Reply to: When to get an accountant?

[Jessica@WhiteFieldTax]

It's the advice that's the important bit. A bit of software can put things in the right boxes, but it can't tell you if it's allowable to put those things in those boxes. Or look at your accounts and advise on things you may have missed, or things you should consider. Or review your overall tax position to ensure you're as tax efficient as possible. Or answer letters from HMRC on your behalf.

Clare

A nice summary; none of us in accountancy should be complacent - we have to (or should) "stay on our toes" and be aware that basic stuff can be automated. However good timely advice, from an experienced professional, should be invaluable and worth the accounting fee in terms of both added value and peace of mind. Most of the tax / accounting for a small business isn't that complex, but if you aren't doing it day in day out its easy to overlook aspects.

[Jessica@WhiteFieldTax]

+1. Just beggars belief.

(late) +2

[northernladuk]

Oi! I'll have you know I also drink coffee, eat biscuits and answer the odd email inbetween.

Besides, you have no higher ground when it comes to being on CUK all day

I am not providing a professional service to my clients for oodles of money... Oh!.. hang on.. crap..

[Clare@InTouch]

Not ALL my emails are odd, thank you!

[TheFaQQer]

Oi! I'll have you know I also drink coffee, eat biscuits and answer the odd email inbetween.

Besides, you have no higher ground when it comes to being on CUK all day

Not ALL my emails are odd, thank you!

[Clare@InTouch]

Post on internet forums all day

Oi! I'll have you know I also drink coffee, eat biscuits and answer the odd email inbetween.

Besides, you have no higher ground when it comes to being on CUK all day

[PEEL]

It's the advice that's the important bit. A bit of software can put things in the right boxes, but it can't tell you if it's allowable to put those things in those boxes. Or look at your accounts and advise on things you may have missed, or things you should consider. Or review your overall tax position to ensure you're as tax efficient as possible. Or answer letters from HMRC on your behalf.

Clare

OK, I thought so. I still think the advice I get is worth what I currently pay and I like that I can always call someone up and get some advice straight away, without having to scour the internet for something that is potentially incorrect / outdated. Wouldn't be much of a business though if I didn't at least evaluate the costs Thanks Clare.

[northernladuk]

Hi Claire, besides giving advice and doing the personal tax return, what do accountants do when the end client is using something like Clearbooks? I get the impression that Clearbooks basically creates the end of year accounts based on the information that I enter, along with VAT stuff. I am currently feeling that with something like Clearbooks and some simple PAYE software I could almost go-it alone (or get a cheaper accountant). Not quite there yet though, need to do some more research first.

Post on internet forums all day

[Clare@InTouch]

Hi Claire, besides giving advice and doing the personal tax return, what do accountants do when the end client is using something like Clearbooks? I get the impression that Clearbooks basically creates the end of year accounts based on the information that I enter, along with VAT stuff. I am currently feeling that with something like Clearbooks and some simple PAYE software I could almost go-it alone (or get a cheaper accountant). Not quite there yet though, need to do some more research first.

It's the advice that's the important bit. A bit of software can put things in the right boxes, but it can't tell you if it's allowable to put those things in those boxes. Or look at your accounts and advise on things you may have missed, or things you should consider. Or review your overall tax position to ensure you're as tax efficient as possible. Or answer letters from HMRC on your behalf.

Clare

[GazCol]

Hi Claire, besides giving advice and doing the personal tax return, what do accountants do when the end client is using something like Clearbooks? I get the impression that Clearbooks basically creates the end of year accounts based on the information that I enter, along with VAT stuff. I am currently feeling that with something like Clearbooks and some simple PAYE software I could almost go-it alone (or get a cheaper accountant). Not quite there yet though, need to do some more research first.

Besides giving you general advice they'd be advising you on whether it's tax efficient to run a PAYE scheme.

[PEEL]

something

Hi Claire, besides giving advice and doing the personal tax return, what do accountants do when the end client is using something like Clearbooks? I get the impression that Clearbooks basically creates the end of year accounts based on the information that I enter, along with VAT stuff. I am currently feeling that with something like Clearbooks and some simple PAYE software I could almost go-it alone (or get a cheaper accountant). Not quite there yet though, need to do some more research first.

[northernladuk]

It's amazing how many people don't realise this.

+1. Just beggars belief.

[Clare@InTouch]

Some advice is useful early on, and by delaying you may delay the point at which you can act on it and therefore lose out. We sometimes get that with new clients when we find that their accountant, if they had one, didn't mention something that could have saved a few hundred/thousand in tax but it's now too late to do anything about it. The right mix of salary/dividends for example, especially now that RTI is around and you can't simply backdate a salary. Or FRS. Or shareholders.

You may well find an accountant who won't charge you catch up fees, many of the contractor specialists won't as they want to offer an incentive to help you on board, but waiting in order to save £500 in professional fees could cost you more in lost opportunities. Or in penalties if you've done something wrong in the meantime.

[jmo21]

Postponing getting an accountant won't save (much) in fees because the bulk of the effort is in doing the end of year accounts, just that many split this over 12 easy payments.

It's amazing how many people don't realise this.

[TheFaQQer]

Quick summary - If you have to ask that question, the answer is probably "Last May".

HTH

If not before.