Accountants

Do I need an actual firm of accountants to file my yearly business accounts? I do my VAT and everything I need for my business on Sage but then it costs fortunes for the Accountant to submit the end of year accounts. Thank you 

Parents
  • Hi Ray,

    I'm an accountant myself so I can help you with this query!

    If you're confident that you can prepare the end of year accounts yourself there is nothing to stop you filing them on your own.  

    However, if you decided to prepare your own accounts you would need to make sure that you kept up to date with changes in the reporting and tax legislation to keep yourself compliant, which is something that qualified accountants will be doing on their clients behalf on a regular basis.  

    You should also be confident that you know how to prepare the accounts properly, making sure that you disallow any expenses not eligible for tax relief, making sure that you treat the addition of new assets and disposal of old assets into and out of your business correctly, providing for any accruals and prepayments accurately (unless you're using the cash basis), reconciling all items on your balance sheet and making the correct disclosures in the accounts (if you are preparing statutory financial statements).

    Preparing accurate accounts isn't just about recording transactions on Sage properly, there is a lot more to it than that, and a good accountant can make sure that your accounts are accurate and complete.  

    I hope this helps!

Reply
  • Hi Ray,

    I'm an accountant myself so I can help you with this query!

    If you're confident that you can prepare the end of year accounts yourself there is nothing to stop you filing them on your own.  

    However, if you decided to prepare your own accounts you would need to make sure that you kept up to date with changes in the reporting and tax legislation to keep yourself compliant, which is something that qualified accountants will be doing on their clients behalf on a regular basis.  

    You should also be confident that you know how to prepare the accounts properly, making sure that you disallow any expenses not eligible for tax relief, making sure that you treat the addition of new assets and disposal of old assets into and out of your business correctly, providing for any accruals and prepayments accurately (unless you're using the cash basis), reconciling all items on your balance sheet and making the correct disclosures in the accounts (if you are preparing statutory financial statements).

    Preparing accurate accounts isn't just about recording transactions on Sage properly, there is a lot more to it than that, and a good accountant can make sure that your accounts are accurate and complete.  

    I hope this helps!

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