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Help with setup everything on FreeAgent and carry on with diy

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    #11
    Originally posted by siphr View Post
    I am considering this. How do you manage the payments to the accountants, do you keep them on for the whole year as a full-time service or do you pay one off for individual services?
    Although they advertise the cost as per month it can be just a monthly break down of a years service. You can't just pay a few months to do your company returns and then stop using them. Speak to them to make sure what their terms are if you are planning not to use them for full year...

    But why do you want to do your accounts yourself. You really think you fully up to speed with tax law and are close enough to watch for changes in the limits and understand how to apply them etc etc.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #12
      Originally posted by legal View Post
      Thank you.

      Further to this, HSBC do not support FA for bank feed or atleast I cannot see an option listed. (I stand to be corrected.)
      They do support QuickBooks. Any Accountant using QuickBooks please?
      I did correct you and threw a huff
      'CUK forum personality of 2011 - Winner - Yes really!!!!

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        #13
        Originally posted by ladymuck View Post
        I didn't try to quantify how many. I just know that they do exist! I don't use FA so can't help with any specific questions on that side of things
        We are exist! I do 100% DIY last 3 years after being 8 years with an accountancy.

        It is not advisable for all but I think around 5-10% of contractors are capable enough to do it given they have years of LTD experience and close enough to accounting world in their profession.

        After just 1 year it is too early to go DIY if you are not yet educated.
        In general it is a very good idea and I like I went that way.

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          #14
          Originally posted by northernladuk View Post
          I did correct you and threw a huff
          Let’s not change the purpose of this thread.

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            #15
            Originally posted by legal View Post
            I want to change my accountant.

            Looking for someone to help with setting up everything on FreeAgent. After 6 to 12 Months looking to stop using Accountant and do everything myself.

            I don't mind starting with an Accountant for first year until one personal tax return is done and one company tax return is done.

            Anyone done similar thing already?

            Any Accountant posting here willing to help out?

            I am an IT contractor with everything standard.

            Quarterly VAT
            Monthly payroll
            Pension contribution
            Personal Tax return
            Company Tax return

            Anything I am missing?
            I pay salary just once a year.
            I use Basic PAYE Tools Download HMRC's Basic PAYE Tools - GOV.UK and set all months as "No payments to employees" except a month I pay annual salary. In effect no RTI to report other 11 months.

            I do not use FA to submit Personal Tax return. Online HMRC filing is pretty straight and works for me.

            FA Trial accounts figures do not match fully what required to file online for Accounts and CT600 so you have to understand them all as a basic accountant as "copy-paste" will not work.

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              #16
              Originally posted by FK1 View Post
              I pay salary just once a year.
              I use Basic PAYE Tools Download HMRC's Basic PAYE Tools - GOV.UK and set all months as "No payments to employees" except a month I pay annual salary. In effect no RTI to report other 11 months.

              I do not use FA to submit Personal Tax return. Online HMRC filing is pretty straight and works for me.

              FA Trial accounts figures do not match fully what required to file online for Accounts and CT600 so you have to understand them all as a basic accountant as "copy-paste" will not work.
              That is useful info. Thanks.

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                #17
                One more. It does not make sense to read all those "ACCA" books but makes sense to try a software that accountants use to compile Accounts and CT. They often are power users of that software.

                And you may consider RBS business account. FA is free then.

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