Reply to: How to go from Accountant to DIY Accounts

[cojak]

many thanks for this. I just registered with the forum as i m deciding to act as a ltd to claim business millege but agency sugggests i should go for paye.

thanks again,
Ron

If your agency advises that it’s because your contract is probably inside IR35 and you shouldn’t be paying yourself expenses.

But the books and websites will tell you all about this I’m sure...

[tsuyoshi]

This is all you need to get started.

Tax guide:

Amazon.co.uk : tolleys tax guide

Key dates and critical information:

Business and self-employed - GOV.UK

many thanks for this. I just registered with the forum as i m deciding to act as a ltd to claim business millege but agency sugggests i should go for paye.

thanks again,
Ron

[Jess inniAccounts]

No problem. Basic bookkeeping and accounts for a one-man company with a single client and minimal expenses is fairly simple.

However, as others have pointed out:
- you may be missing out on claiming expenses that you don’t realise you can claim;
- you may be claiming for items that are not deductible;
- you may be liable to furnish additional returns (eg BIK) and not realise it;
- you may be able to structure your business in a more efficient way and not know it.

A decent accountant can advise you on all of the above. However, at the end of the day it’s your decision as owner of your business whether to employ experts or not.

This is spot on. There are plenty of options out there with regards to software you can use to meet your company's obligations, which are very easy to use and make the technical side a breeze. The real benefit of an accountant comes from the knowledge and advice they give, which is gained over many years of training and experience.

If you really want to DIY, take the time to do your research before making the jump.

[FK1]

JtotheD,
I definitely would not advise DYI just to cut costs. You have to enjoy it and be even more boring and pedant than a typical accountant. And I agree with the advice that "independent sense check at year end" is essential. Just maybe for a few first years until you develop that sense.

It is important to know you are legally responsible for the accuracy of an accountant you appointed. So, as a director, you have to be able to DYI.

Accounting costs as a typical "From £109 + VAT" etc for one-director LTD is much over-priced and I understand that feelings "For what?" after I paid £10K over 8 years.

Maybe something up to £500 to review the End-Year accounts with your own free FreeAgent (with RBS) does make more sense.

P.S. I am DIYer and I am enjoying it. However I started that after many years of LTD running.

[JtotheD]

yes, but in general, i could say what i think about your attitude.

Ouch

[BR14]

Interesting. However, this thread isn't general, it relates to accounting...

yes, but in general, i could say what i think about your attitude.

[JtotheD]

No problem. Basic bookkeeping and accounts for a one-man company with a single client and minimal expenses is fairly simple.

However, as others have pointed out:
- you may be missing out on claiming expenses that you don’t realise you can claim;
- you may be claiming for items that are not deductible;
- you may be liable to furnish additional returns (eg BIK) and not realise it;
- you may be able to structure your business in a more efficient way and not know it.

A decent accountant can advise you on all of the above. However, at the end of the day it’s your decision as owner of your business whether to employ experts or not.

That's great. As in my original post, this thread was to give a starter for 10, if I was to go it alone which you have kindly given me.

Thanks again.

[meridian]

Thank you

No problem. Basic bookkeeping and accounts for a one-man company with a single client and minimal expenses is fairly simple.

However, as others have pointed out:
- you may be missing out on claiming expenses that you don’t realise you can claim;
- you may be claiming for items that are not deductible;
- you may be liable to furnish additional returns (eg BIK) and not realise it;
- you may be able to structure your business in a more efficient way and not know it.

A decent accountant can advise you on all of the above. However, at the end of the day it’s your decision as owner of your business whether to employ experts or not.

[JtotheD]

mods, can we move this to general, please?

Interesting. However, this thread isn't general, it relates to accounting...

[JtotheD]

This is all you need to get started.

Tax guide:

Amazon.co.uk : tolleys tax guide

Key dates and critical information:

Business and self-employed - GOV.UK

Thank you

[meridian]

This is all you need to get started.

Tax guide:

Amazon.co.uk : tolleys tax guide

Key dates and critical information:

Business and self-employed - GOV.UK

[BR14]

Your responses are very emotional.

mods, can we move this to general, please?

[JtotheD]

So, not one of the posts says about learning bookkeeping, reading up on tax law (CT allowances, VAT, PAYE/NI, expenses, etc.) understanding how and when to submit accounts to HMRC and CoHo, plus more stuff but I'm getting bored.

That's all the guidance you are going to get.

What I suspect you're asking is for someone to tell you how to bypass all that effort and just give you a template you blindly put numbers into without any understanding of the rules.

I worked for 9 years in accounts for a multinational organisation, running the treasury team. I wouldn't go DIY without putting in many more hours learning the stuff that I pay my accountant to know. He costs me £500 a year which is heck of a lot less than any fines I'd incur if I screwed up. For me, that independent sense check at year end is essential.

There are DIY'ers here. I suspect they will say the same as I did above. You have to learn it, there are no shortcuts.

Your responses are very emotional.

[ladymuck]

So, not one of the posts says about learning bookkeeping, reading up on tax law (CT allowances, VAT, PAYE/NI, expenses, etc.) understanding how and when to submit accounts to HMRC and CoHo, plus more stuff but I'm getting bored.

That's all the guidance you are going to get.

What I suspect you're asking is for someone to tell you how to bypass all that effort and just give you a template you blindly put numbers into without any understanding of the rules.

I worked for 9 years in accounts for a multinational organisation, running the treasury team. I wouldn't go DIY without putting in many more hours learning the stuff that I pay my accountant to know. He costs me £500 a year which is heck of a lot less than any fines I'd incur if I screwed up. For me, that independent sense check at year end is essential.

There are DIY'ers here. I suspect they will say the same as I did above. You have to learn it, there are no shortcuts.

[JtotheD]

Really? You are posting in the Accounting forum. You've managed to find it once. I suggest your next task is to learn how to search, open, and read threads that mention DIY accounts.

I asked that you post a link to the ones with guidance, all the forum posts i have found are debating whether or not it is a good idea, not providing guidance.