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Start Up Business

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  • 24-10-2014 4:12pm
    #1
    butterfly555
    Registered Users Posts: 5 ✭


    Hi all,

    I just need clarification on an issue.I'm setting up a company with my partner and we're wondering do we need to have a qualified Accountant to prepare our accounts.


    I'm a qualified Tax technician and I have years of accounting practice. I was planning on preparing the accounts myself and getting them audited every year by external Auditors.

    It this ok to do?A friend mentioned the accounts can only be prepared by registered accountant by Law, but I don't know about this.I'm sure business people with no accountant expetience have prepared their own accounts before?

    Any feedback would be great!
    Thanks in advance.


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    It depends on whether you plan on registering as sole trader/partnership and whether or not your turnover will exceed a certain amount (off hand I think accounts have to be signed off by an accountant when you hit 1.2m a year). Normally I would suggest that you may actually save money using an accountant but given you experience that seems less likely to be the case.

    I currently do the accounts myself and Revenue have no problem with this.


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    #3
    butterfly555
    Registered Users Posts: 5 ✭butterfly555


    jimmii wrote: »
    It depends on whether you plan on registering as sole trader/partnership and whether or not your turnover will exceed a certain amount (off hand I think accounts have to be signed off by an accountant when you hit 1.2m a year). Normally I would suggest that you may actually save money using an accountant but given you experience that seems less likely to be the case.

    I currently do the accounts myself and Revenue have no problem with this.

    Thanks Jimmii .
    Its a private limited company.I'l do the accounts myself so!!
    Thanks again for your response.I'm a bit nervous setting out on our own!


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    #4
    Kettleson
    Closed Accounts Posts: 2,047 ✭✭✭Kettleson


    A good "book-keeper" can legitimately save you a lot on tax etc.

    if the accounts are simple enough, their bill should be small and the savings large.

    I had bad advice which cost me a fortune during one year. Never year I got a bona fide book-keeper to make my tax returns and literally saved thousands.

    Good luck with the venture.


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    #5
    Immy
    Registered Users Posts: 260 ✭✭Immy


    Assuming you will qualify as a small company, your company will be audit exempt and you can prepare and submit your own accounts to Revenue and CRO.


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