Doing own accounts

[malvolio]

If they've lost you money by bad advice and failing to give correct information, I suggest you send them an invoice for your losses. Then change to one of the usual suspects from here.

[wiltshireguy]

Myob

Hello,

I do the accounts for a small business my partner runs, these days, with the software on the market that exists the job is quite an easy one. Of course, you need to be up to speed with the relevant legislations.

The package I use is good value for money and does everything I need it to do:

www.myob.com

Gez

[Mobile Chicane]

learn something everyday

No you're not.

Either you are a sole trader, or you are the sole employee of a limited company. You can't be a sole trader limited company.

Ah ok didn't know that. Then I am the sole employee of a limited company.

And the reason I want to stop using accountants is...

The current ones didn't tell me about the VAT cut off date, and I missed it.
I wasn't given the bank number to BACS send PAYE and NI to so I sent it to the VAT account. Now lost.
My P35 has not been filed. Now I'm fined £400.
My P11D has not been filed.
Some cheques I've sent to PAYE have gone to the wrong address. So IR are after me.

I want to be whiter than white and my Mum's a VAT inspector so I know the importance of getting this right, but the accountants I've had so far are making me look like I'm hiding things. The accountants are the people STOPPING me being legal. Bunch of cowboys, a terrible profession.

[OrangeHopper]

Some of us on here do do our own accounts but I for one get an accountant to do the year end stuff just in case I've missed something.

[RightLaugh]

I'd rather learn to do it myself - sad, but I find it interesting!

yes you are right it is sad.

[RightLaugh]

It's not a problem provided you never make a mistake, hit all the deadlines and are up to speed on all the relevant legislation changes. If you are confident enough (and disciplined enough!) to do that then fine, you don't really need an accountant.

For this mere mortal though, it's the one bit of the business I'd rather outsource to an expert - and I used to be an accountant!

I agree. 1 Mistake and it could cost you 5 yrs+ accounting fees.
Judging by the Sole trader and LTD comment above that could come sooner then later.

[malvolio]

I'd rather learn to do it myself - sad, but I find it interesting!

It's not a problem provided you never make a mistake, hit all the deadlines and are up to speed on all the relevant legislation changes. If you are confident enough (and disciplined enough!) to do that then fine, you don't really need an accountant.

For this mere mortal though, it's the one bit of the business I'd rather outsource to an expert - and I used to be an accountant!

[TheFaQQer]

I'm a sole trader contractor Ltd company on flat rate VAT

No you're not.

Either you are a sole trader, or you are the sole employee of a limited company. You can't be a sole trader limited company.

[ctdctd]

or just get a good accountant. SJD. Simple.

I'd rather learn to do it myself - sad, but I find it interesting!

[RightLaugh]

or just get a good accountant. SJD. Simple.

[ctdctd]

Does anyone know if there's a good book or training course I can go on to make sure I can do all the following

VAT returns, PAYE, NI, Payroll, Expenses.

Thanks

Nick

And to answer the OP :-) I've learnt everything from this board and the official PAYE and VAT websites. Time will tell if it's enough!

[Jason D]

Accounts

There is nothing to stop you.

Proceed with caution, if you really want to do them yourself then at least give them to an accountant to give them the once over.

[ctdctd]

As someone in a similar situation - Ltd Co, VAT FRS, doing own PAYE etc, is there anything that must be done legally by a qualified accountant?

Can I do my own year end accounts and submission?

[Mobile Chicane]

My accountants aren't very good, and the ones before were equally as tardy.

I'd like to do my own accounts. I have a simple business - I'm a sole trader contractor Ltd company on flat rate VAT, so my books should be the easiest there is.

Does anyone know if there's a good book or training course I can go on to make sure I can do all the following

VAT returns, PAYE, NI, Payroll, Expenses.

Thanks

Nick