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How to go from Accountant to DIY Accounts

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    #11
    Originally posted by greenlake View Post
    "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
    Thank you for reading my thoughts, much appreciated

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      #12
      Originally posted by JtotheD View Post
      If you could provide me with a link to said forums?
      Really? You are posting in the Accounting forum. You've managed to find it once. I suggest your next task is to learn how to search, open, and read threads that mention DIY accounts.

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        #13
        Originally posted by ladymuck View Post
        Really? You are posting in the Accounting forum. You've managed to find it once. I suggest your next task is to learn how to search, open, and read threads that mention DIY accounts.

        I asked that you post a link to the ones with guidance, all the forum posts i have found are debating whether or not it is a good idea, not providing guidance.

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          #14
          So, not one of the posts says about learning bookkeeping, reading up on tax law (CT allowances, VAT, PAYE/NI, expenses, etc.) understanding how and when to submit accounts to HMRC and CoHo, plus more stuff but I'm getting bored.

          That's all the guidance you are going to get.

          What I suspect you're asking is for someone to tell you how to bypass all that effort and just give you a template you blindly put numbers into without any understanding of the rules.

          I worked for 9 years in accounts for a multinational organisation, running the treasury team. I wouldn't go DIY without putting in many more hours learning the stuff that I pay my accountant to know. He costs me £500 a year which is heck of a lot less than any fines I'd incur if I screwed up. For me, that independent sense check at year end is essential.

          There are DIY'ers here. I suspect they will say the same as I did above. You have to learn it, there are no shortcuts.

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            #15
            Originally posted by ladymuck View Post
            So, not one of the posts says about learning bookkeeping, reading up on tax law (CT allowances, VAT, PAYE/NI, expenses, etc.) understanding how and when to submit accounts to HMRC and CoHo, plus more stuff but I'm getting bored.

            That's all the guidance you are going to get.

            What I suspect you're asking is for someone to tell you how to bypass all that effort and just give you a template you blindly put numbers into without any understanding of the rules.

            I worked for 9 years in accounts for a multinational organisation, running the treasury team. I wouldn't go DIY without putting in many more hours learning the stuff that I pay my accountant to know. He costs me £500 a year which is heck of a lot less than any fines I'd incur if I screwed up. For me, that independent sense check at year end is essential.

            There are DIY'ers here. I suspect they will say the same as I did above. You have to learn it, there are no shortcuts.
            Your responses are very emotional.

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              #16
              Originally posted by JtotheD View Post
              Your responses are very emotional.
              mods, can we move this to general, please?
              Entropy is NOT what it used to be.
              Inertia, however........................

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                #17
                This is all you need to get started.

                Tax guide:

                Amazon.co.uk : tolleys tax guide

                Key dates and critical information:

                Business and self-employed - GOV.UK
                Last edited by Contractor UK; 14 August 2020, 11:26.

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                  #18
                  Originally posted by meridian View Post
                  This is all you need to get started.

                  Tax guide:

                  Amazon.co.uk : tolleys tax guide

                  Key dates and critical information:

                  Business and self-employed - GOV.UK
                  Thank you
                  Last edited by Contractor UK; 14 August 2020, 11:27.

                  Comment


                    #19
                    Originally posted by BR14 View Post
                    mods, can we move this to general, please?
                    Interesting. However, this thread isn't general, it relates to accounting...

                    Comment


                      #20
                      Originally posted by JtotheD View Post
                      Thank you
                      No problem. Basic bookkeeping and accounts for a one-man company with a single client and minimal expenses is fairly simple.

                      However, as others have pointed out:
                      - you may be missing out on claiming expenses that you don’t realise you can claim;
                      - you may be claiming for items that are not deductible;
                      - you may be liable to furnish additional returns (eg BIK) and not realise it;
                      - you may be able to structure your business in a more efficient way and not know it.

                      A decent accountant can advise you on all of the above. However, at the end of the day it’s your decision as owner of your business whether to employ experts or not.

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