Accounting SW-still require Accountant for end of year?

[iptuser]

Like many other my IT Ltd co. Is just myself and wife as directors, employees. I'm currently on a FRS, though may change post April.
My bank requirements are just incoming invoices and no outgoings invoice. My pay myself expenses, wages and divs. Any purchases are around stationary, office equipment either via my own account then charge back or direct from the Co account. I previously did my own vat, now my accountant does it

I transfer 14% of the original invoice to a vat account and 15% of the original invoice to a Corp tax account in preparation of paying later.
My question is around the different on line accounting sw such as xero, quickbooks etc vs having an accountant. My accountant does all filings to HMRC as well as payroll, if I start to use accounting sw do I still require an account to file for me? I looking around for a change of accountant and started to look at the SW options. As you can see my requirements are quite basic, I can get a complete package from an accountant or can online SW do everything or if even if I purchased the SW would I still need an accountant.
What are people experience with the above options
Thanks

[northernladuk]

If you and your wife are employees of the Ltd you'll be in a tiny minority
You might want to research that.

Very simple answer to your question is that you need FreeAgent. Better still get an accountant that offers it as part of the package. It's just a tool. You still need an accountant.
Put the following phrase in to Google and you'll see the evidence.

FreeAgent site:forums.contractoruk.com

[Louisa@AardvarkAccounting]

+1

Agreed. FreeAgent is a great tool, it's client friendly so you can keep on top of your accounts yourself and see exactly what is happening.

But as with all software, if you 'put rubbish in, you'll get rubbish out'. So, it's good to have an accountant that uses this as part of their package.

You'll retain control over doing it yourself but have someone making sure you're on the right track!

[iptuser]

[QUOTE=northernladuk;2367911]If you and your wife are employees of the Ltd you'll be in a tiny minority
You might want to research that.

Can you please expand on your comment 'you'll be a tiny minority'

What does this mean, I'm doing something wrong?

Thanks

[northernladuk]

Can you please expand on your comment 'you'll be a tiny minority'

What does this mean, I'm doing something wrong?

Thanks

Nothing wrong particularly, just not understand your status. As directors you are office holders. You are not an employee unless you have a contract which would then mean you have to pay yourself National Minimum wages, pensions and the like.

https://www.gov.uk/employment-status/director

https://www.nibusinessinfo.co.uk/con...pany-directors

[Maslins]

Legally you have zero need for an accountant. However do be aware that whilst using software like FreeAgent will help, it won't magically give you knowledge and experience. Same way I can buy a tool kit and planks of wood but doesn't mean I could then build a decent wardrobe.

[Waldorf]

When a contractor effectively uses separate "piggy banks" for different taxes, who uses software they don't really understand and asks whether they need an accountant, then YES you do need an accountant. I foresee disaster otherwise.

[Patrick@Intouch]

Can't programme experience or knowledge

In agreeance with most of the posts that you will see here, software packages that are widely available are great bookkeeping tools but will not be able to advise you regarding adjustments to make for Corporation Tax etc...

While the technical need for an accountant may be less, it would be to your advantage to engage an experienced and knowledgeable account to advise you on matters that might not necessarily be picked up by software.

[Darren at Fox-Bartfield]

Freeagent

+1 with the above. Freeagent, etc are tools of the trade, very useful and give a lot of transparency.

@Maslin's comparison is very valid, there's no substitute for specialist knowledge and experience which found out last weekend while trying to fix what looked like a simple issue on the car and made it worse. The same can happen with taxes, a little knowledge can be dangerous.

[northernladuk]

+1 with the above. Freeagent, etc are tools of the trade, very useful and give a lot of transparency.

@Maslin's comparison is very valid, there's no substitute for specialist knowledge and experience which found out last weekend while trying to fix what looked like a simple issue on the car and made it worse. The same can happen with taxes, a little knowledge can be dangerous.

The Bentley playing up again Darren?