Limited Company - Do you do the accounts yourself?

[elainec100@cheapaccounting]

I am interested to get feedback from users here as to if they do or have ever tried to do the accounts and tax returns themselves.

For example filing Abbreviated Accounts at Companies House and full accounts and a CT600 with HMRC.

Please share your experiences and vote in the poll – thanks.

[David Griffiths]

Are you including us accountants in that? :D

[elainec100@cheapaccounting]

Are you including us accountants in that? :D

well I am hoping that you do them yourself - or in your case you get one of your 'articled clerks' to do them :rolleyes:

[frauke]

As someone who does this for others, I can't take part in your poll!

But interestingly, each year I pick up at least 1 new client who for the first year tried to do it themselves and failed with all of them and pass it all to me initially for help with submission, but I always find a couple of things wrong.

The main error I find is the accounts of course end - month end after the 12 months of formation. But the HMRC automatically use the year end the anniversary of the company formation. (Hence the submission failing). I think because when people do the paperwork themselves they don't realise they have to tell the HMRC when the accounts will be made up to and they presume the HMRC will do it the same as Co House. Which of course they don't!

Then there are the problems people have with the "notes" with the Co House submission. Which accounting policy etc........?

[Alison Jones]

I voted other because our first year end has not happened yet.

I will end up having to do own accounts as new company and cannot justify paying out for an accountant and because I cannot persuade the other MD (who is my husband) so don't want to argue, that accounts are very different to bookkeeping but he wants me to do the accounts anyway rather than paying out for something he is convinced I can do if I put my mind to it.

Alison

[spencergate]

I do our accounts, but still get my accountant to check the year-end, offer any advice and submit our return for me.

I think in my place, I need someone to oversee my own accounts.

[Tom McClelland]

I voted "never do it myself", but that isn't the whole story.

I do my own annual return, and I actually file the abbreviated accounts online myself, but I do so by typing in the figures from a hard copy that my accountant provides me with (even that has me scratching my head at a couple of stages). My accountant files the CT600 online for me. :eek: would be my expression if I had to do that myself. It takes him about 90 minutes to turn my management accounts into something that can be filed, but he trusts my work so he doesn't reconcile anything (I've already done that)

The bill I get is *absurdly* small, but I don't suppose most of my accountant's clients pop round and sort things out for free whenever he has a PC problem.

Oddly enough I do think that I can cope with P14/P35. :cool:

[Faith28]

That's weird my response has been deleted!

[GRDCredit]

So has mine but it was smutty so I guessed that was the reason why! :)

[Faith28]

So has mine but it was smutty so I guessed that was the reason why! :)

lol..mine just stated 'never, god forbid'...maybe that was too insulting to the athiest mods :D

[Abena]

As an Accountant, I prepare and file my statutory returns myself.
Just wondering.... why have youasked this question?

Regards

[elainec100@cheapaccounting]

As an Accountant, I prepare and file my statutory returns myself.
Just wondering.... why have youasked this question?

Regards

welcome to the forum - can I suggest you introduce yourself in the Introductions forum. You will find that we are all pretty friendly on here and we all like to give something back to the forum but trying to answer questions.

So in response to your question - why do you ask why I ask this question :rolleyes::D

[weebly_one]

I do our accounts, but still get my accountant to check the year-end, offer any advice and submit our return for me.


This is what I do too. I am after all a book-keeper not an accountant!

[spencergate]

This is what I do too. I am after all a book-keeper not an accountant!

Exactly, that is my view. I'm also aware that I'm not infallible, so a second opinion on my accounts is a good idea.

[Geoff T]

Me not being a "bean counter" - sorry Elaine etc (NOT!:p) - the 1st thing I did for my business was decide on a good accountant...

Do the day-to-day stuff myself, but HMRC/forms/self assessment/TECH PAH they will sort for me...(ps - ltd co reg + VAT reg in the deal)

Paying for that,but will save me grief with the vatman - so they can afford those MP expenses!:mad:

Seriously - I need to focus on my job, not the monthly reports, so it was a no-brainer for me! (RESPECT beanies:D)

[elainec100@cheapaccounting]

Geoff - that's great that you know your limits :D:D

[maxine]

Did 1st three years ltd co accounts myself for Float then it got a bit too hairy for my liking :)

Have done the first two years sole trader accounts for Maxxy and payroll etc but now handing everything over to accountant for Ltd from day one :) Strangely enough I thought I would miss it but it's as if a weight has been lifted off my shoulders already :)

[Geoff T]

Geoff - that's great that you know your limits :D:D

yup - I never count beans!:p:D;)

Did 1st three years ltd co accounts myself for Float then it got a bit too hairy for my liking

Have done the first two years sole trader accounts for Maxxy and payroll etc but now handing everything over to accountant for Ltd from day one Strangely enough I thought I would miss it but it's as if a weight has been lifted off my shoulders already

Bean free - or should that be decaff?!?:D

[Mister B]

False economy to do them myself:)

IMO, a good accountant will be more than covering their fee by way of time and money saved:) Never mind the hassle factor avoided.

Mister B

[dlp]

Elaine it is an interesting question, as an accountant new to this forum I am amazed at the extent to which people try to do the accountant's job themselves. I think the problem is a high proportion of accounts filed at companies house and HMRC contain errors but very few are actually picked up on.

The chances of a non accountant getting the disclosures, CT600 etc right must be minute, as accountants we have access to software, expert colleages, text books and company disclosure checklists apart from our own knowledge and training.

Apart from the risk of penalties (ignorance is not a defence) the chances of overpaying tax are high.