We know that each and every person or business we deal with has their own nuances and their own goals and preferences. That’s why our pricing approach is repeatable and consistent, but bespoke to each and every business and individual we speak to.
Below, we’ve answered some of the most frequently asked questions about our process of coming up with a fee that you’re happy with and that we’re happy with.
How do you calculate the fee?
Our fees are calculated based on the output that is provided to you rather than our hourly input. We feel this gives you the most peace of mind and value. During the proposal meeting, we’ll agree with you on what services will help you meet your goals and calculate a price for your service package. Most of our services have set parameters that help calculate the price. For example, our bookkeeping services are calculated based on the monthly average number of transactions, and payroll fees are calculated based on the number of employees.
How often do I pay?
Our fees for ongoing services are invoiced and paid on a monthly basis. Our invoices for the month go out on the 5th, and payment is due for those invoices by Direct Debit within 14 days. All of our invoices clearly state our payment details, and we prefer payment via Direct Debit. One-off fees agreed are invoiced on the date the proposal is accepted.
If you're engaging us for one-off services such as a Capital Gains Tax return or a project we'll invoice you in advance once the proposal is agreed. 30-day payment terms apply, however we do prefer payment in full prior to final submissions.
Is there an up-front fee for ongoing services?
There may be an upfront fee when calculating the services. This may be made up of any one-off fees for things like company incorporations or tax registrations, as well as an alignment fee. The alignment fee ensures that 12 months worth of fees are paid for annual services. For example, it’s possible that you may sign up after month 4 of your accounting year. In this example, 4 times the monthly fee will be charged upfront, and the remaining 8 months will be part of your ongoing monthly package.
The alignment fee is one-off, and due to the nature of how it’s calculated, it won’t apply once you’re on the monthly package.
Depending on the circumstances we will also charge a small set up fee.
Do you have a minimum fee?
We don't currently have a minimum monthly fee as we tend to work with individuals and companies that range dramatically in size and we enjoy the variety this brings.
Do you do one-off projects?
Generally speaking we do, however we will also access our internal capacity prior to taking on significant project work with pressing deadlines. We pride ourselves on ensuring each and every client gets the service they deserve, and taking on work we cannot complete to a satisfactory level isn't something we're interested in doing.
We do, however, always welcome the initial discussion. If we cannot take on the work, we'll be open and honest with you, and may be able to recommend someone else who can help.
Can the fee be reduced?
All of our fees are calculated based on specific parameters, which allows us to do the job to a very high standard for you. The fee is set for the specific scope of the engagement, so we don’t provide discounts.
There are, however, some services that are optional, and by taking on some of these, the fee could be reduced. One good example of these optional services is using our office as your company's registered office. There’s an additional fee for us to deal with your incoming post or spam and keep your private address off the public domain; however, it’s not an essential service and something that can be removed from the monthly fees.
How long will it take after our meeting before you give me the proposal?
In most cases our proposal will be ready for you within the meeting and emailed to you there and then.
How quickly can I sign up?
During your proposal meeting, you’ll have the opportunity to sign the engagement letter (contract) so we can get the ball rolling sooner. Alternatively, the pricing on the proposal will be valid for 30 days. We recommend bringing all decision makers to your initial meeting to ensure everyone is on the same page and can ask questions during the meeting.
What happens if I need another service?
If, throughout the year, you need another service added to your monthly package, we’re more than happy to do so. If this is an ongoing monthly service (for example, needing to have regular VAT returns moving forward), we’ll add it to the monthly package. If it’s a one-off service (for example, a Capital Gains Tax calculation), we’ll provide you with an ad-hoc proposal for that one-off service using our proposal system.
How often is the pricing reviewed?
We review our proposals regularly and update the pricing accordingly. If your scope changes, the pricing will adjust to match. For example, if you take on more employees, we'll adjust the payroll pricing. If your bookkeeping transactions significant increase/decrease, we'll adjust the bookkeeping scope.
Every year, we review and align our monthly fees for the following year. This usually involves an inflationary increase, but also ensures any small scope adjustments are aligned for being billed correctly for the following year.
Do your fees include VAT?
All our fees have VAT added to them. The amount of VAT is clear and shown within the proposal process and our invoices.
I hope that helps you understand how our pricing system is bespoke to each individual, and why we won’t give a “rough idea of pricing” over the phone. There are so many variables that we need to walk through and fully understand before being able to put together the proposal.
To discuss how we can help you, get in touch with us by email taxman@donaldsonross.co.uk or give us a call on 01425 480814.