What does a chartered accountant do?
A chartered accountant is an accountant who has completed significant accountancy training and is certified by an accounting body, such as the ACCA (Association of Chartered Certified Accountants). Though a non-chartered accountant may also be well trained, particularly if certified with the AAT (Association of Accounting Technicians), they may not have as advanced of an understanding of accountancy as a chartered accountant does.
Chartered accountants provide a variety of services to both individuals, as well as small and large businesses in all sectors. Some of these services include, but are not limited to:
- VAT returns
- Tax planning
- Accounts preparation
- Research & development tax relief
- Payroll services
Why do I need a chartered accountant?
As mentioned, a chartered accountant has undergone extensive training to become knowledgeable about the ins and outs of finance and tax law. This means that they can pinpoint the areas of your business where you can save money. VAT in particular is a complicated branch of UK tax law, thus even the most well-read business owner is likely to overpay. By turning over your books to a chartered accountant in Glasgow, you’ll save your company potentially thousands.
Though the benefits of hiring a chartered accountant are clear, you may be wondering whether your business can afford their services. As more chartered accountants have opened firms in the past few years, their services have become more competitive, causing the price to go down. Even though you’ll pay for the services of a chartered accountant, these fees are less than the amount that you would otherwise pay in taxes without one.
How much does a chartered accountant cost?
The cost of a chartered accountant depends on what you want to hire them to do, as well as the business sector you’re in.
Generally, chartered accountants in Glasgow will charge a flat rate for the job, rather than charge by the hour. This means you’ll know upfront what you can expect to spend. After discussing what you require, the accountant will normally give you an annual quote. Once you’ve agreed to this quote, you will be charged monthly.
Although there is no clear answer for how much a chartered accountant costs, you can expect to pay as little as £50 as a freelancer or individual contractor. Landlords, traders, and contractors may be charged up to £200 per month. For businesses, the amount will vary depending on the size of your company. A very small company may pay only £100 in fees each month, while a large corporation can expect to pay £1000 or more.
To ensure you’re being quoted a fair price, get quotes from several accounting firms and ask them to explain the rationale behind their fees.
Contact AM Plus Accountancy today
At AM Plus Accountancy, we’re passionate about providing the best accountancy services by saving you the most money legally possible. We believe that communication and transparency lead to the best outcome for both parties. Give us a call today and we’ll be happy to further discuss our services and provide a free consultation and quote.