Fixed Fee Engagement
We endeavour to provide fixed fee quotations for most of our work. This provides our clients with clarity and certainty and places the risk of overrun firmly with us.
Our fixed fee engagements are based on an evaluation of anticipated time, complexity and risk. Each engagement is bespoke and specific to your needs. We are not a tick-box online accountant.
‘All Accountants are the same….right?‘
Believe it or not, all ‘Accountants’ are not the same. Many online companies advertise themselves as Accountants, yet simply provide access to online software in return for a flat fee.
Traditional Accountants will invoice each year based on time spent, often reconciled to the last 3 minutes. This will include time spent each time you call them to ask a question! Typically a traditional Accountant will present you with a large invoice at the exact same time your tax is due, and for many this will create issues around cashflow.
We do not believe in a ‘one size fits all’ approach. Our advice and services are tailored to you and your requirements, and only by working in this way will you achieve optimal results and essentially lower tax liabilities.
We provide fixed fee engagements that spread the cost over the year in manageable monthly payments, collected by direct debit. Our Limited company fees start from £150 per month.
When comparing our fee to other Accountants you must also consider potential tax liabilities. We will always provide you with an estimate of your liabilities as part of our planning, and if other Accountants will not, ask why.
Missed planning opportunities can rapidly outweigh any gains achieved from paying a lower fee, never has the age-old adage been more apt:
‘Pay peanuts, get monkeys!’
Time Based Engagement
In certain circumstances it may not be possible for us to accurately assess the time, complexity and risk involved to provide services under a fixed fee engagement.
In these instances we will offer our services under a time based engagement.
Prior to commencement of work we will provide you with an estimate of total fee, and throughout the engagement we will supply regular updates on progress with detailed time reports.
We will invoice for time fees monthly to ensure you remain on top of costs.
Time based engagements typically occur in respect of HMRC investigations, disputes and disclosures.
Fee Protection Insurance
Fee Protection insurance is included with all of our engagements. This insurance policy will cover professional fees in the event of a HMRC enquiry. This gives our clients piece of mind that the an enquiry will be resourced adequately without fear or restriction on cost.
We inform HMRC at the outset of an enquiries that our client is covered by Fee Protection, this often deters a war of attrition. If a client is not covered, a prolonged enquiry could result often resulting in significant costs associated with professional fees, sometimes exceeding the tax at stake.
Since inception we have provided Fee Protection insurance across all of our engagements, this has resulted in high client retention and transparency in the fees we charge.
When comparing our fees with others, be sure to ask if the figure they are quoting includes Fee Protection Insurance.
ACCOUNTANTS: Royal Charter vs Non Chartered
We are ACCA Chartered Certified Accountants with offices in London, Essex and Manchester. We abide by the International Ethics Standards Board for Accountants (IESBA) code of ethics. This code sets out the fundamental principles by which we operate.
ANYONE can call themselves an ‘Accountant’, only those who have passed the rigorous set of exams and demonstrated the required years of relevant experience will be admitted to an accountancy body recognised by Royal Charter.
The two main accountancy bodies in the UK are the ACCA and ICAEW and these represent the pinnacle in accounting training and standards.
Membership allows members to use the letters ACCA, ACA or as a fellow, FCCA or FCA after their name.
If your Accountant is using any other post-nominal letters, chances are they may not be regulated or indeed as qualified as an ACCA Chartered Certified Accountant.
Caveat emptor – buyer beware!