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How to go from Accountant to DIY Accounts

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  • meridian
    replied
    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.

    Leave a comment:


  • BR14
    replied
    Originally posted by JtotheD View Post
    Your responses are very emotional.
    mods, can we move this to general, please?

    Leave a comment:


  • JtotheD
    replied
    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.

    Leave a comment:


  • ladymuck
    replied
    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.

    Leave a comment:


  • JtotheD
    replied
    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.

    Leave a comment:


  • ladymuck
    replied
    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.

    Leave a comment:


  • JtotheD
    replied
    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

    Leave a comment:


  • JtotheD
    replied
    Originally posted by M12 View Post
    We are all experts in our relevant fields for a reason.
    You would not expect an Accountant to create their website based on dummies guide and expect a quality website
    You would not expect an Accountant to develop run their IT systems.

    Better to focus your energies in your specialist area and pay the accountant to do theirs.

    Given the risks involved with HMRC and low costs involved (business expenses). In my opinion a high risk move to save little money.


    Best of Luck.
    Thank you for reading the original post and responding accordingly

    Leave a comment:


  • JtotheD
    replied
    Originally posted by Lance View Post
    if you don't know how go about it. DON'T.

    I know how to 'go about it', but I'm not daft enough to think that it's worth saving around £1k a year (less than 1% of turnover). I get impartial professional advice from a qualified practitioner, for less than 2 days revenue. No brainer.

    To answer the direct question (how to go about it). Sack your accountant, then learn their trade (not necessarily in that order) and do it yourself.

    Might be worthwhile lurking on accountants' forums as they are the experts.
    Thank you for taking the time to respond

    Leave a comment:


  • JtotheD
    replied
    Originally posted by BR14 View Post
    get a copy of Excel for dummies, and go for it.

    Do let us know how you get on.
    On order, will keep you posted

    Leave a comment:

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