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Ed · 2 Sep 2008 at 13:04

You know you don't need one. Keep all invoices and expenses in one place and tally them up at the end of the year and enter the figures online when doing your returns.

How many transactions are you likely to have? If it's only say 10 a month then it's a doddle. If you're selling goods and you have 100 transactions a day then perhaps an accountant or part-time bookkeeper can share the load.

Monkey Puzzle · 2 Sep 2008 at 13:07

"Where's my money bitch? Where's my money?!!!"

iraiguana · 2 Sep 2008 at 13:14

Talk to some small/medium sized firms and get some quotes for exactly the service you are looking for. They will give you the best advice as to what is the best value to you, as that is their job.

rumba · 2 Sep 2008 at 13:46

10 Questions to ask an Accountant

Tomsk · 2 Sep 2008 at 13:53

iraiguana said:
Talk to some small/medium sized firms and get some quotes for exactly the service you are looking for. They will give you the best advice as to what is the best value to you, as that is their job.

Ask the local small businesses who they use.

csmager · 2 Sep 2008 at 14:05

Ed said:
You know you don't need one. Keep all invoices and expenses in one place and tally them up at the end of the year and enter the figures online when doing your returns.

How many transactions are you likely to have? If it's only say 10 a month then it's a doddle. If you're selling goods and you have 100 transactions a day then perhaps an accountant or part-time bookkeeper can share the load.

Opening year rules? Overlap profits? Capital allowances? Specific allowances related to your line of business?

An accountant would probably not be needed for day to day running, but it'd certainly be good to get advice on what you need to keep, what you need to do, and get help with filing returns when the time comes. My advice would be that you *do* need an accountant.

Ed · 2 Sep 2008 at 14:17

smoove said:
^^ my thoughts exactly, I thought i would do it on my own, but I would feel far better if someone would take care of all the nighty gritty stuff and let me concentrate on running the business.

What is it you're actually doing?

Ed · 2 Sep 2008 at 14:18

csmager said:
Opening year rules? Overlap profits? Capital allowances? Specific allowances related to your line of business?

An accountant would probably not be needed for day to day running, but it'd certainly be good to get advice on what you need to keep, what you need to do, and get help with filing returns when the time comes. My advice would be that you *do* need an accountant.

You're an accountant, you wouldn't say anything else. People can operate a business without professional support, in fact most sole traders do.

philjohn · 2 Sep 2008 at 14:25

The HMRC self assessment forms are really very simple, especially if you can fill the "short" version in.

Most of it is common sense, or can be gleaned form the help booklet you also get sent.

When you start turning over a lot it would be wise to get an accountant as they will probably be able to save more than their fee in various ways - but until that happens just do it yourself.

Don't, however, leave it to the last minute to file, that way madness lies! Oh, and for your first year, put 1.5x the amount you'll need to pay for tax away as if your bill is over £500 you need to pay half of that on account for the next year, and then half again 6 months later.

iraiguana · 2 Sep 2008 at 14:33

You will be able to talk to an accountant to see what services they will actually be providing. Look into what you need to do as suggested above, but also confirm that you have it correct with someone who knows.

Also does depend on how much trade you will actually be performing, but it would probably work out easier to speak to one in the beginning rather than 6 months down the line.

They can give you just advice and not demand that they must take over your books.

LordSplodge · 2 Sep 2008 at 14:39

smoove said:
Hi guys im in the process of looking for an accountant to look after my books with a small sole trader buisness im about to start up.

Can anyone give me advice on what things i should ask, or look out for? Also whats the average going price?

Thanks.

What area of business are you in?

Ben M · 2 Sep 2008 at 14:42

can you add?
can you subtract?
can you multiply?
can i shag your secretary?
can you divide?
can you do percentages?

all in quick succession to get an honest answer to #4

Beren · 2 Sep 2008 at 14:42

Depends what your yearly turnover is and what your tax liability is.

As a sole trader you do not need a chartered accountant - so if you want to get someone to do your books find yourself an AAT qualified bookeeper that takes on private clients.

Ed · 2 Sep 2008 at 17:33

smoove said:
Web development

As businesses go, this is going to be quite simplistic. How many invoices will you raise? 4 a month? Hardly worth outsourcing the accounting for. Just make sure you keep all receipts associated with the business and offset them against what you pull in. It's not a big job and there's plenty of downloadable spreadsheets out there to assist you.

csmager · 2 Sep 2008 at 17:47

Ed said:
As businesses go, this is going to be quite simplistic. How many invoices will you raise? 4 a month? Hardly worth outsourcing the accounting for. Just make sure you keep all receipts associated with the business and offset them against what you pull in. It's not a big job and there's plenty of downloadable spreadsheets out there to assist you.

Accountants aren't bookkeepers, generally. I don't think there's a suggestion of 'outsourcing the accounting', merely taking advice. It's either that, or a lot of reading.

LordSplodge · 2 Sep 2008 at 18:13

Ed said:
As businesses go, this is going to be quite simplistic. How many invoices will you raise? 4 a month? Hardly worth outsourcing the accounting for. Just make sure you keep all receipts associated with the business and offset them against what you pull in. It's not a big job and there's plenty of downloadable spreadsheets out there to assist you.

Bookkeeping for his business will be simple but consulting an account could save him some money etc. The decision is "Do the costs of an accountant outweigh any advantages of having one?" if they don't they do not bother.

csmager said:
Accountants aren't bookkeepers, generally. I don't think there's a suggestion of 'outsourcing the accounting', merely taking advice. It's either that, or a lot of reading.

Yes but at what point does it become financially viable to have an accountant? Or does the said accountant hand out all this advice for free?

csmager · 2 Sep 2008 at 18:21

LordSplodge said:
Yes but at what point does it become financially viable to have an accountant? Or does the said accountant hand out all this advice for free?

Would depend on how much you know about what you're doing, and what your business is doing. From what I've read on here before, a lot of accountants do a free first consulation. This would be beneficial, as they could tell you what they could do for you and you can make your own mind up as to whether that's of any benefit.