Doing your own accounts

[russell]

Now that HMRC have online services for VAT, self assessment etc, is it fairly easy to do accounts yourself, given a flat rate scheme and one client at a time?

Anyone doing this, whats the hardest part?

[SimonMac]

I do all my own, albeit it with help from the good people on these forums, the CT600 was a PITA but I try to keep things simple, minimize my receipts (I don't claim for food/drink while away, incidental parking etc) and have found a very good product in DIY Accounting Software, Payroll Software, Tax Return

[russell]

I do all my own, albeit it with help from the good people on these forums, the CT600 was a PITA but I try to keep things simple, minimize my receipts (I don't claim for food/drink while away, incidental parking etc) and have found a very good product in DIY Accounting Software, Payroll Software, Tax Return

Thanks SM, how often do you need to attend to it, once a month? How long an hour? Then I guess a couple of times a year for the annual ones?

[SimonMac]

Thanks SM, how often do you need to attend to it, once a month? How long an hour? Then I guess a couple of times a year for the annual ones?

Most of my costs are fixed, mileage is the same every week, salaries every month, VAT and PAYE every quarter so I can put the figures in the package and forecast it for months ahead, year end took us *&@#ing days to sort out but that was just getting the hang of the CT600.

The more time you can spend on it the better you will understand, but I would say no more than an hour or so every Sunday if your expenses change on a week by week basis, could of hours month end and then its just remembering to pay things but most things you sign up to give you good reminders that things are due.

[Andrew at Boox]

Good to get your head around it

It's a really good idea to get your head around how it all works - I encourage it. Especially knowing the tax provisions you need to set aside on a weekly/monthly basis so you don't get any nasty surprises. All too often I've seen freelancers give it a go on the 11th hour to save money, only to find themselves paying exhorbitant hourly rates on the last minute.

Plus - if ever you did use an accountant you'll be able to make sure it looks right (or thereabouts).

[eek]

Thanks SM, how often do you need to attend to it, once a month? How long an hour? Then I guess a couple of times a year for the annual ones?

I used to do all my accounts for my previous company as I don't trust accountants to get it right. Although I did use them to do the end of year stuff.

This time around I'm currently using the free version of http://www.crunch.co.uk which is keeping everything up to date and accurate. For the grand total of £0 its definitely worthwhile and I'll probably shift to the £10 a month option. I'm struggling to work out what their complete packages offer to justify the extra £720 a year they want for them.

[kaiser78]

I would rather pay my accountant his annual fee to do the personal and company returns to make sure they are done 100% correctly. I also know then know he is also available throughout the year to deal with adhoc queries I raise with him. Piece of mind.

[VectraMan]

I'm currently half way through wrestling with the CT600 PDF. Everything is "explained" in terrifying accountancy terms, and you invariably get stuck with it refusing to let you continue because box A371 should agree with box A36, even though both patently have the same number in them.

Although part of my problem is having to infer what the accountant did last year. I currently have an extra £97 that I can't work out where it's come from.

I had a small plan B co. that I did all the accounts for, including the year end and ultimately closing the company too. It's not too hard, but it's quite easy to get a fine for doing something wrong or not doing something that they don't tell you you're meant to do, as happened to me the first time.

[jmo21]

I would rather pay my accountant his annual fee to do the personal and company returns to make sure they are done 100% correctly. I also know then know he is also available throughout the year to deal with adhoc queries I raise with him. Piece of mind.

WHS.

For the equivalent of 3 days rate, doing it myself just isn't worth it.

[escapeUK]

I used to do all my accounts for my previous company as I don't trust accountants to get it right. Although I did use them to do the end of year stuff.

This time around I'm currently using the free version of http://www.crunch.co.uk which is keeping everything up to date and accurate. For the grand total of £0 its definitely worthwhile and I'll probably shift to the £10 a month option. I'm struggling to work out what their complete packages offer to justify the extra £720 a year they want for them.

They have seriously misjudged this I feel. The website is worth something, its pretty good. The accounts side is pretty poor, you have to check their work with a fine tooth comb.

So they are now giving away the thing that is good, and the thing that is rubbish you have to pay for. Sounds like a good business model to me hahaha