Limited Company Accountants Fees
Saturday, February 8th, 2020 in: Advice
Limited Company Accountants Fees
Limited company accountants fees can vary greatly. How much are the accounting fees for a new or existing limited company? This may be at the top of your list of questions if you are looking to set up or start a limited company. If you already run your very own limited company small business then you may be wondering if your current accountancy fees are fair and reasonable.
Some example costs for accountancy fees
Entry-level accountancy fees for a small limited company
This typically starts at around £59+vat per month for a small start-up limited company to prepare and submit the annual accounts to companies’ house, the corporation tax return to HMRC and a limited level of general support. If you are a ‘one-man band’ limited company then you will also likely need a director’s payroll which starts from £13+vat per month and an annual self-assessment tax return which is around £15+vat per month. This gives you a total fee for a small limited company of anywhere from £59 to £88+vat per month.
Levelling up your services with bookkeeping
The next step up with accounting fees is when you add bookkeeping. For a small business, it can start from as low as £15-30+vat per month if you are not VAT registered and do not require in year reporting (IE the bookkeeping will be completed on an annual basis).
Larger limited company businesses and accounting fees
The fees above can be a snippet of what a larger limited company may need to pay with a wider range of needs and therefore service requirements.
An established limited company with full outsourced bookkeeping
A package that includes year-end accounts, registered office service, companies house filings, corporation tax planning and submission, self-assessment service with tax planning, payroll for say 3 staff (including pension requirements), a fully outsourced monthly bookkeeping service (estimate say 100 transactions), quarterly VAT return preparation and submission to HMRC along with all the relevant software (for example Xero and Receipt Bank) for a limited company with turnover of £150k p/a.
This package would cost anywhere from £250 to £500+vat per month£316+vat p/m.
What makes the fee for a limited company go up or down?
Before we dive into some actual pricing examples you need to get some idea of what factors can make the biggest difference to what you pay your accountant.
- How much is the turnover of the business?
- Do you need payroll?
- How many staff will there be?
- Is the payroll weekly or monthly?
- What bookkeeping system are you going to use? For example Xero, Quickbooks online, Sage, Freeagent etc
- Who will be doing the bookkeeping?
- If we are doing your bookkeeping, how often would you like it updated?
- Are you going to be VAT registered?
- Will you be submitting your own VAT returns
- What VAT scheme will you be on?
- Do you need regular management information, accounts, and forecasts?
- Do you need cash flow forecasting and management?
- Do you need/want strategic advice and assistance on your 12 monthly goals/business plan?
- Would you like regular meetings to discuss business performance?
- How qualified is your accountant or is he even qualified? We are an ACCA practice for example.
The biggest factor affecting your accounting fees
It is quite simply whether you would like your accountant to also do your bookkeeping. This can at least double your fees but also free up valuable time for you in your own business to achieve your goals. If your accountant is to look after your bookkeeping then the next consideration is how much information or guidance do you need off the back of this to aid your business decisions.
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