Can I do my own Accounts?

(3 minutes to read)

Preparing and submitting your own accounts can be easy – as long as you know you have a good understanding of the UK taxation laws, or you could be left with late filing fees or missing out on tax saving schemes.

Many contractors might want to look at doing their own accounts, in order to save the cost of hiring a professional to do it for them.

Filing a tax return can be a tricky process and unfortunately HMRC will not give you any leeway if you fill out any information incorrectly, just because you were not sure on how to do it properly. This can lead to a self-assessment being rejected, which could delay your tax return and might even result in a fine, if it ends up being filled after the deadline date.

For many people, they might believe that having an accountant is a luxury – but having one can really be a great asset, as they can be an excellent source of professional advice and guidance, can save you money in tax savings and ensure that you meet all your legal obligations.

So unless you are an accountant or are confident enough that you can follow the process correctly, it really will be useful to have one.

Also, don’t forget that hiring someone to look after that side of the business means that you can be left to concentrate on working, earning money and finding new clients.

How to find an accountant

It is vital that you hire an accountant who specialises in the self-employed. There will be specific tax legislation that will only apply to contractors and so having an experienced expert in this field really is important.

What else to look out for when looking for an accountant:

How much do they charge? – As is the case when you are purchasing anything, make sure you look around and find the best deal for you. It is also a good idea to see if they have a fixed monthly amount.

Check whether they have a fixed package that will include everything you require, such as tax returns, self-assessment, annual accounts and VAT returns.

Don’t assume that every accountant offers this fixed amount, as you could find yourself with an unexpected bill at the end of the year.

Do you want £105 + VAT per month accountancy?

Yes I do

Will you be given one point of contact? – It would be preferable to have just one point of contact, knowing that you will be speaking to the same person each time, so that they can get to know you and your business.

Can I change my accountant if I am unhappy?

Once you choose an accountant, if you find that you are in any way unhappy with them or their services, it is possible for you to change to another accountant or company with ease.

There are many reasons as to why people might want to change their accountant.

You may find that they are costing you more money than you realised and that there are cheaper accountants out there, offering the same services.

An accountant should also be able to use their knowledge to save you money, whether by making sure you are claiming back all the expenses you are entitled to or making suggestions that could save you money in the long-term.

You also don’t want to be stuck with an accountant who is unreliable or unapproachable.

If you find yourself in this situation then it really isn’t as difficult as you may think to change and although it would be easier to hire someone different at the end of the company year, it is still possible to change during your company year, as long as your new accountant can provide you with a catch up service.

All you will need to do is ask your previous accountant for your company’s financial documents, which can then be passed on to the new accountant.

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Why Dolan Accountancy?

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email or