Reply to: Help with setup everything on FreeAgent and carry on with diy

[FK1]

One more. It does not make sense to read all those "ACCA" books but makes sense to try a software that accountants use to compile Accounts and CT. They often are power users of that software.

And you may consider RBS business account. FA is free then.

[legal]

I pay salary just once a year.
I use Basic PAYE Tools Download HMRC's Basic PAYE Tools - GOV.UK and set all months as "No payments to employees" except a month I pay annual salary. In effect no RTI to report other 11 months.

I do not use FA to submit Personal Tax return. Online HMRC filing is pretty straight and works for me.

FA Trial accounts figures do not match fully what required to file online for Accounts and CT600 so you have to understand them all as a basic accountant as "copy-paste" will not work.

That is useful info. Thanks.

[FK1]

I want to change my accountant.

Looking for someone to help with setting up everything on FreeAgent. After 6 to 12 Months looking to stop using Accountant and do everything myself.

I don't mind starting with an Accountant for first year until one personal tax return is done and one company tax return is done.

Anyone done similar thing already?

Any Accountant posting here willing to help out?

I am an IT contractor with everything standard.

Quarterly VAT
Monthly payroll
Pension contribution
Personal Tax return
Company Tax return

Anything I am missing?

I pay salary just once a year.
I use Basic PAYE Tools Download HMRC's Basic PAYE Tools - GOV.UK and set all months as "No payments to employees" except a month I pay annual salary. In effect no RTI to report other 11 months.

I do not use FA to submit Personal Tax return. Online HMRC filing is pretty straight and works for me.

FA Trial accounts figures do not match fully what required to file online for Accounts and CT600 so you have to understand them all as a basic accountant as "copy-paste" will not work.

[MrButton]

I did correct you and threw a huff

Let’s not change the purpose of this thread.

[FK1]

I didn't try to quantify how many. I just know that they do exist! I don't use FA so can't help with any specific questions on that side of things

We are exist! I do 100% DIY last 3 years after being 8 years with an accountancy.

It is not advisable for all but I think around 5-10% of contractors are capable enough to do it given they have years of LTD experience and close enough to accounting world in their profession.

After just 1 year it is too early to go DIY if you are not yet educated.
In general it is a very good idea and I like I went that way.

[northernladuk]

Thank you.

Further to this, HSBC do not support FA for bank feed or atleast I cannot see an option listed. (I stand to be corrected.)
They do support QuickBooks. Any Accountant using QuickBooks please?

I did correct you and threw a huff

[northernladuk]

I am considering this. How do you manage the payments to the accountants, do you keep them on for the whole year as a full-time service or do you pay one off for individual services?

Although they advertise the cost as per month it can be just a monthly break down of a years service. You can't just pay a few months to do your company returns and then stop using them. Speak to them to make sure what their terms are if you are planning not to use them for full year...

But why do you want to do your accounts yourself. You really think you fully up to speed with tax law and are close enough to watch for changes in the limits and understand how to apply them etc etc.

[Lance]

I want to change my accountant.

Looking for someone to help with setting up everything on FreeAgent. After 6 to 12 Months looking to stop using Accountant and do everything myself.

I don't mind starting with an Accountant for first year until one personal tax return is done and one company tax return is done.

Anyone done similar thing already?

Any Accountant posting here willing to help out?

I am an IT contractor with everything standard.

Quarterly VAT
Monthly payroll
Pension contribution
Personal Tax return
Company Tax return

Anything I am missing?

What you’re missing is the simple fact that the easiest part of doing this is setting up the accounts initially. If you need an accountant to do that but, what makes you think you can handle the rest yourself?

[legal]

Sage One connects directly to HSBC

Yes the listed one's are: Xero, Sage and Quickbooks.

[ladymuck]

Thank you.

Further to this, HSBC do not support FA for bank feed or atleast I cannot see an option listed. (I stand to be corrected.)
They do support QuickBooks. Any Accountant using QuickBooks please?

Sage One connects directly to HSBC

[ladymuck]

I am considering this. How do you manage the payments to the accountants, do you keep them on for the whole year as a full-time service or do you pay one off for individual services?

One annual payment on completion of the full set of accounts. Forgot to say they also do the final accounts prep and submission to CoHo in addition to CT.

Costs me about £500 + vat.

[legal]

Yep, there are people on here who do all their accounts themselves, using FA. It's not all that tough. I do everything myself except the CT calculation/submission

I haven't gone 100% DIY because I like a fresh pair of eyes over things at the end of the year and the option of having someone to ask when I have questions.

Thank you.

Further to this, HSBC do not support FA for bank feed or atleast I cannot see an option listed. (I stand to be corrected.)
They do support QuickBooks. Any Accountant using QuickBooks please?

[siphr]

Yep, there are people on here who do all their accounts themselves, using FA. It's not all that tough. I do everything myself except the CT calculation/submission

I haven't gone 100% DIY because I like a fresh pair of eyes over things at the end of the year and the option of having someone to ask when I have questions.

I am considering this. How do you manage the payments to the accountants, do you keep them on for the whole year as a full-time service or do you pay one off for individual services?

[ladymuck]

I didn't try to quantify how many. I just know that they do exist! I don't use FA so can't help with any specific questions on that side of things

[northernladuk]

Yep, there are people on here who do all their accounts themselves, using FA. It's not all that tough. I do everything myself except the CT calculation/submission

I haven't gone 100% DIY because I like a fresh pair of eyes over things at the end of the year and the option of having someone to ask when I have questions.

Not very many. Plenty that come on saying they want to do it and then asking a host of really basic questions when it's all going wrong though.