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DIY End of Year Accounts

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    DIY End of Year Accounts

    Hi all,

    Was wondering if someone could advise me. I've recently left my accountants as they were making quite a few basic mistakes that even I was able to pick up on

    To get this years end of year accounts over the line, i've enlisted the help of my qualified accountant friend but as he is not vastly experienced in completing contractor end of year accounts (he is an accountant in a large pharmaceutical company), I was wondering if someone could outline to me everything he needs to consider in order to make sure i'm covered.

    Obviously I need the end of year accounts including in abbreviated form for filing but is there anything else I need submitted/ completed?

    My accounts should be straight forward except for 1) a large director loan (£30k) which I took out in Dec 2016 for a car purchase and which I plan to pay back in the next couple of years and 2) an investment I made in another company which ended up losing money as the company did poorly.

    Any advice would be appreciated.

    Thanks in advance.

    B


    #2
    Wrong forum.

    Try one full of accountants and remember the advice is worth what you are paying for it.
    "You’re just a bad memory who doesn’t know when to go away" JR

    Comment


      #3
      Originally posted by SueEllen View Post
      Wrong forum.

      Try one full of accountants and remember the advice is worth what you are paying for it.
      Hi, what forum would you recommend then. Thought posting in the Accounting/ Legal threads would be the right place but you highlight a good point.

      Comment


        #4
        Originally posted by busgrw View Post
        Hi, what forum would you recommend then. Thought posting in the Accounting/ Legal threads would be the right place but you highlight a good point.
        Few people on here do their own accounts. I used to but even I eventually decided giving someone £800 a year to do them was a better deal...

        Equally you do need a proper accountant - who would have told you to borrow money from the bank for that car rather than using a directors loan. It would have been nearly as cheap and far less hassle....
        merely at clientco for the entertainment

        Comment


          #5
          Funny how a contractors accounts should be straightforward yet so many people cock up and it costs them..

          Straightforward except for a loan and and failed investment. So not straightforward at all then..

          Get an accountant.
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #6
            If you've a £30k dla that you plan to pay over the next couple of years then it's already more complicated than you think. Not so much the accounts but the CT. My advice? Stump up £400 to £500 for a year end only service from an experience contractor accountant. With respect to your pal, he's not got the right specialisms.

            Comment


              #7
              Originally posted by eek View Post
              Few people on here do their own accounts. I used to but even I eventually decided giving someone £800 a year to do them was a better deal...

              Equally you do need a proper accountant - who would have told you to borrow money from the bank for that car rather than using a directors loan. It would have been nearly as cheap and far less hassle....
              Thanks for the response eek. If it becomes too much of a hassle then i'll just take the £800+ hit. Think i'll keep looking into it though, if nothing else, at least i'll understand the process a bit more.

              I thought I had a proper accountant as they have a lot of experience in contractor accounting but alas they never advised me otherwise!!!

              Cheers

              Comment


                #8
                Originally posted by northernladuk View Post
                Straightforward except for a loan and and failed investment. So not straightforward at all then.
                Very helpful comment......

                Get an accountant.
                I did......

                Comment


                  #9
                  Originally posted by Alan @ BroomeAffinity View Post
                  If you've a £30k dla that you plan to pay over the next couple of years then it's already more complicated than you think. Not so much the accounts but the CT. My advice? Stump up £400 to £500 for a year end only service from an experience contractor accountant. With respect to your pal, he's not got the right specialisms.
                  Thanks Alan. Anyone you would recommend as a year end only service as this would be ideal? I can manage the rest (he says confidently ), it's the year end accounts I'm a bit nervous about at the moment.

                  Cheers.

                  Comment


                    #10
                    Originally posted by busgrw View Post
                    Thanks Alan. Anyone you would recommend as a year end only service as this would be ideal? I can manage the rest (he says confidently ), it's the year end accounts I'm a bit nervous about at the moment.

                    Cheers.
                    There's a guy called Alan @ BroomeAffinity who might be able to help [emoji6]

                    Comment

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