DIY payroll and accounting until MSC dust settles

[Lewis]

Okay then...

http://forums.contractoruk.com/thread16145.html
http://forums.contractoruk.com/thread16285.html
http://forums.contractoruk.com/thread16278.html
http://forums.contractoruk.com/thread16224.html

...and those are from the first two pages on this board. HTH

Thanks. I'll give them a read. Much appreciated.

[Lewis]

Okay then...

http://forums.contractoruk.com/thread16145.html
http://forums.contractoruk.com/thread16285.html
http://forums.contractoruk.com/thread16278.html
http://forums.contractoruk.com/thread16224.html

...and those are from the first two pages on this board. HTH

Hi Malvolio, I've have had a look at these threads, I've been folllowing most of these with great interest. But I was specifically interested in advice on doing my own accounting in light of all of these discussions about PSC providers and whether they will or will not be targetted by the revenue. I am getting the feeling so far that the advice is "don't risk it" which is very useful. Regards, Lewis.

[malvolio]

The general advice (says he, breaking his own rules) is that it is cheaper and safer to use a professional accountant. Even if you do your own books, you will need someone to audit and sign off the books at year end and if an accountant does that he will only reppeat 90% of what you were doing all year anyway - so why not save the effort and use them from day 1? I won't rehash my financial arguments for doing so, suffice to say the accountant will cost less than your own time spent on DIY.And the threat of people like SJD being targetted is pure FUD and can be ignored.

[Lewis]

The general advice (says he, breaking his own rules) is that it is cheaper and safer to use a professional accountant. Even if you do your own books, you will need someone to audit and sign off the books at year end and if an accountant does that he will only reppeat 90% of what you were doing all year anyway - so why not save the effort and use them from day 1? I won't rehash my financial arguments for doing so, suffice to say the accountant will cost less than your own time spent on DIY.And the threat of people like SJD being targetted is pure FUD and can be ignored.

Ah, I didn't realise about the auditing (funny, I remember it all seeming so simple, probably because I always had an accountant ). I can see now the pitfalls of not having one. Thanks for the advice.

[ittony]

The general advice (says he, breaking his own rules) is that it is cheaper and safer to use a professional accountant. Even if you do your own books, you will need someone to audit and sign off the books at year end and if an accountant does that he will only reppeat 90% of what you were doing all year anyway - so why not save the effort and use them from day 1? I won't rehash my financial arguments for doing so, suffice to say the accountant will cost less than your own time spent on DIY.And the threat of people like SJD being targetted is pure FUD and can be ignored.

But companies with fewer than 50 employees and a turnover under a million don't need an audit do they?

[malvolio]

But companies with fewer than 50 employees and a turnover under a million don't need an audit do they?

Not a full blooded one, but wouldn't you think it prudent to get your work checked, since the accounts are actually a fairly important thing to get right? And isn't an accountant of some kind the best qualified person to do that?