DIY Accounts Options

[ITPRO2]

Hi all

I know this question has been asked before, but I’d like an update for 2016.

I’m now looking at switching accountants (for a variety of reasons) and one option is to go it alone and take the DIY route. I’m very confident of being able to do this. I’d like to hear from anyone who does their own accounts, and in particular:

1) What software you use.

2) What software you use to produce your abbreviated and full accounts

3) How you handle your CT600 and PAYE RTI submissions


Many thanks

[northernladuk]

SimonMac does his own now doesn't he? Maybe try searching for a couple of his posts or drop a PM to come comment on this?

I know you are up for new updates but maybe something in the historic ones would be useful?

EDIT : Here is one SM started that might help and is very recent.

http://forums.contractoruk.com/accou...nt-thread.html

[SimonMac]

Hi all

I know this question has been asked before, but I’d like an update for 2016.

I’m now looking at switching accountants (for a variety of reasons) and one option is to go it alone and take the DIY route. I’m very confident of being able to do this. I’d like to hear from anyone who does their own accounts, and in particular:

1) What software you use.

2) What software you use to produce your abbreviated and full accounts

3) How you handle your CT600 and PAYE RTI submissions


Many thanks

Hello, as NLUK says I do everything myself (with the generous advice from the accountants on here when I get really stuck), most people will dissuade you from going it alone and everyone has the opinion as to why they want to use an accountant or not. I have been doing it myself since 2010 and have only cocked up majorly once when in 2012 my company year started on the 1st March while the old year finished on the 28th Feb so I got £100 fine for missing that day.

As for "software" I use DIY Accounting Software, Small Business, Payslip Software, Tax Return, Limited Company UK this is a series of spreadsheets that looks complicated and daunting but is quite easy to follow as there is good documentation, it handles almost everything I have thrown at it, VAT, PAYE and Payroll, CT600, Deprecation etc. etc. there are a few anomalies I have yet to crack, or not been bothered to investigate how to do (specifically how to expense something that doesn't come off the CT bill like membership to professional organisations like IPSE). It uses the principle of Double-entry bookkeeping system, so you have to enter everything twice, for example on the sales spreadsheet you would put the invoice details in and then enter the same information on the cash account spreadsheet, this will then be pulled into the main financial accounts spreadsheet.

The other bit of kit I use is HMRC Basic PAYE Tools, this handles RTI and will link in with your HMRC online account, where you will resister for self assessment, VAT, PAYE and Corp Tax.

"Full accounts" are created from the diyaccounting spreadsheets, in theory you get a output which matches up with the CT600 and you just enter everything in each of the corresponding boxes from the spreadsheet to the CT600 and when you fill in the CT600 (clear a whole day for this even when you know what you are doing, and stock up on a good stiff drink as it is never the same each year) this will feed into the Companies House and produces the abbreviated accounts.

SimonMac does his own now doesn't he? Maybe try searching for a couple of his posts or drop a PM to come comment on this?

I know you are up for new updates but maybe something in the historic ones would be useful?

EDIT : Here is one SM started that might help and is very recent.

http://forums.contractoruk.com/accou...nt-thread.html

[VectraMan]

I have to say I was a bit unimpressed at the link Simon posted last time I looked, but obviously it works for him.

I use SJD's spreadsheet for bookkeeping (which is free without having to be their customer), and Payroo to do PAYE (also free). For the end of year accounts and CT I just use HMRC's online form coupled with my brain and a piece of paper, which works well enough. The end of year stuff takes me 2-3 hours probably; the rest of the time it's maybe 10 minutes a month; 15 if it's a VAT month.

So it costs me £0, and not much time. I would pay for a decent online service if there were such a thing. FreeAgent looks pretty good right up until the point that you realise it doesn't do the most important bit: the CT and annual accounts. How dumb is that?

[eek]

I have to say I was a bit unimpressed at the link Simon posted last time I looked, but obviously it works for him.

