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Considering going commando (no accountant) - am I insane?

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    #11
    If you have to ask on here whether it's a good idea then it isn't.

    Anyone who knows enough to do it, also knows enough to know they know enough to do it.

    CAVEAT: Dunning Kruger sufferers excluded.
    See You Next Tuesday

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      #12
      Originally posted by eek View Post

      Mettle account gives you Freeagent.

      Avoid Director loans and Freeagent can do basic CT600s for free.
      Last time I looked (a few months ago) Nat West offer complimentary Free Agent too. Nat West own Mettle anyway.
      Public Service Posting by the BBC - Bloggs Bulls**t Corp.
      Officially CUK certified - Thick as f**k.

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        #13
        Thank you everybody for your answers, they're all really helpful and insightful, it's definitely the unknown unknowns that I'm scared of and might trip me up. I'm torn between employing an accountant and doing at least the basic bookkeeping course ladymuck linked to, I think I might do both. THANKS!

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          #14
          Originally posted by ladymuck View Post
          I think my only comment on SimonMac's post is that I have an accountant and I can see my HMRC account so I can see the CT returns my accountant has submitted. I was unaware that people may think this is a closed book if you have an accountant.

          I think the OP also needs to consider that having an accountant isn't an all or nothing scenario. In my circumstance, I do pretty much everything - day to day entries, bank reconciliations, PAYE, dividends, VAT returns etc. I prepare the accounts to Trial Balance and then hand over to my accountant at the end of the year for him to do the final submissions to CoHo/HMRC and the CT return. This, for me, is the best combination. I get someone to glance over things at the end of the year with a fresh pair of eyes but I retain full day to day visibility of what's going on.

          I use Xero because it suits me better because it's more like the enterprise accounting systems I used to use way back when I had my first job working in an accounts department. EDIT: And Xero imports all my transactions (including those from Capital on Tap and Amex )

          I do think it's important to educate yourself with an understanding of what double entry bookkeeping is and what the various reports mean.
          In this day and age if a software package can't import your transactions - then the issue is with the software - getting transactions is a fixed solution (as I pull the transactions of multiple umbrellas every 15 minutes during working hours.)
          merely at clientco for the entertainment

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