Do I really need an Accountant for my LTD?

[seanxie]

Right I know this question has been asked a million times but I just had a year of unsatisfactory experience with my previous accountant, now I'm wondering if i really need one?

My situation is that I have a small marketing Ltd company and turnover is pretty low, im not taking any salary at the moment, nor is the business VAT registered. I actually prefer to keep my own books so I would be very clear with how the business operating, I use softwares such as Sage One, Clearbooks, Wave etc to keep track of transactions I've been making.

Believe or not I actually had an Accounting & Finance degree and my friend said I was overqualified to do my own book keeping, but as I graduated many years ago now I kinda lost touch with all that stuff (and plus I've never dealt with the complication of practical regulations or submitting forms to the HMRC before in uni anyway).

So my question, again, is that based on my background, do I really need an accountant to handle my account? Is there maybe step-to-step guide on how small business owners can handle their own accounting procedures, or what kind of stuff do I need to avoid HMRC fines etc?

Thanks in advance!

 

[Scalloway]

You don't necessarily need an accountant to deal with the day to day stuff. However you do need a certain amount of knowledge to file youir annual accounts and tax return.

Click on the Search button and enter CT600. See how many of the queries you understand.

 

[seanxie]

Hey Scalloway, thanks so much for the info! Keywords or key codes like that are extremely helpful to direct me to the right regulation or information!

 

[Bob]

There are new rules coming into force shortly removing much of the complexity of micro company accounts. May make it easier to DIY

 

[seanxie]

sounds pretty good, what new rules are these?

 

[Bob]

Some details here