How many with small businesses registered as a Limited Company do their own taxes?

pjs493

My husband and I set up a small business as a registered Limited Company last year. I've kept meticulous records of incoming and outgoing payments and what they are for. I have a business bank account that everything goes through. 

I'm confident that I can file my own accounts for the business but just wanted to gauge how many people do this. 

This isn't a full time business and is more of a side venture that we initially planned to do around our day jobs, but over time as the business grows the plan is to expand the business. My husband sadly died unexpectedly towards the end of last year which meant that I paused the business and didn't get any of the Christmas related sales we expected to make. Even without those sales I expect the business to have a turnover of £10-12k in its first operating year.

DullGreyGuy

Like most things, you can ultimately do it yourself but it will take time and effort to learn all the accounting rules, options, reliefs etc. The question is always going to be if your time is best invested in doing that or paying an expert to do it and you spend your time on what you are already experts in. 

Just the accountant pointing out we could claim Employment Allowance and so not have to pay Employers NIC has saved us more than their annual fee

LadyWithAPlan

Sorry to hear about your husband 

I filed my own ltd company accts myself - there is a HMRC tool you can use if you are a micro company as you are - it was pretty easy if you are comfortable with accting 

do be clear before you start on your balance sheet. 

Don’t do it at the last minute as it took ages to go through 
you will need the payment reference number - found in the letter they send 

pjs493

LadyWithAPlan said:

Sorry to hear about your husband 

I filed my own ltd company accts myself - there is a HMRC tool you can use if you are a micro company as you are - it was pretty easy if you are comfortable with accting 

do be clear before you start on your balance sheet. 

Don’t do it at the last minute as it took ages to go through 
you will need the payment reference number - found in the letter they send 

Thanks. I’ve kept meticulous records since the business was founded so hopefully a lot of it will just be a case of transferring figures from a spreadsheet. Accounts aren’t due until December, but I’ll probably make a start next month in case I get really stuck and need to get some help from an accountant. I managed my own accounts when I was self employed about 15 years ago so I’m confident I can do the same now, even though these are a little more complicated.