Thank you to everyone who's replied in this thread. All your responses were really useful.
We've applied for Association of Accounting Technicians - AAT Certificate (Foundation) course for my wife (£600 for a year, 3 hours once a week). Also, we are considering moving our accounts to an accountancy firm who is a partner of FreeAgent, so we can start using that software as well.
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Previously on "Having a spouse to help with company accounts"
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>I don't find it hard to keep up with things. You just need to have an interest in such things (yes, I'm that sad) and be willing to be proactive. I don't do my own accounts to save money (at the end of the day it's not that expensive) but because I'm in full control, always know the exact state of my monetary affairs and because I quite enjoy the accountancy side of things.
Agreed.
>Sod that for a game of soldiers. I want some family life
Who doesn't? I only spend an hour a month on my accounts and payroll.
>they think they are 'saving money' by not using one
Oh but I am
ZED.
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Sod that for a game of soldiers. I want some family life and dont want to be pestered by the missus asking awkward questions why I stayed in a double room while working away (it was a free upgrade!)!
So, I pay an accountant who's up to date with the latest tax rules and changes etc.
No matter how much your wife (or others tell you) tries to be aware of these things, its just not going to happen.
Im still amazed that im amazed people want to scrimp when it comes to getting sound advice from an accountant then, they think they are 'saving money' by not using one. Mind boggling.
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Originally posted by SackmanandCo View PostSounds a good idea to do your own book keeping. Just using simple excel spreadsheets would be fine. Point 3 is really your problem. Professional accountants go on update courses regularly to understand the latest changes. Some people will find completing a company tax return difficult.
Incidently, why are you sceptical about accountants offering a good service for a reasonable price?
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Originally posted by PM_contract View PostWe are in the process of replacing our current accountant and would to like to use this opportunity to improve the way we do things.
My wife is a director and a shareholder of the company. She does our bookkeeping to the best of her knowledge which is limited as she has no formal training.
We think she can do more if she learns when and how various returns must be completed and what info is required in order to complete them (so we can prepare everything in advance, rather than search for things in the last moment).
These questions are to those, who have spouses helping them with the accounts
1. What do they help you with?
2. Where did they get their knowledge from? We are thinking may be it is worth for my wife to attend some college or on-line course.
3. How do they keep up to date with all the changes at HMRC?
4. Were you able to bring some work “in house” from your accountant?
Our goal, once she’s got such knowledge, is to take some accountancy work “in-house” so to speak. This is caused not just by our drive to reduce costs but also by our desire to be more in control. No offence to accountants on this forum, but I am becoming more and more sceptical about a chance to obtain (for a reasonable charge) a proactive service that would really relate to my company needs.
Incidently, why are you sceptical about accountants offering a good service for a reasonable price?
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I do my own accounts with the help of FreeAgent. Whilst it isn't the cheapest accounting software it is very user friendly and has a list of upcoming dates which I find useful (for things like when the PAYE is due / VAT / etc). Your wife may find something like that as useful if she wants to do more of the accounts. You could still use an accountant for year end if you wanted.
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If your wife is considering completing accounts for other businesses then she may want to consider undertaking the AAT (Association of Accounting Technicians). The course is three years and can be studied from home or in an evening at a college.
As for learning everything regarding the industry, I have been working as a Contractor Accountant since 1994 and can honestly say, the knowledge comes from reading everything available from web sites to magazines in the industry and tracking HMRC updates. It's not something that can be quickly learned.
There is a section on HMRC website for Agents and Advisers that will keep your wife abreast of any changes, it may be a bit over the top for your needs but is worth taking a look each month. You can also subscribe to their monthly newsletter of updates.
Because your wife is updating (possibly) her book-keeping skills which is wholly necessary for the business then any training courses along these lines would be a tax deductible expense. N.B training for new skills (that is not advancing existing skills) are non-allowable for tax purposes.
Reading this forum, the accountancy section has a wealth of useful information, and is well worth a daily scan.
I wish her the very best of luck!
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Well, I taught myself to keep the accounts. I too wanted to do anyway with accountants (I was with brollies before and they were enough hassle). Although the first 18 months were tricky, it's a doddle now and I actually enjoy it. And yes it's great to be in control and think of all the money I'm saving
I learnt mostly through books, web and forums, no formal training. TBH a one-man company's accounts are generally very simple.
Keeping up to date with HMRC is easy as they keep sending you newsletters, etc. They also provide a free Employer CD with which you can do payroll.
Good luck!
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Having a spouse to help with company accounts
We are in the process of replacing our current accountant and would to like to use this opportunity to improve the way we do things.
My wife is a director and a shareholder of the company. She does our bookkeeping to the best of her knowledge which is limited as she has no formal training.
We think she can do more if she learns when and how various returns must be completed and what info is required in order to complete them (so we can prepare everything in advance, rather than search for things in the last moment).
These questions are to those, who have spouses helping them with the accounts
1. What do they help you with?
2. Where did they get their knowledge from? We are thinking may be it is worth for my wife to attend some college or on-line course.
3. How do they keep up to date with all the changes at HMRC?
4. Were you able to bring some work “in house” from your accountant?
Our goal, once she’s got such knowledge, is to take some accountancy work “in-house” so to speak. This is caused not just by our drive to reduce costs but also by our desire to be more in control. No offence to accountants on this forum, but I am becoming more and more sceptical about a chance to obtain (for a reasonable charge) a proactive service that would really relate to my company needs.Tags: None
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