There is no law that says you cannot do your own accounts – even if you are running a Limited Company. But ask yourself the following question:-
“Would I pull out my own teeth?”
The answer is probably “No”!
You can do your own accounts but, as with pulling out teeth, there is likely to be some pain if you don’t really know what you’re doing. For example, if you don’t submit your accounts on time, you will automatically be fined a minimum of £150 by Companies House. Ouch!
Seriously, we all have our areas of expertise. You are obviously very good at what you do or you wouldn’t have had the confidence to start out on your own. Your clients will be relying on your specialist knowledge to sort out one area of their business allowing them to concentrate more on the other areas. It’s probably more cost effective for them to employ you than to undertake the necessary training to do the job for themselves.
We at SJD Accountancy believe that our area of expertise lies in being the best at providing Limited Company accountancy services to contractors.
However, if you want to do your own accounts, have a look at our website. You’ll find all the information you need to meet the minimum requirements and avoid penalties and interest charges. There’s even a useful spread sheet, for recording your income and expenses, which you can download for free. Don’t forget to register with HMRC and Companies House and obtain the details you need for on-line filing of your returns. You’ll probably be burning the midnight oil for the first 12 months or so – but it’ll get easier in time. You may even decide to forget your day job and become a full time accountant!
Or, for £110 + VAT per month, we could take this hassle away from you and you could just concentrate on the business you dreamed of starting in the first place.
And we won’t just stop when we’ve met the minimum requirements. As well as making sure your accounts and tax are correct and guaranteeing to meet all your filing deadlines, we’ll act as your business adviser throughout the year. We’ll look at the best way of structuring your business to minimise your tax bill, we’ll advise you on what expenses you can claim and not claim and we’ll help you to understand the best way to take money out of your company. And, whenever you have a question about your business, however silly it might seem, you’ll have direct access to your own accountant by telephone, email or even face to face.
So, the answer to the question “Can I do my own accounts?” is “Yes”. But why not have a look at our website and see if you still really want to?
