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Survey by IRIS Software Group Reveals 90% of UK Accountants Charge Between £126 to £400 for a Tax Return
LONDON, May 14, 2024 /PRNewswire/ — IRIS Software Group, a leading global software provider of accounting, edtech, payroll and HR solutions, today released the results of its anonymous poll of UK-based accountants, conducted during February and March 2024. Accountants responded to 13 multiple-choice questions pertaining to pricing, AML compliance, and cybersecurity confidence.
How much do accountants charge across the UK?
- Tax returns: 90% of respondents charge between £126 and £400 for a tax return. The remainder charge £400 to £600 with 1% charging over £600.
- Bookkeeping: 84% charge between £25 and £40 for bookkeeping per hour. The remainder charge more than £40 per hour.
- Set of accounts: 78% charge between £500 and £1000 for a set of accounts, with 22% charging more than £1000.
- Advisory services: 38% of accountants offer advisory services are part of their compliance work. 60% charge separately and 2% do not offer advisory services.
Process and efficiency
63% of survey respondents indicated that they need to strengthen their efficiency, yet 56% still use paper-based processes to handle anti-money laundering (AML) compliance, 72% have not mapped out and documented their processes in over 18 months, and 53% still monitor and manage workflow tasks in spreadsheets.
Cybersecurity preparedness
- High cybersecurity confidence: The majority of accountants feel confident that their firms are protected against potential cybersecurity attacks, with accountants in the North West feeling the most confident (77%) and accountants in the Midlands feeling least confident (46%).
- Multi-factor authentication: Accountants in Scotland are more likely (62%) to utilize multi-factor authentication (MFA) than those in Northern Ireland (35%). For accountants in the North West, the Midlands and the South East, MFA usage was split down the middle, with 55%, 48%, and 45%, respectively.
- Reliability: Only 6% of respondents in Northern Ireland experienced ‘slow downs’ in the speed of their internet connection during peak times of usage, compared with 36% in Scotland.
Commenting on the research, Mark Chambers, Managing Director for Accountancy at IRIS said: “Digitisation and automation not only help accountants work smarter and spend less time on manual tasks and compliance obligations, but also free up capacity to take on higher-value advisory roles. This said, in a landscape of cybersecurity threats, it’s essential for accountancy practices to adopt multi-factor authentication and conduct rigorous evaluations of technology suppliers. The Government’s Cyber Essentials self-assessment and certification is a strong benchmark and standard to adopt.”
Notes to editors:
The anonymous IRIS poll received 139 responses. The full dataset is available on request.
About IRIS Software Group
IRIS Software Group is a global provider of mission critical software and one of the UK’s largest privately held software companies. IRIS provides software solutions and services for finance, HR and payroll teams, educational organizations, and accountancy firms that takes the pain out of processes and lets professionals focus on the work they love. Through simplifying, automating and providing insights on everyday mission critical tasks for organizations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence.
IRIS is the largest third-party online filer with the UK Government. Ninety-three of the top 100 UK accountancy firms use IRIS software. One in six of the UK’s workforce is paid by IRIS payroll offerings, and globally, six million employees receive their payslip via IRIS software every month. More than 850,000 UK employees are managed by IRIS HR solutions. Over 12,000 UK schools and academies use IRIS, with four million parents and guardians using IRIS apps to connect with their children’s school; 300 million messages are delivered between schools and parents each year, and over £15 million transactional payments are processed every month. IRIS is certified as a Great Place to Work® and recognized as one of The Times Top 50 Employers for Gender Equality in 2023. IRIS is also recognized as one of the Best Workplaces for Wellbeing, one of the Best Workplaces in Tech and one of the Best Workplaces for Women.
To see how IRIS helps organisations get things right first time, every time, visit www.iris.co.uk or follow IRIS Software Group on LinkedIn, Twitter and Instagram.
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