Can I do my own accounts?

9 REASONS YOU CAN'T AFFORD TO NOT HAVE AN ACCOUNTANT

You wouldn’t attempt to carry out a major structural extension on your home (unless you are a builder) or provide medical and dental treatment to family members where you are not qualified to do so. It’s no different with accountancy and tax advice…a good accountant adds value beyond maintaining your books and records.

Reasons to switch accountants and how to choose one: click here to download our FREE guide!>>

Bookkeeping takes your time away from more important tasks

When you started your own business, we doubt that the first item on your to do list was to train as a tax advisor and accountant; you probably dreamt of being your own boss doing what you are good at.

Appointing an accountant allows you to focus on what you are good at, winning your next contract, building your portfolio and developing your business.

Dozens of financial tasks to complete

There is more to “doing your accounts” than just maintaining your books and records. Each year you will need to undertake dozens of tasks including: calculating and paying your PAYE and National Insurance, submitting your VAT returns, preparing and submitting Company accounts and tax returns to HMRC and Companies House, calculating your personal tax situation, dealing with HMRC and Companies House queries and filing a confirmation statement. And all this is on top of the bookkeeping and the time you might need to invest in researching any queries you have.

Changing legislation

How you maintain your records one year, may not be the same the next. You need to be abreast of new legislation. An accountant will not only be aware of the changes as they are announced, they will help interpret and apply the rules ensuring you and your company are always compliant.

Do you know enough about tax?

An accountant is best placed to advice on your tax position both now and in the future. Managing your own affairs may save money in the short term but is your strategy sound for tax purposes in the future when perhaps you come to close your business? You may pay more than you need or receive a surprise tax bill.

Avoid penalties

You will need discipline and exceptional time management to ensure that you meet all the different filing deadlines for both you and your company. Missing key deadlines is expensive; you are likely to receive penalties and interest charges which can outweigh what you would have paid a good accountant to keep on top of this for you.

More than just a bookkeeper

A bookkeeper will maintain your records, a good accountant will interpret them, work with you to minimise tax and maximise your wealth. Struggling with cashflow or saving for your tax bill, an accountant can advise on how to overcome this.

Peace of mind

Knowing that all your taxes are up to date is for many, priceless. If HMRC enquire into your affairs are you confident in dealing with them?  This is an experience many contractors would rather not go through. Appointing an accountant provides peace of mind.

Providing kudos to your business

Doing your own accounts will mean there is no independent review of your records.  If you need a mortgage or tenancy reference this can be a problem. Appointing an accountant provides a third party with some comfort that a professional has reviewed your tax position.

Additional benefits

Orange Genie Accountancy clients get free access to our amazing rewards and benefits platform, Orange Genie Edge. Make your money go further, get more out of contracting and take care of yourself and your family with our unique range of benefits and services. 

In conclusion, you could do your accounts if you wanted to but it’s probably best to leave an accountant in control of your business and personal taxation needs, as they are the expert just like you are the expert in your field.

If you'd like to find out more about how Orange Genie Accountancy could help you please call 01296 468 483 or email accountancy@orangegenie.com.

Why Orange Genie Accountancy?

Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, so they can give you bespoke, high quality advice.

We will always keep you informed about anything that could affect you and your company. Our relationships with our clients are extremely important to us so we'll be in touch often, whether it be face to face, over the telephone or email.

Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:

  • Unlimited accountancy support
  • Face to face meetings so we can get to know you and understand your contracting goals
  • Proactive contact
  • Director and employee payroll
  • Annual Return
  • Self-Assessment Return
  • A fully compliant service so you are safe in the knowledge that you are meeting your legal obligations

​And much more, includingaccess to wealth management advice, IR35 reviews and pensions planning. 

If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com

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