I use SJD's spreadsheet for bookkeeping (which is free without having to be their customer), and Payroo to do PAYE (also free). For the end of year accounts and CT I just use HMRC's online form coupled with my brain and a piece of paper, which works well enough. The end of year stuff takes me 2-3 hours probably; the rest of the time it's maybe 10 minutes a month; 15 if it's a VAT month.

So it costs me £0, and not much time. I would pay for a decent online service if there were such a thing. FreeAgent looks pretty good right up until the point that you realise it doesn't do the most important bit: the CT and annual accounts. How dumb is that?

Given that the service is sold to accountants to provide to their customers, not dumb at all.

[SimonMac]

I have to say I was a bit unimpressed at the link Simon posted last time I looked, but obviously it works for him.

I use SJD's spreadsheet for bookkeeping (which is free without having to be their customer), and Payroo to do PAYE (also free). For the end of year accounts and CT I just use HMRC's online form coupled with my brain and a piece of paper, which works well enough. The end of year stuff takes me 2-3 hours probably; the rest of the time it's maybe 10 minutes a month; 15 if it's a VAT month.

So it costs me £0, and not much time. I would pay for a decent online service if there were such a thing. FreeAgent looks pretty good right up until the point that you realise it doesn't do the most important bit: the CT and annual accounts. How dumb is that?

Looking at SJD's it is a lot simpler, however the ones I use add extra features like payroll & wage interface, double entry for audit checks, fixed assets, dividend vouchers etc. etc. etc. how much extra benefit they give for £45 will differ for everyone.

[ITPRO2]

Many thanks for everyone's input

[Maslins]

So it costs me £0, and not much time. I would pay for a decent online service if there were such a thing. FreeAgent looks pretty good right up until the point that you realise it doesn't do the most important bit: the CT and annual accounts. How dumb is that?

FreeAgent are working on it (whether accountants like it or not!)

Historically there's always been two completely separate things:
- bookkeeping software for day to day stuff,
- accounts/tax software for year end stuff.
These two things are beginning to blur, as the complexity of things like disclosure notes are reduced, and online filing requirements increase.

Whether it does accountants out of a job is another matter. Sure, it'll make it easier for people who want to DIY...but having software enabling you to do something is only half the battle.

[ITPRO2]

Hello, as NLUK says I do everything myself (with the generous advice from the accountants on here when I get really stuck), most people will dissuade you from going it alone and everyone has the opinion as to why they want to use an accountant or not. I have been doing it myself since 2010 and have only cocked up majorly once when in 2012 my company year started on the 1st March while the old year finished on the 28th Feb so I got £100 fine for missing that day.

As for "software" I use DIY Accounting Software, Small Business, Payslip Software, Tax Return, Limited Company UK this is a series of spreadsheets that looks complicated and daunting but is quite easy to follow as there is good documentation, it handles almost everything I have thrown at it, VAT, PAYE and Payroll, CT600, Deprecation etc. etc. there are a few anomalies I have yet to crack, or not been bothered to investigate how to do (specifically how to expense something that doesn't come off the CT bill like membership to professional organisations like IPSE). It uses the principle of Double-entry bookkeeping system, so you have to enter everything twice, for example on the sales spreadsheet you would put the invoice details in and then enter the same information on the cash account spreadsheet, this will then be pulled into the main financial accounts spreadsheet.

The other bit of kit I use is HMRC Basic PAYE Tools, this handles RTI and will link in with your HMRC online account, where you will resister for self assessment, VAT, PAYE and Corp Tax.

"Full accounts" are created from the diyaccounting spreadsheets, in theory you get a output which matches up with the CT600 and you just enter everything in each of the corresponding boxes from the spreadsheet to the CT600 and when you fill in the CT600 (clear a whole day for this even when you know what you are doing, and stock up on a good stiff drink as it is never the same each year) this will feed into the Companies House and produces the abbreviated accounts.

One question about the spreadsheet, can it handle property on the balance sheet?