Irrespective of the size, every business has to maintain accounts. Whether you’re a sole trader, startup, freelancer, landlord, or small business, you need an accountant to manage your finances. But not everyone can afford to hire a qualified accountant with an annual income of £50,000. For this reason, many businesses prefer to hire accountants according to their needs on a contract basis. In this way, they can get affordable accounting services. In today’s blog, we’ll discuss how much does a CPA cost?
Still, the cost of accounting services may vary based on the business’s size, its activities, and the services it requires. It becomes easier to estimate the cost of a CPA (certified public accountant) based on these services.
Basic Accounting for Small Business:
- Annual accounts
- Corporation tax returns
- Personal tax returns of a director
- Monthly or annual payroll returns
- Support on (IR35) tax avoidance legislation
- Quarterly VAT returns
- Daily advice from the accountant
These are the standard packages that various accounting firms offer. You need to pay a fixed monthly amount to get the above-mentioned services.
The fees for small business may range from £50 to £250 based on your business’s annual turnover, service depth and location. Your business can pay more depending upon its annual income and the number of employees.
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Cost of Self-assessment and Tax returns:
Wondering how much does a CPA cost for self-assessment and tax returns. For an annual self-assessment tax return, an accountant will charge around £150 to £250 or more based on the complexity of your task. Generally, if you are earning more, the accountant may charge you accordingly. Those having multiple sources of income stream or self-employed might charge more than £250 (as this rate is for basic self-assessment tax returns)
A good accountant will save a substantial amount of your money and time by savings taxes for you. Sometimes, the accountant will save a great sum of your taxes from which you will end up saving more even after paying the charges of the accountant.
You can also pay your accountant on an hourly basis with estimated charges of £25 to £35 per hour. For specialized services like tax or business planning, advice may be a lot more costly, around £125 to £150 per hour.
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Quick Sum Up:
Hopefully, you have got basic information on how much does a CPA cost. You can also hire an accountant based on the services like year-end accounting, payroll services, and VAT returns. You should remember that the accounting fees mentioned in this blog are for your general guidance. You can get in touch with our accountant to let us know about the services you’re looking for.
Search around the market to compare the cost. Remember the rates don’t reflect the quality of services. If you want to keep the charges down, you can do the basic accounting yourself through the help of accounting software and by managing proper records in time.
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Disclaimer: This blog provides general guidance on the cost to hire a CPA.