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Is my accountant legit?

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    Is my accountant legit?

    My end of year accounts are due 31st Jan, for my limited company. I am a contractor. It was my first year as a limited

    My accountant has not asked for any bank statements, only an expenses, profit/loss sheet. How can I do my accounts without seeing bank statements? Does he just take my word (like self assessment)

    Thanks

    #2
    First of all, is your 'accountant' qualified? Anyone can set up as 'accountants'.

    If your company is not required to have 'audited' accounts (which is unlikely as this mainly applies to companies with a turnover in excess of £6.5 million), then the account can be compliled from any documents that the 'accountant' deems suitable.

    We would not prepare annual accounts without seeing a copy of the bank statements, indeed we also see copies of invoices and expenses etc so that we can check these as well.

    Alan

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      #3
      Originally posted by John Crowe View Post
      My end of year accounts are due 31st Jan, for my limited company. I am a contractor. It was my first year as a limited

      My accountant has not asked for any bank statements, only an expenses, profit/loss sheet. How can I do my accounts without seeing bank statements? Does he just take my word (like self assessment)

      Thanks
      Without going down the - is he an accountant slant that Alan is taking...

      Are we talking your Company Tax Return or your Companies House accounts?

      Do you already have accounting software or is your P&L a few numbers in a spreadsheet? Has he asked for your balance sheet?

      Even if your accountant prepares your Company Tax return it is still your responsibility, so he doesn't need to trust you. You have to trust you.

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        #4
        Does your accountant have viewing access to your bank account? We find that with many clients we can view their statements online if they are with certain banks, so we don't need to ask the client as we get the statement direct from the bank.
        ContractorUK Best Forum Adviser 2013

        Comment


          #5
          Originally posted by John Crowe View Post
          My end of year accounts are due 31st Jan, for my limited company. I am a contractor. It was my first year as a limited

          My accountant has not asked for any bank statements, only an expenses, profit/loss sheet. How can I do my accounts without seeing bank statements? Does he just take my word (like self assessment)

          Thanks
          Mine does the same. As I do my own book-keeping they make up my accounts from the output from my accounts software. But I do provide a complete download of my bank transactions so they can check it.

          The accountants above need to justify their exorbitant fees so yes they'll want everything as they're checking what you do.
          What happens in General, stays in General.
          You know what they say about assumptions!

          Comment


            #6
            Originally posted by Clare@InTouch View Post
            Does your accountant have viewing access to your bank account? We find that with many clients we can view their statements online if they are with certain banks, so we don't need to ask the client as we get the statement direct from the bank.
            What Clare said... I'm with SJD and they have read access to my Cater Allen bank account as they do presumably for all their customers they arrange the account for.

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              #7
              We ask for the bank statements if we can't access them online as sometimes a client forgets to put a transaction in from there bank statement on their workbook.

              Plus as an accountant one of the fundamentals is making sure what is in the bank at the year end is correct.

              we ask for invoices, VAT returns etc as well.

              Comment


                #8
                Originally posted by Jeremiah at Smith Craven View Post
                We ask for the bank statements if we can't access them online as sometimes a client forgets to put a transaction in from there bank statement on their workbook.

                Plus as an accountant one of the fundamentals is making sure what is in the bank at the year end is correct.

                we ask for invoices, VAT returns etc as well.
                But you are saying you check the workbook, which means you don't always check the bank statements..I just found out that my accountant works from the numbers I enter into the online software, and doesn't require to see my bank statements..

                The problem is I need to provide annual summary proof of income for a loan, if he is just going on numbers I enter, it won't be legit will it?

                Comment


                  #9
                  Originally posted by Mr.Whippy View Post
                  What Clare said... I'm with SJD and they have read access to my Cater Allen bank account as they do presumably for all their customers they arrange the account for.
                  I'm with SJD and Cater Allen and had to scan in the damn things then send them on at EOY....
                  Anti-bedwetting advice

                  Comment


                    #10
                    Originally posted by Notascooby View Post
                    I'm with SJD and Cater Allen and had to scan in the damn things then send them on at EOY....
                    Sometimes we don't have access, even if you're with Cater Allen. Ask SJD if they are authorised as your agent, and if not ask them to apply (or you can write to Cater Allen and ask them to allocate SJD as your agent, you'll just need their master account number).
                    ContractorUK Best Forum Adviser 2013

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