Business Accounting

Does anyone have any recommendations for an accountant? I need them for book keeping [or maybe not if Starling’s business kit is up to scratch?] and annual statutory accounts + any taxes that need filing

Specifically this is a business operating in offering software and internet services based on a subscription (kind of like Netflix, but not involved in streaming space) as a core product

I’m planning to incorporate and throw some money at it to try kickstart it, but I don’t know the accounting side of anything and would rather not be struck off of the list of directors at age 19

Thanks

If you need one, I’d get some recommendations from local businesses.

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We use QuickFile for our bookkeeping. There’s a year end service in the package which allows you to compare multiple accountants.

Or there’s Find An Accountant which is basically a directory.

I use Maslins for my business and am very happy with them; they also provide a FreeAgent subscription included in their fee which is more flexible than the Starling Business Toolkit. However they primarily cater to contractors so might not be the right fit, but maybe give them a call and see how it goes?

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My chartered accountant used to charge me £300-400 a year. What are you getting for £100 a month?

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Mettle bank account
FreeAgent accounting (for free) and they’ll help you find an accountant.

A FreeAgent subscription and them looking at it in the background and letting you know if things go wrong or if there are any upcoming tax deadlines, as well as answering any questions/concerns you might have.

Whether that’s worth 1,2k/year is debatable, but to me that seems reasonable. I’d be curious to know what the 400/year ones were providing.

No one is looking at it in the background. At the end of the year they spend a few hours doing the sums and submit the accounts. Obviously they remind when it’s time to submit anything and always there on the phone in the unlikely event you have a query.

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If it’s only at the end of the year it makes sense for it to be cheaper. In my case they regularly keep in touch and remind me of various tax/admin deadlines (confirmation statement, VAT returns, etc) and offer assistance but I typically try to do as much as possible myself so I can learn how it all works.

I always did my own vat returns, it’s five boxes

Same here @supersam. With MTD in place, things are pretty straight forward for us, but I appreciate that it’s not always the case for others.

Things like VAT deadlines and filling deadlines, again most software can do this for you. Not saying software completely replaces the accountant, but the more simple things can be done with the software and save a few quid in the process.

Tbh I think if the government wants all taxes done properly and on time they should really be pushing for entirely digital and automated tax software

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They keep kicking the can down the road with mtd

MTD is just for VAT, right?

I’m looking for MTD etc to be pushed onto Stripe or into accounting software directly

So the accounting software sees X in income, sees what is an allowable expense via receipts and manual entry and then calculates the required tax on everything to send off

Then the bill is paid

I think that needs to happen for all business tax, not just VAT, also needs to be a slow phase out of cash to facilitate this for brick & mortar businesses that are hiding sales behind cash and knocking tickets off later in the day

No for all tax. That’s what they were supposed to have done a few years ago, then last year, then this year. Not even sure if there’s a new date.

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