Reply to: Online Accounting Question

[WLB2018]

Get yourself a Freeagent accountant. Happy days.

The best piece of advice right there...

[northernladuk]

is there a recommendation for good online accountants?

I might be being too hasty, but the current one I have always seems to be on leave

I contacted on 1st to get the accounts done, hes on leave back soon.. I contacted yesterday, hes on family emergency leave, back 19th

I mean I do understand people have personal problems, and I sympathise, but I have a business to run

If only we had an accountant recommendation sticky to help with this commonly asked question......

[mlc2009]

is there a recommendation for good online accountants?

I might be being too hasty, but the current one I have always seems to be on leave

I contacted on 1st to get the accounts done, hes on leave back soon.. I contacted yesterday, hes on family emergency leave, back 19th

I mean I do understand people have personal problems, and I sympathise, but I have a business to run

[Chart Accountancy]

Do the VAT return yourself and are on FRS - no need to be on a portal at all.

That's how I used to run my business when my accountant didn't have any portal - I'd do the VAT every quarter and at the end of the year give my accountants a load of receipts to go through everything for me.

Granted, that's not a recommmended way to run the business (and I now use Freeagent), but it's a way to do it, get the VAT done, and not update the accountant regularly.

You can prepare the VAT returns based on the sales invoices only if on the FRS. However, you will need to do this on the invoices basis where cash based accounting for VAT is better for your cash flow. We ask clients to update all their bookkeeping also for FRS VAT returns as we offer to assess if the FRS is still beneficial for them, but if we can not see their expenses incurred each quarter we can not advise on this. FreeAgent is the way to go forward especially with MTD businesses will be forced to update their records regularly.

[northernladuk]

I'd rather just nip it in the bud, get it filed, pay it.. forget about it

If I had six-figures in corp tax, then maybe another story

No arguments there.

[mlc2009]

The latter won't happen for a few percent in a higher interest account. That isn't investing.

I'd rather just nip it in the bud, get it filed, pay it.. forget about it

If I had six-figures in corp tax, then maybe another story

[northernladuk]

1 or 2 percent, at a push? I don't wanna sound like I'm humble bragging, but the hassle of me opening a new account to get 1 percent is not worth it to me

I have investments outside that do that in a day ( on a good day haha )

I don't want to invest my companies funds due to HMRC viewing my company as an investment company and disqualifying me from ER relief

The latter won't happen for a few percent in a higher interest account. That isn't investing.

[mlc2009]

Why would you pay early when you can get a better interest rate on the money elsewhere?

1 or 2 percent, at a push? I don't wanna sound like I'm humble bragging, but the hassle of me opening a new account to get 1 percent is not worth it to me

I have investments outside that do that in a day ( on a good day haha )

I don't want to invest my companies funds due to HMRC viewing my company as an investment company and disqualifying me from ER relief

[DeludedKitten]

I just don't want to wait until June to have my corp tax paid, I do realise they have other customers

Why would you pay early when you can get a better interest rate on the money elsewhere?

[mlc2009]

Depends. You are still going to have to put the effort in keeping your records in order. If you'd have done this from the off this mismatch wouldn't have occurred and you wouldn't be wondering if you have to leave.

If you were getting poor advice from your accountant they were making mistakes then yes. Get yourself a better accountant with Freeagent so a double whammy.

Do you leave a perfectly good setup because you didn't step up. Not sure. Sometimes it's better the devil you know.
Price is about right so you won't be saving any money by moving.

The Mismatch wasn't down to me, for past 4 years I have entered in the portal every month or so, it wasnt until this year I was getting slack

end of tax year last year, the balances matched.. this year they are mis-matched.. I think due to some good will calculation, but still mismatched

I just don't want to wait until June to have my corp tax paid, I do realise they have other customers

[northernladuk]

All my records are now upto date, didnt take me long. However there is a mis-match balance, this happened last year also, very frustrating

My tax year ends 1st November, and i like to get my accounts submitted ASAP so I can pay corp tax and forget about it

last year due to this error, my accounts didn't get submitted until June

I'm paying 80 quid a month for a very basic set of company accounts. I just wondered if I should be looking elsewhere

Depends. You are still going to have to put the effort in keeping your records in order. If you'd have done this from the off this mismatch wouldn't have occurred and you wouldn't be wondering if you have to leave.

If you were getting poor advice from your accountant they were making mistakes then yes. Get yourself a better accountant with Freeagent so a double whammy.

Do you leave a perfectly good setup because you didn't step up. Not sure. Sometimes it's better the devil you know.
Price is about right so you won't be saving any money by moving.

[mlc2009]

All my records are now upto date, didnt take me long. However there is a mis-match balance, this happened last year also, very frustrating

My tax year ends 1st November, and i like to get my accounts submitted ASAP so I can pay corp tax and forget about it

last year due to this error, my accounts didn't get submitted until June

I'm paying 80 quid a month for a very basic set of company accounts. I just wondered if I should be looking elsewhere

[DeludedKitten]

If you haven't kept your accountant's portal up to date,this would suggest you are not VAT registered. Otherwise, it would be interesting to find out how they would have prepared your VAT returns. Accountants do not provide bookkeeping as part of their ordinary service, but you should be supported by them to ensure you keep up to date records.

Do the VAT return yourself and are on FRS - no need to be on a portal at all.

That's how I used to run my business when my accountant didn't have any portal - I'd do the VAT every quarter and at the end of the year give my accountants a load of receipts to go through everything for me.

Granted, that's not a recommmended way to run the business (and I now use Freeagent), but it's a way to do it, get the VAT done, and not update the accountant regularly.

[Chart Accountancy]

Yeah I need to pull my finger out, last time I imported them there was a mismatch with balances and I had to go back years and years to find out where it went wrong blergh

If you haven't kept your accountant's portal up to date,this would suggest you are not VAT registered. Otherwise, it would be interesting to find out how they would have prepared your VAT returns. Accountants do not provide bookkeeping as part of their ordinary service, but you should be supported by them to ensure you keep up to date records.

[taxevo]

FreeAgent with bank feeds would make the task much easier for you.

It is worth spending the time to keep your information up to date so that your accountant can provide you with proactive advice. Simply paying them and not keeping up with your requirements means you are not getting full value from their service.