Tried but didn't succeed, my dad is a cautious man... Time is the limitation... its not what things you do, its what things you choose you would like to do with the time you have as its not possible to do everything.
If it is any consolation, I do the same across several professions :
Do my own architecural drawings, fill-out and submit my planning applications.
Installed my off-grid home solar system, figured the wiring out myself got someone to put the panels on the roof.
Converted 125cc motorcycle to fully electric, figure the wiring.
Refurbished a bungalow, took it back to just external brickwork and roof, no windows, no internal walls, and put it all back.
Built an accommodation business 180+ Tenants.
Had my house built for me but did the architectual work myself
Refurbishing yacht, electrics, navigation, electronics, equipments ( bought cheap it sank )
Wrote my own landlord management billing system
Wrote my own financial statements system
Wrote my own website in html css javascript with web pages that build dynamically to give an update list of rooms prices and availability it runs off an export from excel everytime the billing system is saved.
Involving myself in longevity and increasing my health span, taking my blood work every qtr uploading to internet to track the changes as I make them tweaks to my diet.
Things that come into my life and have an impact in someway on it I tend to involve myself with to have an understanding of, I have been the same all of my life, since my dad walked in from shopping and saw me wiring in a 741 opamp chip into the computer he just bought me for christmas so I had a volume control for the sound.. I'm now 50+ and nothings much as changed except acquired a bit of knowledge over the years...
I have 365 days or more so nights a year to ponder how best to prepare my financial year end statements. An accountant at best I get a week of their time to do the same where everything must be right in that single week.... kind of like a 1 strike and your out, Of course I intend no dis-respect, accountants serve a purpose in society and most do their jobs well just like in any other profession. It is just I am more comfortable with having the time to prepare for and complete the statements in a manner that I can understand as sometimes also I do not fully understand what the accountant is doing and I then find that it adds an additional a layer complexity between me and HMRC, hence I prefer to do without that and be fully prepared when working with HMRC. It is my responsibility I am the one signing the financial statements and responsible for them so I must understand them in their entirety, at least from the perspective of HMRC.
Paying for someone's labour to complete a task on my behalf I agree I should pay for.
Internet forums however exist for individuals to share knowledge on a particular subject, they are not a sales venues and nor am I asking for anyones labour.
As regards regulation, HMRC do not require one to use accountant to submit their financial statements when the company turnover is less than a few million pounds.
Case in point... Accountants do frequent software developer forums for advice regarding software, macros, VBA macros, and software engineers are only to happy to contribute and share what knowledge they have.
My answers
Tried but didn't succeed, my dad is a cautious man... Time is the limitation... its not what things you do, its what things you choose you would like to do with the time you have as its not possible to do everything.
Its mostly easy to just ask someone if you have a question, hence why we have internet forums. Anyways I have got an answer to ponder on. Thank you.
If it is any consolation, I do the same across several professions :
Do my own architecural drawings, fill-out and submit my planning applications.
Installed my off-grid home solar system, figured the wiring out myself got someone to put the panels on the roof.
Converted 125cc motorcycle to fully electric, figure the wiring.
Refurbished a bungalow, took it back to just external brickwork and roof, no windows, no internal walls, and put it all back.
Built an accommodation business 180+ Tenants.
Had my house built for me but did the architectual work myself
Refurbishing yacht, electrics, navigation, electronics, equipments ( bought cheap it sank )
Wrote my own landlord management billing system
Wrote my own financial statements system
Wrote my own website in html css javascript with web pages that build dynamically to give an update list of rooms prices and availability it runs off an export from excel everytime the billing system is saved.
Involving myself in longevity and increasing my health span, taking my blood work every qtr uploading to internet to track the changes as I make them tweaks to my diet.
Things that come into my life and have an impact in someway on it I tend to involve myself with to have an understanding of, I have been the same all of my life, since my dad walked in from shopping and saw me wiring in a 741 opamp chip into the computer he just bought me for christmas so I had a volume control for the sound.. I'm now 50+ and nothings much as changed except acquired a bit of knowledge over the years...
I have 365 days or more so nights a year to ponder how best to prepare my financial year end statements. An accountant at best I get a week of their time to do the same where everything must be right in that single week.... kind of like a 1 strike and your out, Of course I intend no dis-respect, accountants serve a purpose in society and most do their jobs well just like in any other profession. It is just I am more comfortable with having the time to prepare for and complete the statements in a manner that I can understand as sometimes also I do not fully understand what the accountant is doing and I then find that it adds an additional a layer complexity between me and HMRC, hence I prefer to do without that and be fully prepared when working with HMRC. It is my responsibility I am the one signing the financial statements and responsible for them so I must understand them in their entirety, at least from the perspective of HMRC.
In case anyone else is looking for this same answer here follows the advice I have receieved....
You do equity release in PropCo1. PropCo1 "loans" to PropCo2. With interest ..That's it.
PropCo1 services debt. And PropCo2 repays loan(with interest).
Between the entities the tax position is neutral.
I am posting a question on an internet forum... I am unaware if I am breaking any of the forum rules.
I am not asking for someone to complete my financial statements on my behalf, merely asking a question
I welcome peoples thoughts and comments regarding my question.
Thank you.
I choose to complete my financial statements myself as HMRC allows me to do.
I have posted a question here on this forum.
If I am breaking any forum rules maybe a moderator will possibly interceed in some way ?
Paying for someone's labour to complete a task on my behalf I agree I should pay for.
Internet forums however exist for individuals to share knowledge on a particular subject, they are not a sales venues and nor am I asking for anyones labour.
As regards regulation, HMRC do not require one to use accountant to submit their financial statements when the company turnover is less than a few million pounds.
Case in point... Accountants do frequent software developer forums for advice regarding software, macros, VBA macros, and software engineers are only to happy to contribute and share what knowledge they have.
Accountants maybe prevented from posting questions regarding excel formulas or VBA macros on software developer forums next...