Understanding an accountancy quote from Hive Business
Understanding an accountancy quote from Hive Business
Due to the nature of company accounts, the pricing for this comes with a few more intricacies.
January 29, 2024

I recently wrote about how we have a team dedicated to assisting clients with improving their financial performance and in this, I touched on what speaking to Hive would look like from an initial enquiry.

Our accountancy compliance service packages are tailored to different trading capacities, for example a sole trader, limited company, partnership etc. You can find our pricing brochure here, for reference.

Our sole trade service packages are pretty straightforward and do what they say on the tin. They have set annual fees against them and detail what’s included within this.

However, due to the nature of company accounts, the pricing for this comes with a few more intricacies. In this blog I want to cover off a few things that you may come across when joining Hive.

Monthly fees

For company accounts, we charge a monthly direct debit fee, starting from £135 to cover the service received over the year.

From the date you sign your formal proposal, this monthly fee will begin to be paid via direct debit so that when it comes to the year end, your annual fee will be fully paid for and nothing further will be owed.

Alignment fees

If you’re joining us part way through your financial year then this is when an alignment fee will be detailed on your proposal.

Here is an example:
Your company year end is March and you opt to join Hive in July. Three months have passed where we haven’t received the monthly payment and so when your April year-end comes around, you wouldn’t have fully paid for the year’s annual cost for our services.

If your monthly fee is quoted at £135 then there would be an alignment fee of £405 (3 x £135) due upon you signing the formal proposal to ensure that your payment structure is ‘aligned’ with your financial year. Therefore, meaning that at the end of your financial year, you have fully paid for the service received.

Catch-up fees

A catch-up fee will be applicable if you’re joining us in one financial year, but your tax return and accounts haven’t yet been completed for the previous year and you wish for us to complete these. Depending on the circumstances, this may be discounted as you would not have had a full year of support and advice.

This will be charged as a one-off payment upon you signing the proposal so we can instantly begin working on the outstanding tax return and get these finished up and filed for you.

Once any alignment and catch-up fees have been settled, the direct debit will simply divert to rolling monthly payments.

If you have any further questions on the charging structure of our services, or would like a quote based on your requirements, please get in touch.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Jodie Apps Head of Client Services
If you have any questions or comments about this article, please get in touch.
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