Fees & quotes
We generally meet potential clients in an initial ‘free consultation’ meeting to discuss their business and accountancy requirements. We then follow up the meeting with a summary of what was discussed, a plan for going forward, and a quote or estimate for our work.
Then, as each future year’s work is completed, and we get to know more about a client’s business/tax affairs and a better idea of the work involved, we give a new quote.
There are two main ways we charge fees:
1. One way is to charge based on the time taken for a piece of work once it is completed (known as a time-cost basis). This tends to be for small pieces of work – or bigger pieces where it is not easily estimated how long the work will take.
2. The second is to estimate in advance how much work is involved for a piece of work then give a quote – and set up a monthly direct debit. Assuming the client’s records are pretty much as expected, and the number and/or type of transactions is not significantly different from what was planned for, then our time-costs should – more or less – be equal to the annual direct debits charged.
Quote example 1: For a small limited company that provides services and has few overheads (that requires: preparation of annual company accounts; preparing/checking quarterly VAT returns; running a small payroll for the director; ongoing accountancy/tax advice, and; preparing an income tax return for the director), we would expect to quote £1,476+VAT for the year’s work and we would look to set up a monthly direct debit of £123+VAT. If more, or fewer, services were required, we would amend the quote accordingly.
Quote example 2: For preparing a simple Self-Assessment Tax Return, we would generally charge from £101+VAT – assuming we receive the necessary information in good time. We charge more if we receive the information closer to the tax return filing deadline of 31st January.