Having read the Zurich Tax Handbook 2009-2010, and having some previous accounting experience, to me it looks pretty simple to do your own accounts. Does anyone do their own accounts and found it easy or hard. I have minimal expenses and not doing anything terribly fancy so it looks pretty straight forward.
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Yes, I do - much easier than going through a third party, and you are more aware of the profitability of your company.
Hardest bit is the annual accounts, so as long as you can produce a balance sheet & p&l you should be ok.
I used MS accounting for a while - as it had these built in as reports, but it was a bit restrictive and didn't give me the full reports I wanted so now I just use XL. -
For £75 - £80 a month let a professional do it. You must have better things to do with your time
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WHS ^^
They can do the stuff like claiming for office space at home and other clever little stuff that we might miss so paying for themselves as well as getting it right (ok ok in theory) so covering your ass in case of repercussions. Worth it to me.
If anything go with one for a year then see how you feel. If it was easy they take it on from there.'CUK forum personality of 2011 - Winner - Yes really!!!!
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Depends on your interests. I have some accounting experience and so I do my own. But then I'm the sad kind of person who is interested in keeping up with the latest information... If it's not something you're that interested in then pay someone else to do it.
It does help that my sister is an accountant so I can go to her if I get stuck - but I haven't needed to yet.Loopy LooComment
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I was using an accountant, and was doing my own bookkeeping spreadsheets, so I knew the state of my company's finances, and was coming up with the same figures. I took a permie job for a few years and they charged a lot of money to file dummy accounts to HMRC and Companies House, so I dropped them and when I started back up again did it myself. Its not rocket science, and if you have an interest in accountancy, and tax then its qctually quite pleasurable.
ok I'll get my coatComment
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I do my own using Sage Instant Accounts + Pay Roll (does VAT/PAYE online for you). Saved a lot of money going down that route but it has taken a good few weeks over the period of year to learn all the stuff. I'd only recommend it if you were planning on working part of the year so you've got time to mess around with it.
HMRC changed that as of last month, you can just fill out a big PDF form with your accounts which then generates another PDF with your balance sheet, p&l, corp tax calculation and CT600 filled out automatically.Hardest bit is the annual accounts, so as long as you can produce a balance sheet & p&l you should be ok.Comment
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Is that the really slow complicated one that everybody was complaining about?Originally posted by krytonsheep View Post
I got through my Plan B co's end of year stuff by myself mostly okay, with only one submission/rejection/fine/resubmission/successful appeal iteration, so I'm thinking I'll probably ditch my accountant and do plan A co as well once the company year is up.Will work inside IR35. Or for food.Comment
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Yep, it's not great. However if you've got a decent PC and your accounts are fairly simple then it should be fine for most people.Is that the really slow complicated one that everybody was complaining about?Comment
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Utter bollocks. How does doing your own accounts make you 'more aware of the profitability of your company'? I get all that info clearly explained to me by my accountant.Originally posted by KackAttack View Post
Time is precious and I dont want to spend it working on accounts then wondering if I missed anything. Wonder how you go about keeping upto date and fully aware of the implications of all changes in tax regulations and law. Hmmmmm.
TBH each to their own but I've never seen the benefit cost v my time in doing the accounts.Last edited by BolshieBastard; 23 December 2009, 17:48.I couldn't give two fornicators! Yes, really!
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