I am a director of a company that I run with my husband. I'm a Chartered Accountant, but have always prepared P&L and Balance Sheet for the company and then sent the figures to the firm I trained with to be entered onto their accounts system and software and submitted to Companies House and HMRC. However, they charge £950 for this, and apart from calculating and providing for deferred tax, they don't change my figures at all.
I am now considering buying a copy of VT Accounts (or something similar) and doing it all myself. The only thing that I'm worried about is that it might spark some interest from HMRC. The firm in question has an exemplary record as far as tax investigations go, and so I would guess that HMRC see accounts/tax returns submitted by them as low risk. I'm not worried that we've done anything wrong, but I don't want to save a few hundred pounds now, only to be faced with the stress and cost of a tax investigation in the future.
Can anyone advise me whether this would set any alarm bells ringing with HMRC?