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Discuss Hello, I'm after advice regarding accounting for my LTD company. in the Business Related area at ElectriciansForums.net

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I am considering doing my accounts using an online service as in Sage, Quickbook or other. Reason being that I feel I can be on top of my spending and earnings whist I'm updating information online on their software instead of just saving receipts and relevant information and handing it to an accountant. Nearly all my colleagues of whom are self employed or LTD recommend me getting an accountant but within the conversation are saying that they are having issues with theirs. I did have an accountant at first, I asked him for advise as to what do I need to do on my part to help with the process, he did not advise and I was stressing as it was my first time. He then gave me a bill of £800 saying I had to pay him before he could do my tax return. I told him to get lost. I feel that these accountants look after the bid fish and than the little man. Basically I do not trust them. They might miss something. So does anyone recommend me using online service or some software and does anyone have any suggestions as to which body to use. I am someone who has gone from self employed to LTD.
 
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Gavin John Hyde

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I use quickbooks, it downloads all transactions from my business account, i can do quotes, invoices in it, and it does all the accounting stuff for you. click a few buttons and it shows you how to generate accounts. then copy and paste over. my accountant charges me £300 to produce the accounts as she knows everything is in quickbooks, all transactions no matter how small. it takes her very little time as she also has a login to my accounting software. she also knows i keep every receipt in monthly folders and can produce on request.
Quickbooks will give you the columns and data to fill in a tax return yourself if you are self employed. its worth the money from my point of view. for extra £1 a month does my RTI to the taxman for payroll too. well worth it in my view.
 
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  • #3
I use quickbooks, it downloads all transactions from my business account, i can do quotes, invoices in it, and it does all the accounting stuff for you. click a few buttons and it shows you how to generate accounts. then copy and paste over. my accountant charges me £300 to produce the accounts as she knows everything is in quickbooks, all transactions no matter how small. it takes her very little time as she also has a login to my accounting software. she also knows i keep every receipt in monthly folders and can produce on request.
Quickbooks will give you the columns and data to fill in a tax return yourself if you are self employed. its worth the money from my point of view. for extra £1 a month does my RTI to the taxman for payroll too. well worth it in my view.
So I still need an accountant ?
 

Baddegg

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It’s a legal requirement for LTD @sham i believe......must be chartered as well I think but as Gavin has done £300 is cheap for LTD accounts
 

rolyberkin

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You don't need to have an accountant just as you are running a ltd company, you can do it yourself, although I have never done it. I use quick books but still get charged about £800 a year, personally I think an accountant is a good idea, just find a good one!
 

plugsandsparks

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Not a legal requirement. I use quickbooks and do it myself. Use Gov. uk for employee PAYE, CT and VAT use quickbooks , gov . uk for self assessment for personal tax. I do have a business background, you could maybe start by doing your VAT yourself and progress from there. Spent too much time correcting accounting errors of the "professionals" in basic maths decided to just do it myself. HMRC have been quite helpful when i needed it
 

Gavin John Hyde

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no legal requirement for a ltd company to use an accountant for accounts, hmrc stuff etc, that only comes in when turnover is in the big league. then you have to have annual audits etc and lots of paperwork, be surprised if there are many sparks out there running there own business who would fall in this category.
I pay £300 a year to my accountant as i do all my own payroll, enter all my own information and everything is in quickbooks in the right category. invoices and payments all tally up, so she literally runs a report and adjusts a few things on the assets to reflect new equipment, write down of van etc. also checks anythings i have marked for review. ensures it all tallies with the bank statements and takes her around 5 hours, she then submits it all to hmrc/companies house for me.
She is also on hand for any questions through out the year and will log in remotely to do things in the accounts for me. for £300 she saves me more than that and is worth every penny.
 

telectrix

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i had an accountant once, to reduce a horrendous tax bill of £3000. he got it down to £2700 but then his bill was £600. bloody shark.

some years later, i employed another one to do the annual books/tax return, but he gave up when his office was inundated with fag packets and beermats.
 
Quickfile is a much cheaper system, and is geared towards people like us. You don't need to learn some of the complex routines that the other include for....and best of all its free for small Companies.

For payroll use BrightPay which does the whole lot for you, with only minimal and basic data input by yourself. They also offer final accounts from £140.

Both systems can link to bank accounts so you can integrate your business account with the system, and both systems are accepted by and link into HMRC tax and VAT systems

There is no requirement to use an accountant, or provide audited accounts unless you are above that threshold.

Here are the links

Accounting Software Made Easy - QuickFile - https://www.quickfile.co.uk/

Payroll Software | Free Payroll Software | RTI & HMRC recognised - https://www.brightpay.co.uk/
 
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  • #12
no legal requirement for a ltd company to use an accountant for accounts, hmrc stuff etc, that only comes in when turnover is in the big league. then you have to have annual audits etc and lots of paperwork, be surprised if there are many sparks out there running there own business who would fall in this category.
I pay £300 a year to my accountant as i do all my own payroll, enter all my own information and everything is in quickbooks in the right category. invoices and payments all tally up, so she literally runs a report and adjusts a few things on the assets to reflect new equipment, write down of van etc. also checks anythings i have marked for review. ensures it all tallies with the bank statements and takes her around 5 hours, she then submits it all to hmrc/companies house for me.
She is also on hand for any questions through out the year and will log in remotely to do things in the accounts for me. for £300 she saves me more than that and is worth every penny.
You got a good one there.
 
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  • #13
Quickfile is a much cheaper system, and is geared towards people like us. You don't need to learn some of the complex routines that the other include for....and best of all its free for small Companies.

For payroll use BrightPay which does the whole lot for you, with only minimal and basic data input by yourself. They also offer final accounts from £140.

Both systems can link to bank accounts so you can integrate your business account with the system, and both systems are accepted by and link into HMRC tax and VAT systems

There is no requirement to use an accountant, or provide audited accounts unless you are above that threshold.

Here are the links

Accounting Software Made Easy - QuickFile - https://www.quickfile.co.uk/

Payroll Software | Free Payroll Software | RTI & HMRC recognised - https://www.brightpay.co.uk/
Mate I'm really grateful for this, will look into all this info in the weekend.
 
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