How much do you charge?
The pricing of accounting services is very much like buying a cruise holiday. Whatever cabin you buy, it’ll get you from A to B the same as everybody else, however the price goes up if you decide to change the type of cabin you want or add in other items like a drinks package.
We can start with the basic inside cabin, or you can choose an outside cabin with a porthole on one of the lower berths. Want a bit more of a view, and you can then go for a cabin with a large window. Mind you, it may be obstructed by a lifeboat.
We then move to cabins with a balcony or veranda, and then up to cabins which have a bath instead of a shower only. (I like those cabins.) Finally, you get a whole host of different suites until you get to the captain’s, or presidential suite.
As I say, they all follow the same route on the sea, and get to the same end point, but the difference is the level of service and luxury, although some might be perceived luxury rather than actual luxury.
If we compare that to accounting services, then you can start off with the basic self assessment tax return. Now, that is based on your own bookkeeping records, so things like an Excel spreadsheet, recording income and costs, mileage, and anything else you might have. That information gets put through onto your tax return, having been reviewed and discussed.
Of course, you might decide you want to use an App, and not have an excel spreadsheet. So we can set you up with an App that works pretty well for sole traders recording their costs and with further development in the year will record income and mileage.
We can take it one stage further, set you up with an accounting system (we recommend Xero), and then some form of OCR reader so it can take photos or scans of your purchases receipts, and put that through directly into the accounting system. We use Receipt Bank or Datamolino.
If you want to go the whole hog, of course, we could do all your bookkeeping for you. Each of those stages above comes with a separate price.
If you are a limited company, the same thing can happen in terms of doing the basic company account & corporation tax returns for you, or doing everything from payroll, bookkeeping, corporation tax, annual company accounts, your confirmation statement. All these are added services, so the price goes up.
So, in summary, it’s very hard to actually put together what is the standard package. But if you want a ballpark figure as a self employed person and you do all your bookkeeping, then we start the pricing of your self assessment tax return at £250 plus VAT. Should you be a member of Equity, the Musicians Union, or the Incorporated Society of Musicians, then we do offer discounts off the main fee, you just have to ask. And of course, tell us about your membership details. Limited company work starts at £750 plus VAT but it is based on turnover & number of transactions.
If you’d like to discuss our services and get a much better idea of price, then drop us a line at [email protected], or give us a call on 01344 669084 and we’d be happy to help.