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.
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