have said roughly £2400 + VAT for the services you described.

For me though it's whether the service is good. If you don't think so, then definitely move because you will get a cheaper price elsewhere. If you think it is a good service then maybe discuss the fees with them and see if there is any way that you could reduce the price.

 

[justintime]

It seems a bit overpriced but a lot will depend on how good the bookkeeping is and what the Accountant needs to do in Xero in order to be able to be able to get the Accounts ready for submission to HMRC & Companies House. Also the complexity of the accounts, which could range from being relatively simple to involving (say) lots of fixed assets, EU VAT and foreign currency, which will be undoubtedly be more expensive.

I would suggest you get some quotes from your local area, (maybe post in local social media for recommendations) and compare this with what you're paying now. Most accountants will be able to give you 30 mins/an hour meeting (remotely at the present time) to discuss your needs.

If you're in the Yorkshire region I'm happy to give you a quote.

 

[Rawlinson Pryde]

As mentioned above fees often depend on the quality of bookkeeping, the complexities of your business (overseas subsidiary/audit required etc) and then if you require extra support, which is more than some ad hoc quick queries.

Usually being a more established business your bookkeeping records will be at a good standard and may mean we might be able to lower this fee for you but more importantly provide you with a quality level of service.

One of the benefits of cloud accounting is that you do not need to have an accountant who is local to you. For those clients that are not local to us we are always happy to offer client meetings via Skype (mainly) and have been doing so during the lockdown period with both existing and potential new clients.

We would be more than happy to provide you with a quote to see if we can help you. If you wish to contact us then a member of our team will be in touch with you on Monday.

Our website is in the signature section and you can also Google Rawlinson Pryde & Partners to see all of our reviews and find us this way.

Our firm has a high proportion of qualified accountancy staff with the ACCA & ICAEW and also a couple have the Chartered Tax Adviser qualification. All of our work is completed by our team on the website and we do not outsource this overseas, which seems to be a growing trend in our industry.

 

[M Ahmed]

Hi

For the service you described, I would charge around £1,800 or £150 a month.

I provide my own software and if anyone is after a specific software, then I charge a discounted rate through my partner account with Xero.

£36 per month seems to be a rip off especially when accountants get hefty discounts.

Let me know if you wish to discuss further.

We have clients all over the Uk and offer an excellent remote and paperless service on modern lines.

Regards
Ahmed

 

[MyAccountantOnline]

Good evening everyone!

I hope you're all keeping safe and well?

I just wondered if anyone would be willing to share what they currently pay their accountant per month/year? We're a limited company, with 5 employees and we're being charged just over £3000 per year + a £36-00 per month Xero subscription. In our fee they cover:

Preparation of the statutory financial statements and submission to companies house

Conversion of the accounts to iXBRL format, preparing corporation tax computations along with corporation tax return, CT600 for submission to HM Revenue & Customs.

Dealing with all company secretarial work including preparing the annual Confirmation Statement for filing at Companies House.

Preparation of your P11d’s, calculating your Class 1A National Insurance Liabilities and advising on the payment of tax. Filing the P11d forms online with HM Revenue & Customs.

''All other associated tax work''- (not specified what)

Processing the company payroll including auto enrolment for the year ended 5 April 2020.

We were thinking about shopping about, because we find it quite expensive considering we're not a large company, but we weren't sure if that sounds about right for the service we get? Any input would be appreciated!

It's not possible to say whether that's reasonable based just on the above information.

What sort of business do you run and roughly what is the annual turnover?

If you are happy with service you are receiving have you discussed with your current accountants if their is anything further you can do to reduce what they do, and hence the fees?

Xero at £36 per month seems expensive for bookkeeping software.

 

[ExpertAccountant]

Accountancy fees will depend on the type/size of business and requirements. However, £3k per annum plus montly charge for Xero is on the premium side. It will be worth getting a few competitive quotes and renegotiating price with your exisiting accountant.