Do I Need An Accountant? Just Started Out. Cost Control

[PhilAtBFCA]

Well i ve just gone through 'voluntary' registering for the hmrc vat...

Bad move in retrpospect as it means I can no longer do the Flat Rate Tax I am now reading about

I think I am going to throw the towel in...

Can you withdraw a VAT registration request and will it affect FRT registration??

Hm, I am a bit confused.

Flat Rate Tax ? Do you mean Flat rate Scheme for VAT ? Full Details here but no reason why you cant voluntarily register then register for FRS scheme.

Of course, its best to be sure that you want to be on FRS.......

Phil

[blacjac]

VAT is easy (invoice total x .115 I think?), I've started doing that myself as it's less hassle than sending the form off and waiting for the accountant... I should ask for a rebate!

Your accountant tells you how much VAT to bill on each invoice?

[gingerjedi]

Your accountant tells you how much VAT to bill on each invoice?

No, they fill out the green form for the quarter, which I now do myself.

I have an excel invoice that works out the VAT.

[NotAllThere]

While you can do all the statutory stuff yourself quite easily (and I have done this), what you can't do is give yourself expert accountancy advice. And if you haven't got an accountant, should you be investigated, you can't just direct HMRC to talk to your accountant.

[Jaded]

I have been trading for just over a year now, and I used an accountant, but I would recommend that you choose a qualified accountant, although some are quite experienced, a qualified accountant counts for a lot.

Phil, although you now your stuff and are helpful you aren't qualified are you?

However it is up to each person to choose who they want.

[xoggoth]

Personally, I would only engage an evil accountant with superpowers.

[PhilAtBFCA]

Hi Jaded

Thanks for your comments about the contribution on the CUK. BFCA Limited are Chartered Accountants registered with ICAEW. We have several Chartered Accountants ( FCCA and ACCA ) employed with the company. I am not a qualified accountant, and I lead the team who looks after Professional Contractors and Freelancers as I have 17 years experience in this sector and 10 years with IR35.

Phil

[Bright Spark]

The savings I make using the Flat Rate Scheme for vat pays for
my accountants fees + some money left over, so it's definately been
worth in my case to use an accountant.

[malvolio]

Hi Jaded

Thanks for your comments about the contribution on the CUK. BFCA Limited are Chartered Accountants registered with ICAEW. We have several Chartered Accountants ( FCCA and ACCA ) employed with the company. I am not a qualified accountant, and I lead the team who looks after Professional Contractors and Freelancers as I have 17 years experience in this sector and 10 years with IR35.

Phil

So I guess you are already well aware of http://www.pcg.org.uk/cms/index.php?...28&Itemid=1044

Going back to the OP, what we hardened pros are saying tha if you don't know even the basics of business accountancy you are foolish in the extreme to go it alone until you do. Certainly for the first yer you should use a professional, there are too many pitfalls and assumptions, not to mention bad advice from well-meaning amateurs. For myself, I was an accountant, I've been in business for 14 years and know most of the rules, but I still use an accountant for the donkey work. When he starts costing me money, I'll go DIY.