Will accountant really save money?

[JoJoGabor]

I did my research on that and actually im running my ltd alone for few months , keeping books in order etc. There's not so much to it, to be honest I cant justify paying 1000+ for an accountant for the little work required and calculate few digits and work out how much taxfree I can pay to myself and how much by dividend.
I have yet to submit my accounts but I also know that Companies House or HMRC don't bother will small companies anyway
Well.. I just don't know

You wont realise the pain until the end of year accounts. Yes it sounds naive. Get an accountant

[AJ1982]

I have yet to submit my accounts but I also know that Companies House or HMRC don't bother will

[diseasex]

You wont realise the pain until the end of year accounts. Yes it sounds naive. Get an accountant

Ok , its probably been asked millions of times already but since we already have a conversation then :
go for online or local ? if online then any recommendations?

[SlipTheJab]

I did my research on that and actually im running my ltd alone for few months , keeping books in order etc. There's not so much to it, to be honest I cant justify paying 1000+ for an accountant for the little work required and calculate few digits and work out how much taxfree I can pay to myself and how much by dividend.
I have yet to submit my accounts but I also know that Companies House or HMRC don't bother will small companies anyway
Well.. I just don't know

Have you seen this... HMRC Scheme Enquiries HMRC are very bothered by One Man Ltds right now.

[SimonMac]

To counter act the naysayers, I do not use an accountant, by no means does that mean I do everything perfect, but after 5 years I think I am OK (with a bit of asking the good people in the professional forums for a bit of advice now and then), I use this software DIY Accounting Software, Small Business, Payslip Software, Tax Return, Limited Company UK

It is possible but very time consuming, you need to throw a lot of time into reading up on legislation etc., as has been said before the biggie will be come end of year, CT600's are a nightmare if you don't know what you are doing, even going back and comparing last years to this doesn't work as they awlawys seem to change

[northernladuk]

Does that sound naïve?

It sounds utterly stupid to me but you are obviously just looking for one answer only so it sounds like you are doing very well. So fill your boots and enjoy the 100 quid a month you are saving...

I hope you are not paying for contract reviews and PI/PL insurance either. Complete waste of money.

[diseasex]

It sounds utterly stupid to me but you are obviously just looking for one answer only so it sounds like you are doing very well. So fill your boots and enjoy the 100 quid a month you are saving...

I hope you are not paying for contract reviews and PI/PL insurance either. Complete waste of money.

Not looking for one answer just making my own mind. Wagering pros and cons and risks. That's what I do when I money is involved. You know, a good skill to have.

[cojak]

Have you seen this... HMRC Scheme Enquiries HMRC are very bothered by One Man Ltds right now.

That doesn't show anything of the sort. That shows contractors avoiding the tax they would otherwise pay if they were One Man Ltd's.

[BrilloPad]

Ok , its probably been asked millions of times already but since we already have a conversation then :
go for online or local ? if online then any recommendations?

Personally I prefer local. Its true you pay more. But, IMO, you are less likely to be scrutinized by HMRC. Unless you are totally stupid and your accountant is too. Like my mate who put through the cost of his new kitchen! HMRC never got tired of making his life a misery.

Remember you can get accountancy advice online here instead. But you have no idea if the advice is god or bad. And half the time someone(you know who you are) just tells you to read the first timers guide anyway.

PS IANAA

[GillsMan]

To counter act the naysayers, I do not use an accountant, by no means does that mean I do everything perfect, but after 5 years I think I am OK (with a bit of asking the good people in the professional forums for a bit of advice now and then), I use this software DIY Accounting Software, Small Business, Payslip Software, Tax Return, Limited Company UK

It is possible but very time consuming, you need to throw a lot of time into reading up on legislation etc., as has been said before the biggie will be come end of year, CT600's are a nightmare if you don't know what you are doing, even going back and comparing last years to this doesn't work as they awlawys seem to change

It's a good point, and you've obviously done it well. But if someone comes on here with the mistaken belief that HMRC and Companies House don't worry about small companies, than maybe DIY accounting isn't for that person!