DIY Accountancy

[Bumbling Amateur]

I've seen it discussed in other threads that accountants will charge between £500 and £1000 to do all the returns of a limited company each year. However I've not read anything relevant to a business such as mine.

Each year I send out less than 10 invoices and my expenses and business costs are very few. Because of this I am tempted to believe that I could do my own accounts.

In my research so far I've viewed the returns of some of my competitors and they only seem slightly mystifying - something which I imagine could be solved by reading a single, preferably lightweight, educational book.

Thoughts anyone?

[MyAccountantOnline]

Its like anything - you can muddle through yourself and you may be OK.

I am bias being an accountant but if our job was really that easy why does it take us years to qualify? Do also bear in mind that the relevant legislation changes every year.

If your affairs are simple and your records are well kept I am sure you can agree a low fee with an accountant.

You may actually be surprised at the tax savings etc that an accountant will show you.

I think you'll struggle to get one book that does it all but for general pointers try -

www.hmrc.gov.uk (http://www.hmrc.gov.uk)

www.companieshouse.gov.uk (http://www.companieshouse.gov.uk)

Is it actually really worthwhile for you to be operating as a limited company?

[MyAccountantOnline]

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073963622

This makes some interesting points.

[Blackberry]

Some firms will charge a fixed fee for accounts and tax work and this will often come with a minimum charge.

Others like myself however charge based on the amount of time incurred with the preparation of the accounts and tax returns. There is no mimimum charge and for a small business such as yours the fees will be well under the £500 your talking about here.

It can seem like a saving to try and do it yourself but its often a false economy if your not up to speed on the accounting and tax rules. A good accountant really is worth the fee.

I specialise in helping small businesses, if you'd like a quote please send me a Pm with your full details and requirements.

[dp0848]

If your books are as simple as you indicate then we'd be very happy to put a year end package together for you. If your interest please drop me a PM and we'll see what we can do.

David.

[Maslins]

Have you already created the limited company?

If not, then if you don't consider you're big enough to warrant getting an accountant on board then you're probably not big enough to warrant setting up a limited company for your business.

If you already have, then by all means give it a go yourself. It isn't rocket science, but there are quite a few legalities relating to companies that don't apply to sole traders. There is a chance Companies House will reject your accounts if they don't comply with the companies acts fully (having said that I've seen plenty of sets of accounts that don't even cast which have been accepted).

Otherwise, as suggested above, there'll be a few accountants who will do it all for you for a more modest fee, especially internet only type accountants. Some would say a more local accountant could perhaps add more value by being able to understand your business better, but if you simply want the legalities complied with for as low a cost as possible then these people are perhaps your best option.

[CassioAcc]

As others have said it is best to get a personal quote as the figures you have seen on the forum are only a rough guide given.

It is difficult to give accurate quotes without full details, however saying that if your accounts are as simple as you suggest I'm sure you will find a very good deal.

Make sure you understand what is included / excluded in the quotes.

Also, I second the comment by Nicola. Is a LTD really the best for you ? Something an Accountant can advise on.

Good Luck

[dp0848]

Have you already created the limited company?

If not, then if you don't consider you're big enough to warrant getting an accountant on board then you're probably not big enough to warrant setting up a limited company for your business.

I'm not sure that I agree with that. There is far more to the sole trader v. limited company decision than just the size of the business.

David.

[KateCB]

Not sure of the benefits of LTD anymore, however we are LTD and have an accuonts package - we print everything off at year end, our accountan turns uop about a week later with a packet of biscuits and we make the amendments he needs, print if off again and about 6 weeks later we get the accounts - he does our Self Assessment forms too and it costs us £425 a year - he is also always on the end of the email if we get stuck with anything or need advice, for which thankfully he doesn't charge!

[dp0848]

our accountan turns uop about a week later with a packet of biscuits

This is where we are going wrong Jenni. We need to bribe clients with biscuits. Kate, if we promise to bring over chocolate biscuits rather than just plain old biscuits will you move your business to us? :|;):p

[MyAccountantOnline]

Interesting USP for sure!!