Does anyone do their own accounts, tax, self assessment etc?

[Abbot]

I have had a few offers for work similar to the type I used to do as a contractor. The client would require the work to be done through a Limited company and be VAT registered. This is only small pieces of work that I'm doing more because I miss contracting than for financial gain so there isn't much money in it. To make it work I would need to do my own accounts and filing (which is fine as I have done this before) as it wouldn't be financially viable to pay a firm. I just wanted to see if anyone here did this for themselves and what software/accounts package would be suitable?

[Inception]

Umbrella not an option?

[ladymuck]

I'm assuming you already have a LtdCo in place? I can't see why you'd set up a new company for a small one-off. Why not use a good umbrella?

FreeAgent is probably the best option if you're adamant that your best option is to stand up a company for this work.

[SimonMac]

*wave*

Open an account with Natwest or RBS and you get FreeAgent bundled, for 99% of limited company contractors its very simple and once you get the hang of it will take no more than an hour a month

[northernladuk]

Very few people on here do their own accounts but that's because most are full time contracting so it's all the bells and whistles. We also recommend accountants as, although they cost money, they do avoid mistakes which can cost more than the price of the accountant.

Might be worth ring round a few on the recommended list to see if they will offer a reduced service and weigh the price up. Maybe just a fixed cost for year end stuff. I'm not a fan of advising people to do their own as we've seen some people make a right balls up of it on here. That said, if it's just not financially viable then its your only option.

Freeagent is definitely the way to go though. It does all of it and I believe they've just released extra functionality for submitting end of year stuff which will certainly help you.

If you do engage an accountant they normally offer it for free but I believe you can get a free copy if you bank with Natwest, RBS and some others. Hopefully someone will post the correct information about this but that is definitely the way to go for you. Great piece of software. Does all the sums for you and can submit most of what you need from within in the software. Might be a pain in the bum swapping bank accounts but it will be worth it in the long run to use freeagent.

[Abbot]

Sorry it is not just a one-off. I have a few pieces of work with the possibility for more. It is just that it wouldn't be anything financially significant to live off.

I suppose I could just use an umbrella and have it paid as pension.

I do have a Limited company but I'm of the opinion that outside IR35 is never happening for me so I'm closing it so that I can finish of any potential risk in that company.

I looked at Freeagent but I still wouldn't be able to the CT600 and iXBRL tagging in there?

[Lance]

The client would require the work to be done through a Limited company and be VAT registered.

Not sure why any company would require their supplier to be VAT registered. Depending on the business you run it might be wise either way, but it's not really the clients business.

For what it's worth, I think you should use an accountant on the basis that if you don't know whether you are capable of doing it, then you aren't. It'll cost around £1k a year.

[hobnob]

I do my own self-assessment tax return (SATR), which is pretty straightforward. However, I think it's worth paying an accountant for the rest.

[SimonMac]

I looked at Freeagent but I still wouldn't be able to the CT600 and iXBRL tagging in there?

You can now

https://support.freeagent.com/hc/en-...ough-FreeAgent

[Abbot]

Thanks SimonMac. That is perfect.