any sellf-employed here do their own accounts?

lola_run

Hello,

It's been my first year of being self-employed and I will have to submit my accounts this autuimn. (I started at the beginning of September last year). Must double check that one.)

I've had many personal problems and a lot of stress this year and really cannot afford to hire the services of an accountant to help me finalise my accounts (I already have my profit and loss account done tidily in an Excel sheet).

I don't want any smart remarks telling me I should get an accountant, as it's not an option for me financially and time wise. I've read in several professional business guides that if you have a very small business (mine is a simple services one) that there is no need to hire an accountant. Thanks to the advice of my cousin, an accountant, I know what I can and can't deduct so no worries there.

I just wanted to know if many of you self-employed do your own accounts and if you encountered any problems. If so, what were they? What would you have done differently? I am interested in hearing from services run businesses, such as publishing, journalism, teaching. Thanks.

ircoha

You dont need an accountant. The key thing is to have all the receipts etc and as ur relation has told u , u know what to charge and not charge.

Are u submitting online?

Are u reged for vat?

As long as u have all the paperwork and are not doing silly things such as deducting the principal of any loans u might have in the P+L then u will be ok.

It is essentially to keep personal and the trade separate.

The way the revenue work is that they run your accounts through a computer program and if they think anything looks funny, then they may ask you for more details etc. TYhere is also random selection of accounts.

The key thing with the revenue is be honest and if u make a genuine mistake they wont be bothered with that, so dont worry about that issue.

Keep well

lola_run

ircoha wrote:

You dont need an accountant. The key thing is to have all the receipts etc and as ur relation has told u , u know what to charge and not charge.

Are u submitting online?

Are u reged for vat?

As long as u have all the paperwork and are not doing silly things such as deducting the principal of any loans u might have in the P+L then u will be ok.

It is essentially to keep personal and the trade separate.

The way the revenue work is that they run your accounts through a computer program and if they think anything looks funny, then they may ask you for more details etc. TYhere is also random selection of accounts.

The key thing with the revenue is be honest and if u make a genuine mistake they wont be bothered with that, so dont worry about that issue.

Keep well

Thank you very much for such a helpful reply. I think I should be okay, as I've been very organised with receipts and keeping records.