Do I need an accountant?

Accounting
1

I hope the community can help me - I have subscribed to Quickfile and find it great to help me manage my company finances finances. However, I am uncertain with respect to the need for a qualified accountant. I am a Ltd business but not VAT registered (maybe next year?!)
It is my first venture into running my own business and i wanted to file my own company finances to both HMRC and Companies House.
Can I do that myself using Quickfile?

Thanks

2

It is easy to file to HMRC & Companies House.manually. I hop it will be easier digitally?

3

Hello @nrycraft

In QuickFile can file you can file you MTD vat returns but not year end accounts (without connecting with an accountant).

4

thanks for replying. why does ana ccountant have to be involved if the software has a link through to HMRC?

5

Hello @nrycraft

QuickFile is not designed to submit year end accounts nor are the support team qualified accountants.

We can help with the various functions but for any accountancy based questions would recommend you speak to your accountant for accurate advice.

6

An accountant doesn’t have to be involved but a person does. It could be you, but if you have to ask the question then I would say it would be safest to get an accountant on board, at least for the first year to get everything set up and on track.

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7

I am an accountant so I’m biased, but as a limited company the accounts have to be filed in a specific format with Companies House. As a director you will be asked to confirm that the accounts have been
properly prepared. Yes you can do it yourself, but I would recommend using an accountant, especially as Companies House have been given more powers recently to inspect accounts and levy fines and penalties if materially incorrect. The quotes provided through Quickfile look very reasonable so the cost should not be excessive. A decent accountant should also be able to suggest ways to minimise the amount of corporation tax due too.

3 Likes
8

Many thanks for your guidance - solid advice I think

9

I wholeheartedly agree - but then I am also an accountant, just for transparency.
The regulations around the preparation of company accounts and corporation tax can be complex, although the submission itself is straightforward. Best to have someone qualified on board in the early days so you know you are doing things correctly before your business grows and it all becomes even more complicated.

1 Like
10

I notice some of the comments about the prices of accountants being “very reasonable” what would the price expectation for a newly formed company using QF? Thanks all.

11

Hi @Vistaro

The price is based on the number of entries on your account. As of today (28/12/2023), a XS limited company account has a year end service available from ÂŁ105.00.

This is subject to change, however.

12

Thanks - how much is it for the other sizes of company?

13

Hi, What would be included within this price? Would I get an approved CT600 return ?

Thanks

14

Most accountants would quote a combined price for the statutory accounts and the associated corporation tax return. You would have to check directly with the accountant what was included in that price (and make sure that their engagement letter covers everything you think you have signed up for).

1 Like
15

I could be wrong but the support guide suggests it would be the filling with companies house and hmrc. It suggests ct600 but maybe someone else can confirm

Year End Accounts - Price Comparison Service?

16

Thanks for our help on this one. I have not been able to get further clarification but will check

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