What should I charge?

[kojwhite]

Hi,

I am currently a part-qualified CIMA, working as management accountant for a manufacturing company.

My Brother in Law has asked if i will do his books for him in my spare time and go on his payroll to make it official.

When he says do his books, he simply means logging all the daily transactions and reconciling them in order to produce the quaterly VAT returns.

What would you say the going rate would be for this? He mentioned that he wants to pay £15/hour but for what I will actually be doing I think that this might be too much? I don't want to under value myself but at the same time this is family :-/

 

[MyAccountantOnline]

Hi,

I am currently a part-qualified CIMA, working as management accountant for a manufacturing company.

My Brother in Law has asked if i will do his books for him in my spare time and go on his payroll to make it official.

When he says do his books, he simply means logging all the daily transactions and reconciling them in order to produce the quaterly VAT returns.

What would you say the going rate would be for this? He mentioned that he wants to pay £15/hour but for what I will actually be doing I think that this might be too much? I don't want to under value myself but at the same time this is family :-/

I made it a rule many years ago never to act for family and friends - I know some people do but I've seen it cause a lot of heartache.

If you do want to undertake the work and your brother in law is happy to pay £15 it sounds like he's getting a good deal.

 

[ParfittTaylor]

Also worth checking with CIMA whether you are allowed to do this. I'm guessing as it is just bookkeeping you may be ok but check anyway. To offer services outside of employment, you would normally be required to apply for a practising certificate.

 

[kojwhite]

Ok thanks! i will definately check that out! It is literally just daily transactions and VAT returns. He uses an accounting firm for everything else, and as I am on their payroll I assumed it would just simply like having a 2nd job but I will double check thank you for the heads up! :-D

 

[MyAccountantOnline]

Also worth checking with CIMA whether you are allowed to do this. I'm guessing as it is just bookkeeping you may be ok but check anyway. To offer services outside of employment, you would normally be required to apply for a practising certificate.

I'm not a CIMA member but would that still be relevant for the OP if he is employed by his brother in law? The ACCA wouldnt require a practising certificate in this case.

 

[ParfittTaylor]

No probably not if he is on the payroll.

 

[MyAccountantOnline]

No probably not if he is on the payroll.

Purely out of interest when would a CIMA member need a practising certificate as an employee? Truly interested as you wouldnt with my professional body.

 

[ParfittTaylor]

No not as an employee. When I first read kojwhite's post I didn't register the employee bit. If he didn't go on the payroll, then yes he would need to and he would probably have a problem as he is still a student so something he should be aware of.

 

[MyAccountantOnline]

No not as an employee. When I first read kojwhite's post I didn't register the employee bit. If he didn't go on the payroll, then yes he would need to and he would probably have a problem as he is still a student so something he should be aware of.

Thank you - same as the ACCA

 

[ibm@i3media]

Sounds like a reasonable rate. My best friend is a CA. I'll ask him and get back to you on this.

 

[kojwhite]

Many Thanks for all your answers :-D

 

[ITsoldUK]

Wish my accountant would charge £15ph

It is all relative but in my experience as alluded to above, when you work for family and friends they want the earth for £0.0001....

Good luck either ways