I have started to look at average costings of accountants and solicitors, I have tried to get quotes but it is quite difficult when you have to make some things up in order to get a quote.
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'Hourly charges vary a lot, especially throughout the country, depending on the size of practice.
Most practices now, as stated before, charge on a fixed fee basis. Generally the info given in an initial consultation will be enough to cover the basics of the enquiry but thats about it.
I start small company account packages including tax etc at £700 (though obviously this may be lower if not many transactions!) and partnerships from £550.
If you're just looking for one off bespoke services then I would advise you get a quote before you enter into anything.
Pauline
ADP Accounting'
http://www.ukbusinessforums.co.uk/forums/showthread.php?t=23325
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'£500 sounds pretty good to me. Do check what you are getting for this and what hidden "extras" might be lurking. I would normally quote around £575+VAT for if the accounting records are good for the stat accounts for companies house, and the full set for the tax man, together with the corporation tax return and year end planning advice. For a "full" package including directors PAYE, VAT and adhoc advice you would generally be around £100 per month. Fees are largely dependant on complexity rather than the size of the business.
Prices will also depend on the quality of your records, and of course what services are included. I doubt this quote includes director's PAYE or VAT unless the "accountant" is not qualified. Do check for the word "chartered" - anyone can all themselves an 'accountant' without any formal training which surprised quite a few people. To be “chartered” you have to pass a minimum of 5 years formal training and meet continuing training and other professional standards before you are let loose on the public!
Also consider very hard whether you would be better off starting as a “sole trader” if you haven’t yet got a business. This may be a lot more cost effective if (a ) you make losses n the first year and (b) the business doesn’t really work out or take off as you had hoped. It’s a lot less complex to understand and the accounting fees are half to a third of a company. From your other posts it woudl appear you are already trading (?) as a sole trader and in a very small way at present, it might pay to keep it that way until you are making around £20-30k PA when the tax savings will more than cancel out the costs of incorporation.
Hope this helps.
Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk'
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James Smith
Chartered Accountant
www.jamesesmith.co.uk'
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An accountant is an individual who performs accounting tasks for individuals or companies. The exact material that an accountant handles varies depending on the size of the company and theaccountant's specialization, but generally includes financial records, taxes, and responsibility for the issuing of financial reports. An accountant is one of the primary figures in a business that he or she works for, whether it is a multinational corporation or a small family owned business. Requirements to become an accountant vary upon specialization and nation, but generally include certification through a professional agency and a basic college degree in accounting and finance.
In a small firm, an accountant may be responsible for keeping all financial records. These records include payroll information, accounts payable, accounts receivable, retail sales, and information regarding investments held by the company. These accounts are kept organized in ledgers which are used to asses the financial health of a company. Ledgers are always kept up to date, and may be consulted by managers and high ranking members of a company when they are making major business decisions.
Information taken from http://www.wisegeek.com/what-is-an-accountant.htm
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