do i need an accountant if i get a limited company or can i file my own accounts at companies house?
accountants seem to be so expensive and I would prefer to do stuff myself as its a learning curve and i dont have deep pockets
Small Business - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
They have to be audited accounts. Prepared by an auditor/chartered accountant.
Answer 2 :
A good (key word here) accountant will save you money. Of course, one can learn accounting on their own, but then you would need to know how to do two things well, what you are doing to make money, and accounting. In my opinion. I've seen many business fail with someone who does one thing well, and had messed-up books.
Answer 3 :
It depends on the turnover of your company. Assuming you are a small company (based on your other post) you would get total exemption from audit and not need an accountant to prepare or sign your accounts
Answer 4 :
You can do the accounts but they have to be signed off by a certified (?) accountant. He will probably charge you almost as much for this.
Answer 5 :
You should get an accountant to set up your accounts and provide you with guidelines on how to make each common type of entry. The first year or two you should definitely have the accountant do everything for you. You may think accountants are expensive, but if the UK is anything like the US not using an accountant to set things up for you can prove to be much more expensive. Hope this helps Jerry-the-bookkeeper
Answer 6 :
There is a difference between filing an annual return with Companies House and filing one with the tax office. You do not need an accountant to file your annual return with Companies House. You can even do it via their online filing system now.
Read more other entries :
Thursday, April 28, 2011
Thursday, April 14, 2011
As a Limited company do I need an accountant by law or can I do all the accounts myself?
As a Limited company do I need an accountant by law or can I do all the accounts myself?
Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You dont NEED an accountant even if you are a corporation, but as with anything it is always best to get a professional if you can afford it or do not know what you are doing. Accounting is a very important part of a business and shouldnt be taken lightly.
Answer 2 :
If you are trained, you can do your book-keeping, journal entries. But, you need to get it audited only because, if you want to sell your business later, it's much easier. And the certified public accountants can then file the necessary taxes for you far more easily. The audit and the tax returns are an annual cost, which is far more equitable. Find a software that is easy to work with, eg. MYOB, then your auditors can pick entries up more easily. If you are not accounting trained, please don't even try. Imagine the pain with the tax department.
Answer 3 :
You do not need an accountant by law. You can do the accounts yourself but more often than not, an accountant will save you money by reducing your tax bill. You will need to be audited if your turnover is more than £5.6 million or your balance sheet is more than £2.8 million.
Answer 4 :
No you don't need an accountant by law, but if you have an accounting background and the know how then you can do it yourself.
Read more other entries :
Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You dont NEED an accountant even if you are a corporation, but as with anything it is always best to get a professional if you can afford it or do not know what you are doing. Accounting is a very important part of a business and shouldnt be taken lightly.
Answer 2 :
If you are trained, you can do your book-keeping, journal entries. But, you need to get it audited only because, if you want to sell your business later, it's much easier. And the certified public accountants can then file the necessary taxes for you far more easily. The audit and the tax returns are an annual cost, which is far more equitable. Find a software that is easy to work with, eg. MYOB, then your auditors can pick entries up more easily. If you are not accounting trained, please don't even try. Imagine the pain with the tax department.
Answer 3 :
You do not need an accountant by law. You can do the accounts yourself but more often than not, an accountant will save you money by reducing your tax bill. You will need to be audited if your turnover is more than £5.6 million or your balance sheet is more than £2.8 million.
Answer 4 :
No you don't need an accountant by law, but if you have an accounting background and the know how then you can do it yourself.
Read more other entries :
Thursday, April 7, 2011
does a managment accountant have a responsibility to act ethically in providing information to stakeholders?
does a managment accountant have a responsibility to act ethically in providing information to stakeholders?
need to know quickly
Other - Business & Finance - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It's important for ethics to be incorporated into any setting of the workplace; especially in management.
Answer 2 :
What an interesting question. A bit worrying to find someone depending on YA for an answer though. I trust you have enough about you to detect the heavy sarcasm
Answer 3 :
Of course.
Answer 4 :
yes as I am sure that the the professional body who gave this accountant his/her qualification have ethical regulations. Also if you are in a position of an expert then under UK law you could be charged with a criminal offence if you knowingly gave negligent information.
Answer 5 :
While many may think this is an easy question, I think it is very difficult. First, ethics is a branch of philosophy which seeks to address questions about morality. How one person interprets what is morally correct may differ from what somebody else will consider. Second, if somebody does something "they" think is morally correct does it mean they should hinder or hurt stakeholders? You have to judge if what you believe is unethical is real a morally wrong business practice or just something you don't agree with. Being bossy and being the boss are not the same thing. So, that brings us to the legal question. A management accountant does have a legal obligation to make sure that wrongful activity is brought to light. A nondisclosure agreement can not be used to shield criminal activities. Lastly, posting this question looking for a yes or no answer is not fair because we need to understand the situation in order to determine if the people involved are actually acting in an unethical manner or are your just ticked about something. As a last resort you can let the stakeholders know about the situation and let them judge for themselves.
Read more other entries :
need to know quickly
Other - Business & Finance - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It's important for ethics to be incorporated into any setting of the workplace; especially in management.
Answer 2 :
What an interesting question. A bit worrying to find someone depending on YA for an answer though. I trust you have enough about you to detect the heavy sarcasm
Answer 3 :
Of course.
Answer 4 :
yes as I am sure that the the professional body who gave this accountant his/her qualification have ethical regulations. Also if you are in a position of an expert then under UK law you could be charged with a criminal offence if you knowingly gave negligent information.
Answer 5 :
While many may think this is an easy question, I think it is very difficult. First, ethics is a branch of philosophy which seeks to address questions about morality. How one person interprets what is morally correct may differ from what somebody else will consider. Second, if somebody does something "they" think is morally correct does it mean they should hinder or hurt stakeholders? You have to judge if what you believe is unethical is real a morally wrong business practice or just something you don't agree with. Being bossy and being the boss are not the same thing. So, that brings us to the legal question. A management accountant does have a legal obligation to make sure that wrongful activity is brought to light. A nondisclosure agreement can not be used to shield criminal activities. Lastly, posting this question looking for a yes or no answer is not fair because we need to understand the situation in order to determine if the people involved are actually acting in an unethical manner or are your just ticked about something. As a last resort you can let the stakeholders know about the situation and let them judge for themselves.
Read more other entries :
Friday, April 1, 2011
Is it true that there would be lot more male than female being certified accountant in UK or USA?
Is it true that there would be lot more male than female being certified accountant in UK or USA?
Please take the question as the learning starter of the varied culture...........
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Well, I'm in the USA and I would have said that yes, men would 'dominate' the CPA field. My quick research says I'm WRONG. I found an article that was authored by what appeared to be a legitimate association stating that women now make up 60% of the CPA field in the USA. [Good for them !! ] I didn't see anything about the male/female CPA ratio in the UK, but I DID see an article stating that female accountants in the UK make considerably less than their male counterparts. [That's not too cool, in my opinion. Definite sexual bias behind that, I think.]
Read more other entries :
Please take the question as the learning starter of the varied culture...........
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Well, I'm in the USA and I would have said that yes, men would 'dominate' the CPA field. My quick research says I'm WRONG. I found an article that was authored by what appeared to be a legitimate association stating that women now make up 60% of the CPA field in the USA. [Good for them !! ] I didn't see anything about the male/female CPA ratio in the UK, but I DID see an article stating that female accountants in the UK make considerably less than their male counterparts. [That's not too cool, in my opinion. Definite sexual bias behind that, I think.]
Read more other entries :
Subscribe to:
Posts (Atom)