Is it safe to go with a cheap accountant in the UK?
Thinking about using a cheap accountant in the UK, but worried about whether it’s safe to do so?
We hear you. It can be unnerving to trust a company with your finances when the price they’re offering seems too good to be true.
Well, we have some good news – drum roll, please…
There are legitimate reasons as to why some cheap accountants can offer such a low price – and they can still provide a trustworthy and reliable service! Especially if they’re offering an online service, like us here at Mazuma.
Keep reading to find out why it can be 100% safe to go with a cheap accountant in the UK, and how to make sure the cheap accountant you pick is both reliable and reputable.
How can some accountants offer such a cheap service?
As we mentioned, a cheap price doesn’t mean the accounting service won’t be trustworthy and reliable – and it certainly doesn’t mean the company doesn’t have qualified accountants handling your finances, despite what you might have heard!
So how can they provide such a cheap service?
Let’s take Mazuma as an example:
We are an online accounting service, meaning that we operate a fully online service. Our service is still fast and reliable, and we are a team of qualified accountants (yep, we’re all real people!), but we’re also cost-effective because of three main reasons.
- Our low overheads. Being an online accountancy firm means we don’t have to worry about paying for expensive city office spaces or boring things like filing cabinets and staplers. By keeping our costs low, we don’t have to charge you an extortionate amount, and can offer affordable prices with still excellent service.
- Our investment in technology and experienced staff. We’ve invested in the best tech and trained staff, so we know we can offer you high quality. We know that mistakes cost more than getting it right the first time, so our experts can provide you with correct information, hassle free. We have full faith in the technology we use too, which means we can give you the best service.
- Our efficient working. In comparison to normal accountants, who still have in-person meetings, expensive city offices and lack of tech, our approach is different. By operating in new ways online (as opposed to stuffy old offices), keeping our overheads low, and using the best tech effectively, all of this just improves our efficiency.
Mazuma may be cheap accountants, but that doesn’t mean that our work is anything but top notch.. We know that we can provide an excellent service, the only reason it’s cheap for you is because we’re smart with our own costs. It really is as simple as that!
How do I know which cheap accountants are safe to use?
Don’t get us wrong – there will be some accountancy firms offering a low price because their service isn’t up to scratch. So how can you spot the bad seeds?
Here’s our advice:
- Check their reviews
At Mazuma, we host case studies on our website and have both a Reviews.co.uk and a Trustpilot review page so that all our customers can see first hand the experience that others have had working with us. So make sure you spend some time searching online or asking around about an accountancy service you want to use.
- Check their social media
A lot of companies use social media to connect with their customers, and building an online presence is pretty important in this day and age! Has their social media got good reviews? Do they post often? Is their content professional? Keep these questions in mind when doing your research.
Why not take a look at Mazuma’s social media to see what we mean:
- Do they have awards, accreditations or sponsorships?
Take a look at whether the company has received any well known awards or accreditations in the industry, and whether they have partnered with other organisations or events. This is a really good indication of a reputable company!
How much do accountants cost (UK)?
Unfortunately, there’s no one price for all accountants in the UK. Costs vary depending on the type of accountant you use and the service you require.
Generally speaking, online accounting is cheaper than traditional accounting. This isn’t because online accountants aren’t as qualified or reliable as traditional accountants, but simply because – as we’ve already mentioned – the service is a lot cheaper to run!
Not to mention, using an online accountant means you won’t have to spend time travelling to and from meetings with your accountant, which is additional money you really don’t need so spend! It’s a win-win really
How much does it cost for an accountant to do your taxes (UK)?
This depends on the accountant you use and whether your taxes are included as part of a package deal or just a one-off.
If you’re paying for an entire accountancy package, it’s likely taxes will be included as part of the deal. If not, and you’re paying for a one-off accounting service, it could be a little more expensive. Especially if you leave it to the last minute and reach out to an accountant in a desperate plea for help! If you can, try to avoid that and speak to an accountant way ahead of time.
How much does an accountant cost (UK) for a sole trader?
Again, this depends on the accountant you want to use, and the service that you want. At Mazuma, we provide sole trader accounting services from just £28 per month plus VAT.
So, is it actually safe to use cheap accountants?
Yes! Providing you do your research and ensure the company is legitimate and reliable, it’s completely safe to use a cheap accountant in the UK.
Don’t let the low price put you off – do a background check and find out for yourself whether the company is one worth paying for.