DIY Accounting

If you work through your own limited company, it can be tempting to think about doing your accounts yourself. But should you? If you're thinking about DIY accounting, we've put some information together to help you decide.

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Can I do my own company accounts?

There is no requirement to have a professional do your accounts, and you are well within your rights to do them yourself. Some things to consider are:

How much time do you have to dedicate to doing your accounts?

In order for you to be able to successfully manage your finances, you should be able to dedicate around 15 minutes each day. For busy contractors, it can be a challenge to balance this alongside work.

How much do you know about doing your accounts?

While you don't need to be a trained professional to manage your own company numbers, you do need an understanding of bookkeeping and finance. If you make a mistake or miss a deadline, HMRC won't be lenient.

What can an accountant do for me?

Providing an accountancy service involves far more than simply checking invoices and receipts, and then filling in a tax return form once a year. A good accountant will provide ongoing, proactive advice throughout the year and not just at the end when it will probably be too late to save you from an excessive tax bill. And in order to do this, they have to keep abreast of the UK tax system and all of its regulations and legislative changes.

An accountant should:

Poor tax planning, or even worse no tax planning, can lead to any number of financial difficulties - such as an overdrawn directors loan account, financial penalties due to late or incorrectly submitted tax submissions, incurring additional tax for things that are classed as ‘benefits in kind’ and so on. The list is endless.

Read our full guide to learn what an accountant can do for you.

Why should I use a specialist contractor accountant?

Enlisting the help of a specialist like SJD means that you will have access to your own personal and dedicated accountant via telephone and email to give you all of the help and advice that you need. We’ll also send you email alerts so you never miss a deadline.

We will support you fully, act as an intermediary between you and all HMRC correspondence and contact with regards to VAT, PAYE and other tax-related issues. We will also keep you fully updated with regards to changes in tax law and the UK tax system that may affect you.

How can SJD help me?

If you would like more detail, here is a comprehensive list of what your accountant can do for you. You can also get the guide, here:

Year-end accounts*

Payroll bureau

Dividend administration

Dealing with HMRC and Companies House

Completion of Annual Return

Personal Taxation

Looking for a contractor accountant?

We've been providing expert accountancy advice and helping contractors to focus on doing what they do best since 1992.

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How can SJD Accountancy help?

Appointing an accountant can save you time and stress when starting up on your own. If you would like to speak to someone about any of the above information or any other queries you may have, arrange a callback and a member of the team will be in touch.

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Call our best advice team on 01925 597 051.

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If you're already a client of ours, you can speak to your dedicated accountant directly.

Alternatively, call us on 01442 353 466.

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