How Much Does An Accountant Cost in 2024?
What’s The Cost Of An Accountant For Medium Businesses? Here Are Hourly Rates For Accountants
Table of Contents
Wondering how much does an accountant cost or what are the hourly rates for accountants? Well, we’re going to tell you everything you need to know about hourly rates!
Managing your own company can be busy and hectic, right? Between organising your employees, looking after your customers and trying to keep a strategic eye trained on your business development, time may seem to be in short supply.
Perhaps you are currently paying the best UK online accountant, or employing the services of a firm of accountants to complete your returns, but are not sure you are getting as much as you should for your money?
Perhaps you have recently made the decision to pass the management of your business’ accounts into the hands of a professional accountant and have just begun the search for an accountant to suit you.
And perhaps this has left you feeling like you are negotiating an accounting minefield! While the cost may be at the forefront of your mind whilst you peruse the options available to you, most people actually find the service that their accountant provides invaluable to them and their company, and for them, the fee is worth every penny when it comes to taking the stress of their tax and business accounts off their hands.
However, the charges associated with all that a professional accountant entails may drive some to go it alone. Unfortunately, this approach can often prove costlier in the long run; paying a professional now ensures your accounts and tax duties are handled correctly.
Value versus Hourly Rate Money When Choosing An Accountant
When it comes to hiring an accountant, it is worth considering your own knowledge and limitations when it comes to tax. Tax Law is a verifiable minefield, and a professional and dedicated accountant should be able to help you and your business take advantage of all the allowances and exemptions that apply to you.
You may find the savings profuse, and they could potentially offset the cost of an accountant altogether. Bear in mind as well the time you or your staff will save plodding through your own accounts, researching and handling your tax obligations and submitting your various tax and VAT forms.
Perhaps the accountant fees will not seem so much after all! At the end of the day, it is worth considering the price of an accountant as an investment in your business rather than a cost.
Here atMore Than Accountants, we have a committed team of accountants, who are members of the ACCA (Association of Certified Chartered Accountants).
The firm itself is chartered with the Institute of Financial Accountants. More Than are industry leaders when it comes to modern accounting, utilising the latest technology to provide the best service possible for the most reasonable cost.
By stepping away from the traditional high street accountant’s face to face style, we are able to offer contact with a dedicated accountant over the phone and by email, and with the use of award-winning online accountancy software.
We can manage your accounts and bookkeep far more efficiently, which all helps to keep the cost of our services down. This also allows us to offer our services throughout the UK.
More Than Accountants look after small to medium-sized businesses with turnovers ranging from below the VAT threshold into the millions.More Than Accountants look after small to medium-sized businesses with turnovers ranging from below the VAT threshold into the millions. The online quoting engine is an easy way to work out what you can expect in terms of cost and services on offer.
As with most modern accountants, More Than Accountants do not charge for their services on an hourly rate basis but offer fixed fees, which consider more specific business details like turnover and the number of transactions the business carries out, in the calculation of the cost.
The scope of duties you require handling for you will also dictate the cost schedule.
To give you a brief overview of what you can expect, there are 2 accountant packages on offer whether you’re a sole trader or limited company.
Accountancy Fees Cost Per Service
See the accountancy fees cost broken down:
| Service | Description | Price |
|---|---|---|
| Compliance Service | Includes Self-Assessment for 2 directors, company annual accounts, tax return, submission of Confirmation Statements, and unlimited telephone and email support. | Starting at £62.50/month |
| Unlimited Accountancy Service | Includes all features of Compliance Service, plus monthly bookkeeping/reconciliation, quarterly VAT returns, Xero Software, company incorporation, financial reference, access to business funding, etc. | Starting at £119.00/month |
| Accountant Charge for Self-Assessment | Handling of self-assessment tax returns. | Varies |
| General Tax Return Filing | For small to medium businesses, includes ordered bookkeeping. | Approximately £750 |
| Bookkeeping Services | Keeping accounts in order for accountant. | Starting from £300+/month |
| Additional Accountant Advice | Any additional advice needed from the accountant. | Starting at £45/hour |
- Unlimited Telephone Support
- Unlimited Email Support (24 hours)
- Self-Assessment (2 Directors)
- Company Annual Accounts
- Company Tax Return
- Submission of Confirmation Statements
*Please note this package does not include VAT returns
It may be that you are very proficient at managing your bookkeeping, perhaps you do not require VAT related assistance, in which case the More Than Accountants Compliance Package is the one for you (businesses are the UK trust our services for businesses we help with accountancy and our online accountacy UK services and more).
- Unlimited Telephone Support
- Unlimited Email Support (3 Hour Response)
- Dedicated Accountant
- Monthly Bookkeeping/Reconciliation
- Quarterly VAT Returns
- Company Annual Accounts
- Company Tax Return
- Self-Assessment Tax Returns
- Submission of Confirmation Statement
- Xero Software
- Xero Training
- Company Incorporation (if required)
- VAT Registration (if required)
- PAYE Registration (if required)
- CIS Registration (if required)
- Financial Reference (e.g. Mortgage)
- Access to Business Funding
- Monthly Management Information
The Xero Software is compliant with MTD, and is a more effective and time-efficient way of recording your finances. Xero allows you to receive real-time updates, so you will always be in the know when it comes to your cash position.
The accounting package also allows easy invoicing (and reminding!) for quicker payment and better cash flow for you.More Than Accountants will provide unlimited training, so you and your staff can utilize the software to your best advantage.
You will be able to access your account anytime, anywhere, with a tablet, phone, or computer, you just need internet access, so if you find yourself out and about, and need to check an invoice has been issued, or payment has reached your account, it couldn’t be easier to find the information you need.
These accounting programmes alone could cost you £47 a month if purchased independently. With the Unlimited Service you will also have unlimited access to your own dedicated Chartered Accountant, who will learn about you and your company so as to provide the best assistance for you. However, as systems are kept continually up to date, other accountants in the More Than team will also be able to help with any questions, providing quick and accessible support.
In addition to this, a range of online guides and videos and FAQs are available to assist you. Having your accounts continually kept up to date allow you to manage your finances more proficiently, keep a closer eye on your profit and revenues, and help you to spot areas where improvements or efficiencies could be made. Your accountant will also be able to help you with this, and with your business growth needs.
Prices for this package start at £119.00 a month (based on a company with a turnover under the VAT threshold, and below 100 transactions a year).
Elsewhere on the market, the range of services included in the more premium packages vary a bit, with packages not including bookkeeping available at £120, and including bookkeeping at £165.
How much does an accountant charge for a self-assessment?
At More Than Accountants we offer the best prices, but not just this, we offer a lot of value. Our expert accountants take away the stress of completing your self-assessment. So, you can concentrate on growing your business.
Do you really need an accountant?
No, however, doing your own bookkeeping can be very stressful and any errors could leave your business with a hefty fine from the government. Which is the last thing you want, right?
Should I see an accountant face-to-face?
You don’t have to see your accountant, which is why having an online accountant comes with a lot of great benefits. One of them being: time. We save you a lot of time and in the end, also save you money.
Here at More Than Accountants we believe in a more transparent process for costing our services,
By James Duffy
By James Duffy
