End of year books with freeagent

**cojak** · 21 February 2012, 12:50

It depends on whether you view accountants as glorified bookkeepers or tax advisors.

Glorified bookkeepers shouldn't cost you much if you use FreeAgent.

As for the rest of your questions, get an accountant and they'll be able to anwser them for you. But FreeAgent is easy to use for year-end.

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**SimonMac** · 21 February 2012, 12:54

I am in the same boat as you, do everything myself (but mine is a lot simpler than FreeAgent by the looks of it), but am going to a "proper" accountant for the first end of year to A) Make sure what I have been doing is right B) Get clarification of the correct format for submission

**Clare@InTouch** · 21 February 2012, 13:30

Originally posted by jamesc77 View Post

I'm an IT contractor, there's only me in the company. Basic books of weekly invoices and small amount of petrol ex's. Small salary, the rest Dividends
I started my ltd company in May last year. Therefore I'm due to do my end of year accounts soon. I currently use Freeagent to do the books, i.e. PAYE, VAT, CT tax and dividends etc.
I'm wanting to do my year end accounts myself but need a few questions answered please.

1. Is it easy enough to do with Freeagent
2. Come the end of March what do I need to produce? PD11, P60
3. Pay small amount of PAYE / NI end of March
4. End of May (company year end) file accounts with HMRC and companies house and pay CT tax.
5. Fill in self assessment before Jan 2013

If I do get an accountant to do the year end, will the cost be reduced greatly as all the info is in freeagent?

There's the payroll returns due in April - P35, P60/P14 and then the P11D for benefits in kind (unless you have a dispensation for allowable ones).
The company accounts as you say, that need to be filed online with HMRC and CH.
The personal tax return needs to be done by 31/10 if you're filing paper, and 31/01 if you're filing online.

If you're doing these yourself then leave plenty of time because the HMRC online systems aren't great.

Regarding expenses, you mentioned claiming petrol. Unless it's a company car you should likely be claiming mileage instead, it's more tax efficient and there's no confusion between personal/business use.

The benefit to using an accountant, at least for the first year, is that they can advise on the things you should be thinking about and the expenses you can claim (or shouldn't be claiming).

**kingcook** · 21 February 2012, 14:09

As a FreeAgent user myself, i'll be needing to do year end at the end of March.

As Clare said, it's well worth having an accountant to either help you out or do it all for you, at least for the 1st year.

That's what i did. I'm on my 2nd year now... time for a bit of DIY!

**Jeremiah@RHJAccountants** · 21 February 2012, 14:33

As has already been said having an accountant help you and give you some advice on what you are doing well and not so well ( for example claiming expenses) is always a great help in your first year.

you can always go down the DIY route at a later date.

**jamesc77** · 21 February 2012, 14:58

Thanks kingcook could tell approx what you paid for your first year service ?

Originally posted by kingcook View Post

As a FreeAgent user myself, i'll be needing to do year end at the end of March.

As Clare said, it's well worth having an accountant to either help you out or do it all for you, at least for the 1st year.

That's what i did. I'm on my 2nd year now... time for a bit of DIY!

**kingcook** · 21 February 2012, 15:06

Originally posted by jamesc77 View Post

Thanks kingcook could tell approx what you paid for your first year service ?

I was with my account for around 8 months, but paid double in 1st month, and IIRC, double in the last month too.

Approx £900 inc VAT in total (around £90/mth for 10 months)

**minstrel** · 22 February 2012, 20:04

I use FreeAgent too and Kevin at KPF Accountancy does the year end work for me. He used to be under £300, but I think he's raised his prices recently. Even so he's still much cheaper than anyone else I've seen.

He provides all the accountancy service I need - he does the year end stuff and answers any questions I have throughout the year.

You need to do all you VAT and PAYE yourself, but that is very easy to do online.

End of year books with freeagent