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The Official I Don't Use An Accountant Thread

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    The Official I Don't Use An Accountant Thread

    I do this for two reasons, one I am a cheapskate and at the start of the company wanted to save every penny I could, and secondly I find the accountants on here (and a bit of Google-Fu) seem to cover most of my questions (once again thank you to those who have given me advice over the past few years)

    I use a series of spreadsheets from DIY Accounting Software, Small Business, Payslip Software, Tax Return, Limited Company UK, it takes a bit of working out to get started but for those who have spreadsheets to fill in from their accountants I would day its not that much more effort day to day, I have to enter entries in twice (I assume this is the meaning of double entry book keeping) but it is very straight forward, gives me payslips (which to be fair I don't actually create but I have the option to go back and produce if I need to).

    The other bit of software I use is HMRC's Basic PAYE Tools, again very straight forward to use once a month when I am preparing the wages.

    Lastly for those who complete Self Assessments you will be aware of HMRC Online services, only difference is I also have PAYE, Corp Tax and VAT accounts attached.

    All in all I think it is no more than 3-4 hours work a month, and maybe half a day end of year doing CT600, I know I will miss out on valuable information that an accountant can give based on their expertise and working knowledge, but I don't think doing it this way has put me at any disadvantage (except in 2012 I got a £100 fine as I cocked up and missed out the 29th Feb as my year end is 28th Feb), but I like to keep things as simple as possible when it comes to my accounts, I don't claim for everything I am entitled, I don't worry about squeezing every penny of interest sat in the company current account.

    I can't be the only person on here who doesn't employ an accountant at all.
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    #2
    So that's 3 hours x 12 months plus half a day. 40 hrs a year or 5 days.

    My accountant costs me £65 + VAT a month (I'm not FRVS). So £780 a year.

    Given that my day rate > £156 it makes sense for me to stay as I am.

    Comment


      #3
      Originally posted by Pondlife View Post
      So that's 3 hours x 12 months plus half a day. 40 hrs a year or 5 days.

      My accountant costs me £65 + VAT a month (I'm not FRVS). So £780 a year.

      Given that my day rate > £156 it makes sense for me to stay as I am.
      How many nights do you spend in a hotel working away twiddling your thumbs

      Not saying its suitable for everyone, I am just saying it is possible for those who want to
      Originally posted by Stevie Wonder Boy
      I can't see any way to do it can you please advise?

      I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

      Comment


        #4
        Originally posted by SimonMac View Post
        How many nights do you spend in a hotel working away twiddling your thumbs

        Not saying its suitable for everyone, I am just saying it is possible for those who want to
        I would rather be watching the per pay view than doing the accounts....

        Comment


          #5
          How do you get your limited company accounts signed off?

          Comment


            #6
            Originally posted by BrilloPad View Post
            How do you get your limited company accounts signed off?
            I don't, only PLC's need to, not Ltd's
            Originally posted by Stevie Wonder Boy
            I can't see any way to do it can you please advise?

            I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

            Comment


              #7
              Originally posted by SimonMac View Post
              How many nights do you spend in a hotel working away twiddling your thumbs

              Not saying its suitable for everyone, I am just saying it is possible for those who want to
              I know what you mean fella. But that would still be me performing a work task when I'm off the clock.

              Question, given that you're tech savvy, how much effort have you put in to streamlining or automating this process?

              Comment


                #8
                Originally posted by SimonMac View Post
                I can't be the only person on here who doesn't employ an accountant at all.
                I am sure there are plenty more but you, knowing your tulip and doing it properly, will be in the minority. Most of the others will be newbies flailing around thinking they are OK...

                But.. to add my tuppence worth (pre-tax of course)I'm with Pondy. It's just not worth not paying my accountant for. Somethings in (my) life are worth paying for and something's can be scrimped on. My accounts are the former. The extra I pay for my cleaner to do the house in only her underwear is the latter (occasionally).
                'CUK forum personality of 2011 - Winner - Yes really!!!!

                Comment


                  #9
                  Originally posted by Pondlife View Post
                  I know what you mean fella. But that would still be me performing a work task when I'm off the clock.

                  Question, given that you're tech savvy, how much effort have you put in to streamlining or automating this process?
                  Streamlining, well I don't claim for everything an anything under the sun, £5 for lunch CBA!
                  Automating, DIY Accounting have done a pretty good job of this, update a couple of spreadsheets (there are about 12 in total, only 4 you use reguarly sales/puchaes/currentaccount/financialaccounting so its just a case of reconciling the bank statement with the spreadsheets, a standard month I have:

                  1 x salary payment
                  1 x mobile phone payment
                  1 x pension payment
                  1 x bank charges
                  1 x expenses payment

                  at the moment I am weekly invoicing, so that means I have 4/5 times the paper work to do, but then again, I can do it all in one go at the end of the month anyway.

                  Dividends are ad hoc, PAYE is monthly via RTI on the PAYE Tools, Vat quarterly but the spreadsheets work out all the values etc
                  Originally posted by Stevie Wonder Boy
                  I can't see any way to do it can you please advise?

                  I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

                  Comment


                    #10
                    I couldn't think of anything more dull (and scary) than me trying and cocking up my accounts. I am happy paying an expert i can ask stupid questions and with them telling me what to do.

                    I pay for the peace of mind and experience they have and i dont

                    Comment

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