• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Doing my own accounts

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Doing my own accounts

    Hi Guys,
    Under the current circumstances, and being currently out of contract, I'm starting to consider the above mentioned option.
    Will be glad to have your thoughts on that, especially from the ones who have already tried it.
    Thanks in advance.

    #2
    Looking at the mess some people bring to this forum when doing their own accounts I'd say don't do it.

    That said you've not indicated to us your level of capability so it's just guesswork.

    It's OK doing yours now but the accouancy fees are per year split up monthly so it's not just a matter of saving a few months per year and then engaging an accountant when you think you will need them. Many need you to have paid for a full year before doing your SA I believe as well. Year end and SA is when it starts getting tricky for newbies as well. It's easy when it's easy.

    First off I'd be speaking to your existing accountant and see what deal they will do while you are not in contract. Many of the me offer reduced services when you aren't working as there is nothing for them to do. Might be better taking that option rather than getting rid of the accountant and then getting a shock when you try re-engage later.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      I have 9 years' accounts experience back from my permie days but still get an accountant to do the year end stuff as I like a sanity check. It really depends on your level of accounting experience and whether you're comfortable doing everything an accountant will do.

      There are some on here who have very successfully done their full accounts for years and don't engage an accountant.

      Comment


        #4
        I'm an accountant by training, and have done my own accounts in the past...

        I ( happily) pay my accountant now, to do them for me, since I can't be arsed.

        Shop around and I'm sure that for £60+VAT you'll find someone adequate? There are loads of small accountants who are desperate to get new clients onboard. Our typical IT Contractor accounts are a piece of cake, tbh.
        I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

        Comment


          #5
          The fact you ask suggests you don’t know enough to do it.

          If I was contemplating DIY I’d first investigate what was involved. Then I’d decide if I thought I was capable. At no point do I think I’d ask strangers who don’t know me if I’m capable.
          See You Next Tuesday

          Comment


            #6
            I think I'm about to make the leap but I think you need a good 3 years of 'having an accountant' first to get used to it
            ⭐️ Gold Star Contractor

            Comment


              #7
              I have never used an accountant.
              I have done my own accounts for 10 years. No regrets.
              Year 1 required a bit of concentration. Once you've done it once, it gets easier.

              Comment


                #8
                Originally posted by PerfectStorm View Post
                I think I'm about to make the leap but I think you need a good 3 years of 'having an accountant' first to get used to it
                I'm doing my first year going it alone after about 8 years contracting in UK and 4 in Ireland, and it's a much simpler business in Ireland. And I'm not fully going it alone as an accountant will do my end of year accounts (and hopefully catch any mess I've made).

                Comment


                  #9
                  Originally posted by Old Greg View Post
                  I'm doing my first year going it alone after about 8 years contracting in UK and 4 in Ireland, and it's a much simpler business in Ireland. And I'm not fully going it alone as an accountant will do my end of year accounts (and hopefully catch any mess I've made).
                  That's what I do. All my own PAYE and VAT, bank reconcilations, invoicing, depreciation, accruals and essentially produce accounts to the Trial Balance stage. Then I chuck it over the fence to my accountant who does the year end submissions to CoHo and HMRC, and CT calculation. They literally only receive my trial balance and closing bank statements. They'll then just confirm what I've put in some accounts to make sure I'm coding correctly or if there is a notable year on year change in the balance of an account. I then get sent a year end journal to input with the CT value and any adjustments they recommend and that's it. The turn around is quite quick, maybe because I'm one of their faster payers

                  Comment


                    #10
                    Originally posted by CountryGirl View Post
                    Hi Guys,
                    Under the current circumstances, and being currently out of contract, I'm starting to consider the above mentioned option.
                    Will be glad to have your thoughts on that, especially from the ones who have already tried it.
                    Thanks in advance.
                    For me I’d rather do a few days work, doing what I’m good at, to then pay someone else to do something they are good at that to me is rather important to get right


                    Sent from my iPhone using Contractor UK Forum

                    Comment

                    Working...
                    X