That depends on the accountant, their skills and the time they would devote to you.
You have accountants at very cheap scale and others on opposite side. The rest fall in between.
I suggest you use FreeIndex's Business Lead facility. That will give a clear idea of the scale of fees.
If the £40k is made up of hundred of small invoices I would charge approximately £1,000 but this would not cover personal tax return. If the turnover is made up of a handful of invoices that would reduce to £600.
BOOKS 2 BALANCE
You do not need an Accountant.
Your post tells me that you are self employed (trading as Taurus Utility Consultants) with an annual income of 40k.
Transactions - incoming and outgoing? Keep a record of business revenue received and business expenses paid out. The former should be higher so the difference will be your gross profit. If you are taking this as a salary you will pay income tax and national insurance tax out of this. Do a self assessment return - very easy to do.
Buy a simple tax guide that will show you where you can keep more of your money.
I understand your situation differently - I believe you are running a company and not a sole trader. If you have a company you definitely need an accountant.
Regarding your query about insurance - I do not believe there is a need for this at the moment. Are you trading in the UK only? With 20 invoices there is hardly much work. We usually set things up and than ask the client whether they want to maintain the monthly records or wish us to do this. As a start up it is always good to be fully involved in your financial affairs but let the accountant provide spreadsheets etc to maintain.
Books 2 Balance
tel 0785 248 6235
You own the company
Are you a Director and shareholder too?
BOOKS 2 BALANCE
078 524 86235
I do not work in this industry but have family member that do and family members in a similar situation to you. They have always decided to get an accountant as the term better safe than sorry. You can have a go at self assessment tax forms but all depends on the time you have. I'd say get an accountant easier.
I believe the work for your industry is quite straightforward, I will say it can well be less than £700-800 mark. Some accountant can definately do around £300-450
SC Lee Accountant Ltd
i will complete your accounts of that turnover just under £299.00 plus vat
I guess that you will appreciate from the replies given that indications of fees vary widely.
For the level of activity that you have the record keeping requirement is not onerous and if the records are presented in a format that eases the accountants job the secretarial services and annual accounts and returns services that you ask about can be done at a very reasonable price on an annual basis and the lower end of the indications given can be achieved with perhaps an additional fee for setting up costs in year 1.
You need to consider if you require a full professional service that should address your needs e.g. no NIC to handle does not appear to be in your best interest unless of course this is a matter that you are dealing with your self. There are also traps that could catch you out if you are relying on alternative methods to take monies out of your company without having to deal with PAYE. Fall in to these traps and the consequences could be painful.
In a start up scenario many accountants will offer a fixed fee to assist you in year one and cover these and other issues associated with owner managed companies.
Get a couples of quotes by all means but do set out your requirements in some detail or ask the professional to do so. A first meeting, generally offered by professionals at no cost, will give you an opportunity to ask questions and be advised so that you have a better understanding of the services offered and the price.
Bear in mind that if you intend to be in business for the longer term inevitably things change, not least in the budget each year, and you would be well advised to choose a professional to support you for the longer term, not necessarily based on the cheapest quote.
We pay about £700 a year for a partnership with a turnover under the VAT threshold.
On their recommendation we use www.xero.com for our online book-keeping which they dip in and out of as necessary and then file our returns.
Xero is great because it also connects to your bank feeds so is always up to date.