Accountants

[Martyn]

I'm just starting off this month trading and was wondering about an accountant vs doing them myself. To start with there won't be a lot of work more setting up and paying out so I want to keep my costs low. I was quoted £350 + vat for an accountant but someone I know who a UK Tax Inspector says I should do them myself on an Excel spreadsheet. I'm keen for your input especially new traders. By the way I'm a sole trader, not vat registered. Maybe I should buy an accounts package, if so what one do you recommend?

 

[vdub12]

Get an accountant.

They know the rules, and most of the time they can save you more money then they cost. Also if you have any questions on what you can and can't do its nice to have one to ask. If your getting information from them its nice to use them at the end of the year. You don't want to be like that guy that asks you tons of tech advice but then never wants to pay you.

 

[PR Tech]

Accountant for taxes. Do it myself for everything else....invoices & billing, expenses, reports, inventory, etc. Quickbooks is fantastic.

 

[iptech]

As you're in the UK, have a look at DIY Accounting. It's a spreadsheet solution written buy a qualified accountant specifically to satisfy the needs of small businesses and the requirements of HMR&C. As they say "spend your time & money on what YOU do, not what an accountant does." There's an active forum that you'll get honest answers to most of the questions you need from the firm of accountants who developed the suite, there's also some good overall business advice as well on there. You'll probably only need an accountant if your tax affairs are complex.

I have no affiliation with DIY Accounting, but it's now the third year I've used their software because of its simplicity and pure functionality for the purpose.

 

[Martyn]

As you're in the UK, have a look at DIY Accounting. It's a spreadsheet solution written buy a qualified accountant specifically to satisfy the needs of small businesses and the requirements of HMR&C. As they say "spend your time & money on what YOU do, not what an accountant does." There's an active forum that you'll get honest answers to most of the questions you need from the firm of accountants who developed the suite, there's also some good overall business advice as well on there. You'll probably only need an accountant if your tax affairs are complex.

I have no affiliation with DIY Accounting, but it's now the third year I've used their software because of its simplicity and pure functionality for the purpose.

Thanks for the feedback. I was just looking at the diy accounting and noticed it was Excel based. Does that mean it will work on a Mac with Office installed or is it Windows based?

 

[iptech]

Thanks for the feedback. I was just looking at the diy accounting and noticed it was Excel based. Does that mean it will work on a Mac with Office installed or is it Windows based?

There have been a couple of issues with it working on OpenOffice, but it should be OK with the Mac version of Office. Might be worth dropping them an email to be sure.

 

[Martyn]

Thanks was going to post on their forum.