Do I need an accountant?

Pennywise

sofiar wrote: »

affordable accountant? Not 2 words I would see together in the same sentence!

Compared to other professions, accountancy is one of the cheapest. If you think accountants are expensive, then don't even think of using a solicitor or vet!

zygurat789

Aquamania wrote: »

Y

(You would need a chartered accountant to sign off audited accounts, but most small businesses are permitted exemption from supplying audited accounts)

Certified accountants and can sign off audited accounts.
Audited accounts aren't required until turnover hits £2m, long way to go if you aren't VAT registered yet.

IronWolf

I have just started my Ltd Co and am planning to use https://www.quickfile.co.uk rather than an accountant. They will prepare and submit your required filings for only £300 but you need to update all your records properly on their software.

My business is fairly simple in terms of income/costs so its easy for me, worth a look imo.

AbbieCadabra

IronWolf wrote: »

I have just started my Ltd Co and am planning to use https://www.quickfile.co.uk rather than an accountant. They will prepare and submit your required filings for only £300 but you need to update all your records properly on their software.

My business is fairly simple in terms of income/costs so its easy for me, worth a look imo.

just had a quick look but couldn't find this info, will that take care of filing your annual accounts & corporation tax too?

IronWolf

AbbieCadabra wrote: »

just had a quick look but couldn't find this info, will that take care of filing your annual accounts & corporation tax too?

Yes, the info is on here http://www.quickfile.co.uk/home/pricing

AbbieCadabra

IronWolf wrote: »

Yes, the info is on here http://www.quickfile.co.uk/home/pricing

thanks Annual return to companies house isn't listed on that, presume you'd do this yourself, we do & you always get a reminder for it.

seems like a bargain for anyone with reasonably straightforward accounts & no need for access to accountants advice.

IronWolf

AbbieCadabra wrote: »

thanks Annual return to companies house isn't listed on that, presume you'd do this yourself, we do & you always get a reminder for it.

seems like a bargain for anyone with reasonably straightforward accounts & no need for access to accountants advice.

I assumed it was covered under

Online Submission of Your Abbreviated Financial Statements to Companies House.

AbbieCadabra

IronWolf wrote: »

I assumed it was covered under

Online Submission of Your Abbreviated Financial Statements to Companies House.

wouldn't think so as it's Company info, not really anything financial (apart from shareholders). this is info on Annual Return, only takes a minute or two online each year (unless something has changed or the criteria has altered).

https://www.gov.uk/prepare-an-annual-return-for-companies-house

Suarez

zygurat789 wrote: »

Certified accountants and can sign off audited accounts.
Audited accounts aren't required until turnover hits [STRIKE]£2m[/STRIKE] 6.5m, long way to go if you aren't VAT registered yet.

Fixed it for you :beer:

Pennywise

zygurat789 wrote: »

Certified accountants and can sign off audited accounts.
Audited accounts aren't required until turnover hits £2m, long way to go if you aren't VAT registered yet.

Being pedantic, only "registered auditors" can sign off audited accounts. Some registered auditors will be chartered accountants, some will be certified accountants, some may be members of other professional bodies. But neither chartered accountants nor certified accountants can sign off audited accountants if they're not registered auditors. These days, fewer and fewer small firms of accountants are registered auditors simply because only a tiny proportion of limited companies need a statutory audit - it's become a bit of niche outside the larger firms.