New member in practice

Tinaw12

I know this is a bit cheeky but I am just starting out as a member in practice and I am unsure of pricing structure.
I am planning on doing Bookkeeping, Vat returns, payroll, tax returns and self assesments.

Can anyone help?

Monsoon

Hi
Work backwards.
How much do you want to earn per year after tax? how many hours do you want to work? Factor in your expenses, and work out an hourly rate.
Then compare this to the market - bookkeeping can be £10-25 per hour depending on experience and location. Self assessments are usually done on a fixed fee and should be more than £25 an hour IMO. The cheapest I've seen SA's offered (just the form0filling, not calculating self employment etc) is £60 and the most expensive over £300.
The more practise you get at quoting the better you'll get, but make sure you know everything that needs to be on a self assessment return before you quote!
If you are producing self employed accounts along with a tax return this is accountancy not bookkeeping and should be charged at higher than bookkeeping rates. Again, a fixed fee is great but it takes a while to suss out what the right fee is. On average sole traders pay £200-400 depending on what they need, plus bookkeeping, if there is a lot of it (eg a years worth of receipts in a bag from a plumber!)

K H

Don't undersell yourself ,remember if you charge cheap fees they won't thank you for it and may even lessen your value in their eyes!

Also, remember you are doing a responsible job and have undergone training for it and should there be an HMRC enquiry you work may come under scrutiny,so charge accordingly.

the response by faerie9 was quite correct.

best wishes

K H

pinksponk

I found this advice really useful as well. Thanks