Hiring an accountant to handle your payroll is one of the biggest decisions you’ll make in your business, which means it’s crucial to know how much it will cost you and what value you can expect to get in return. This article will help you determine the hourly rate of accountants in London who offer payroll services so that you can compare prices and find the right one for your business.
The Cost of Payroll
The average small business owner in London can expect to pay roughly £125 to £250 per month for payroll services, which is a pretty good deal considering that you can potentially avoid substantial fines from HMRC if you do it yourself.
While you may find cheaper deals on monthly packages, working with a single accountant who provides payroll as part of their offering can save you money in terms of labour costs and time spent double-checking your work. All things considered, it’s usually worth paying extra for convenience.
Factors That Affect The Costs
The cost of employing an accountant to complete your payroll varies on a number of factors, including;
Size: The larger your payroll, and therefore tax liability, is likely to result in a higher cost.
Location: London based accountants are likely to be more expensive than those that operate outside of London or in rural areas.
Tax Payments: Your accountant will have to make quarterly payments on your behalf (unless you’re VAT registered). If you pay these in advance then there may be fewer chargeable hours.
Finding an Accountant
With so many accountants in London, you might think it’s difficult to narrow down your options. In reality, however, choosing an accountant shouldn’t be that hard. When you have a clear idea of what your needs are—and how much time and money you can spend on getting them met—you can start searching for someone who matches up with those requirements. Just be sure to get advice from friends and colleagues before picking one.
What To Look For In An Accountant?
When you look at the services of cis payroll London, it’s important to remember that these services aren’t free. You need to decide how much you’re willing to pay an accountant and then find one who fits within your budget. When we say accountant, we don’t mean some random person with a calculator; we mean a professional with their own office and staff.
Other Thoughts on Accountants
When deciding who you want to hire to handle your payroll, it’s good to ask around in your circle of friends and see what other business owners have done. Other things to think about when choosing an accountant include cost and volume.
If you decide to use a firm, these are two questions that may affect how much they charge; big cis payroll London companies might be able to process payroll services more efficiently than a small local accountancy firm that only deals with three or four clients a year—but costs will likely be higher as well.
Another thing to consider is whether you want someone specialized in accounting services or one who offers a number of different related services. The latter may be helpful if you also need tax advice or even office space. But again, there’s usually a premium price involved for getting all those extras.
