Should I submit my company accounts myself?

What are the pros and cons of submitting the accounts myself or of using the accountancy practice

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I feel perfectly capable of completing and submitting the annual accounts to companies house for my new company.  They have been using a small accounting practice till now. Wondering what the pro's and cons are of me submitting versus them, particularly around any implications if I do make an error!

I am a member of the ICAEW and ACA qualified.

Replies (20)

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By ireallyshouldknowthisbut
16th Apr 2024 15:44

Well its going to be a "what you dont know" issue if you are not in practice. If working as an employee than I guess its not your problem if you mess it up and the owners are too tight to use an external firm.

I act for several Chartered Accountants who are not in practice and know enough to know I know what I am doing better than they do.

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Replying to ireallyshouldknowthisbut:
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By Paul Crowley
16th Apr 2024 16:06

Same here.
Once accountants leave practice, they tend to get out of date with the practical stuff.

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Replying to Paul Crowley:
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By Sarahread
16th Apr 2024 17:28

There is definitely a question of whether the time it will take me to stay up to date is worth the saving on the accountants fees. So I do expect that is the way we will go. Just wondered whether there were any more pressing considerations other than cost and time to get it right that I have not considered

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Replying to Sarahread:
By ireallyshouldknowthisbut
17th Apr 2024 09:46

Sarahread wrote:

There is definitely a question of whether the time it will take me to stay up to date is worth the saving on the accountants fees. So I do expect that is the way we will go. Just wondered whether there were any more pressing considerations other than cost and time to get it right that I have not considered

Its the what you dont know, and you only get to know through doing it all day. If your current accountants are just "paint by numbers" types copying what last yeers juniors did last year, then ditch and get a decent firm.

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By Paul Crowley
16th Apr 2024 16:08

Joined today and three questions already?

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Replying to Paul Crowley:
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By Jason Croke
16th Apr 2024 17:26

Paul Crowley wrote:

Joined today and three questions already?


It does suggest the OP is not so comfortable with all aspects of Accounting and as you have also posted, being in practice and working in-house can be quite different experiences.
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Replying to Jason Croke:
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By Sarahread
16th Apr 2024 17:35

The other two are more related to tax which is not my area and which we will engage an external company to do. My issue here is that my existing tax and accountancy practice is not able to provide me with any of these answers as we have perhaps outgrown them.

I accept that practice and in house will be very different and that it will take more effort to keep up to date when working in house.

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Replying to Paul Crowley:
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By Sarahread
16th Apr 2024 17:39

I'm not quite sure why everyone is thanking you for your very unhelpful comment.
I joined because I have collected up a number of questions after reviewing our strategy and found this as a possible forum to get helpful answers. Perhaps I was wrong.

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Replying to Sarahread:
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By Paul Crowley
16th Apr 2024 19:33

'I'm not quite sure why everyone is thanking you for your very unhelpful comment.'
Nor me.

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Replying to Paul Crowley:
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By carnmores
16th Apr 2024 19:46

Hi Paul, that seems entirely logical to me lol.. and she is qualified

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Replying to Paul Crowley:
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By carnmores
16th Apr 2024 19:46

I'm a dupe

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By tom123
16th Apr 2024 16:32

If it is 100% your company, then I would say go ahead. But then you introduce the concept of "they", so are others involved?

Depends on the trade as well, - not much can go wrong with accounts for a small professional office with some desks and computers in it - but you could be involved in all sorts of other trades or sectors..

EDIT - if by "my new company" you mean "my new employer" then I would 100% continue with external assistance. Use your skills to critically review what you are given.

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By carnmores
16th Apr 2024 17:49

you are perfectly qualified to do it your self

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By Matrix
16th Apr 2024 20:22

Yes I am sure you are but I doubt your employer would save much on fees so up to you. Whoever is preparing the CT600 would need the accounts in iBRXl format and may not agree to just file this, maybe test the market (it would be a No from me).

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Stepurhan
By stepurhan
16th Apr 2024 22:20

If you are as perfectly capable of completing and submitting the annual accounts to companies house as you think then I cannot think of a reason why you wouldn't.

So the question you need to honestly ask yourself is are you perfectly capable or not? Qualifications without relevant experience leave you extremely prone to falling into errors because exams only cover a fraction of the things you need to know in practice.

As for the implications of what happens if you make an error, that depends on both your position in the company (which is very unclear from this and your other questions) and what error you make. Mess up so badly that you are considered to have committed false accounting and you can face 7 years in jail, to quote an extreme example.

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By Andrewmoore777
26th Apr 2024 13:53

I do the same for our family investment company. The 2 things I needed to take on board were producing the accounts in iXBRL format and a medium for submission to HMRC since their simple CT website would not accomodate our company (e.g. foreign income, chargeable gains). Eventually I settled on a relatively inexpensive company who convert the excel accounts I provide to iXBRL format and submit the CT computations I provide over their software to HMRC. Works pretty well. Go for it.

As to mistakes you're in the hot seat whether you make them or an accountant so don't let that colour your decision.

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Replying to Andrewmoore777:
By williams lester accountants
26th Apr 2024 14:11

Andrewmoore777 wrote:

As to mistakes you're in the hot seat whether you make them or an accountant so don't let that colour your decision.

Really? Who told you that?

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Replying to williams lester accountants:
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By FactChecker
26th Apr 2024 16:35

May be comfortable with suing himself for any mistakes?

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Replying to Andrewmoore777:
Stepurhan
By stepurhan
26th Apr 2024 14:47

Andrewmoore777 wrote:

As to mistakes you're in the hot seat whether you make them or an accountant so don't let that colour your decision.


Ignoring the fact that this is, at best, a misleading statement it also misses the point.

The reason to get an accountant is to avoid making mistakes in the first place. Better for there not to be a hot seat to sit in to begin with.

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By indomitable
27th Apr 2024 11:32

If you are capable of doing it then of course but:

Is it a good use of your time?
Do you have the software to do it?
Can you file the CT600 as well?
Are you up to date with the legislation (I doubt it)

Never ceases to amaze me why people want to save a bit of money and do everything themselves. I am sure if it is a small company and your books are up to date it would be fairly straightforward for a accountancy practise to do. And the fees are tax deductible. Why would you even want to do it yourself?

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