accountants

The advice of professionals in accountancy matters generally pays for itself, why not talk to James Smith and see what he says, he will tell you the danger zones and put you on the right track.
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Lee Schwartz Lime One Ltd www.limeone.com 01244 852550

My last accountant got me out of paying a £12,000 I.R. bill, well worth the £800 fee dont you think!

"Most small companies with a turnover of less than £1m and a balance sheet total of less than £1.4m are exempt from having their accounts audited", according to "The No-Nonsense Guide" at www.businesslink.gov.uk I agree with Tony, cause I also had a similar situation with a large VAT claim missed. Many accountants are used to common situations; but when it comes to a more unusual case, you may face unexpected high fees and even so things may go not in the right way. However, and particularly in the early stages, you will need the advice or consultation from an expert for questions. And if you are not yet sure, get a 2nd opinion. In the begining it's hard, but after that it's basicaly always the same. I believe some Trade Associations and Small Business Organizations can provide affordable and unbiased advice on that as well as other issues. E.g.: www.businesslink.gov.uk www.ukonlineforbusiness.gov.uk www.bsbi.co.uk

i appreciate that if a company has a high turnover then there is likely scope for an accountant to be able to point out savings my question is if a company has a small turnover is it a requirement that an accountant submit the accounts or can you do it yourself? what is this threshold? thanks

howto, The only time you are required to use an accountant is as mcpar says, when you breach the audit threshold. (Soon the be rasied to £5.6 million) Even at this point the only thing the accountant has to do is audit you, they dont have to actually prepeare the accounts for you ro send in your tax returns. Up until then it is entirely upto you whether you do it yourself, or whether you employ a proffesional to do your accounts and tax. In general if you are sole trader you can get away with doing it yourself (although it is likely that you will pay more tax in the long run, even on small turnovers), if you are trading as a limited company you would be unwise to try to do it yourself as it gets messy very quickly. I hope this answers your querey. Regards, James Smith Chartered Accountant www.uktaxshop.co.uk 01284 764436
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT