Honestly, how difficult is it to keep your own accounts?

[Bluebird]

Yes, exactly what I meant, and didn't know it could also be submitted online.
Is that through the Comp House website?

Don't you need to produce a P&L and a balance sheet though?
And does this not need a certain level of accounting knowledge?

Companies House require 2 things:

The Annual Return - which can be filed on-line
The Annual Accounts - cannot be filed on-line

[Nixon Williams]

Yes, exactly what I meant, and didn't know it could also be submitted online.
Is that through the Comp House website?

Don't you need to produce a P&L and a balance sheet though?
And does this not need a certain level of accounting knowledge?

Most companies can file annual returns and abbreviated accounts (unaudited) online. A certain accounting knowledge is required but Companies House do not check to a great detail, believe me I have seen some amazaing attempts at accounts that have been accepted by Companies House!

Generally, a P&L is not required by Companies House.

Alan

[sapcoder]

To keep records and knock up a set of accounts is not a rocket science. But I wouldn’t have a clue about all the latest tax laws involved to be certain of keeping my final tax bill to its lowest level. Also, PAYE can be quite complicated to do yourself. I much prefer to concentrate on doing my job and paying an accountant a reasonable amount to do my books. As for Nixon Williams comment about paying over £2000 per annum in accountancy fees, this to me seems ridiculously high and you should be able to get these services for half that. If you added up all the time doing the accountancy work yourself, you’d be out of pocket compared to letting an accountant do the work.

sapcoder

[Bluebird]

Just looked at the CH website, you can download a pdf of the template for the abbrviated accounts....

[hgllgh]

To keep records and knock up a set of accounts is not a rocket science. But I wouldn’t have a clue about all the latest tax laws involved to be certain of keeping my final tax bill to its lowest level. Also, PAYE can be quite complicated to do yourself. I much prefer to concentrate on doing my job and paying an accountant a reasonable amount to do my books. As for Nixon Williams comment about paying over £2000 per annum in accountancy fees, this to me seems ridiculously high and you should be able to get these services for half that. If you added up all the time doing the accountancy work yourself, you’d be out of pocket compared to letting an accountant do the work.

sapcoder

Is PAYE really that difficult? As long as you have your tax code you can then work out your tax & NI using the free employers CD from HMRC...

[Jason]

The reason many of us don't do our own accounts is a twofold thing

First: work hard enough anyway, why add extra work?
Second: time is money. rather spend my time on stuff I can charge for.

Oh, and bookeeping != accounts.

We all (hopefully) keep books of orignal entry and keep track of cashflow etc. Accountants do all the other gubbins.

[Bluebird]

Is PAYE really that difficult? As long as you have your tax code you can then work out your tax & NI using the free employers CD from HMRC...

I think the NI is slightly different for Directors, but as you say - it's not rocket science.

I know the accountantcy fees aren't much compared to what you earn - perhaps equivilent to 1 hour per week, but then again I do get a sense of satisfaction doing it.

[MickeyP]

We all (hopefully) keep books of orignal entry and keep track of cashflow etc. Accountants do all the other gubbins.

100% agree

[Nixon Williams]

As for Nixon Williams comment about paying over £2000 per annum in accountancy fees, this to me seems ridiculously high and you should be able to get these services for half that.

I agree, but believe me, we have taken on several clients who were paying that and more!

Alan

[moorfield]

Just looked at the CH website, you can download a pdf of the template for the abbrviated accounts....

Linky ?