What would an accountant cost?
in Cutting tax
9 replies 403 views
in Cutting tax
I have income from abroad and income from a rented out property plus various Uk pensions..I do my own self assessment return via the HMRC website.. Some times I wonder about letting an accountant do it for me but am unsure what the likely cost would be. I would be happy to pay a couple of hundred quid to get it done..Does anyone on here know a likely cost?
Of course I’m no expert.
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However, they also deal with my business affairs, which leads to a four figure bill, so it's possible that the £180 figure might not reflect your circumstances. The accountants save me money overall, so a worthwhile spend.
I've worked in bigger firms and am now a one man band, but fully qualified chartered. I'd say a couple of hundred is slightly on the lower side for a return including foreign and property income, it may be possible if things are pretty simple and you can provide the accountant with all the information without too much backwards and forwards between you.
Realistically, with the regulatory work to do (proof of id, know your client forms, risk assessment, etc) and setting up the file, database, etc., and then actually communicating with you, getting your data, registering as agent with HMRC, entering your data into the tax return, getting your approval once completed, and submitting it, you're looking at maybe 3 or 4 hours work in total, so definitely in the range of £200-£500.
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My Accountant charges me £255 + VAT for personal tax return (including my data from own Ltd Co dividends)
My wife has a BTL as well, so her fee is a bit higher, £260 + VAT
I also have a Ltd Co. for which the annual fees are around £1k + VAT
Rates have crept up in recent years, it was not so long ago that the total for annual and personal tax return was landing at around £1k + VAT, so an upward movement of around £250 or thereabouts in recent years.
As for the original setting up activity, IIRC, my Accountant never charged more for that but simply charged for the annual returns in the first year, with the setting up activity absorbed into the overhead. This may vary from firm to firm.
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