Do I have to have an accountant?
I'm only going to be a very a small mini-micro business. If I can do my own tax returns and all my accounts, is it ok NOT to have an accountant and submit all my accounts to the tax office by myself? Many thanks in advance.
Small Business - 10 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
No you don't have to have an accountant but it can make life easier as they know all the fiddles I mean rules and regs about what you can and can't claim, Unless they can save you more than you have to pay them each year though they really are not worth it as long as your okay doing your own tax.
Answer 2 :
You probably don't have to have an accountant.
Answer 3 :
well i dont think its a legal requirement, however accountants arnt actually that expensive and the time they free up would allow you to work on growing your business. also accountants know the law surrounding tax alot better than you do so they know how much they can bend the rules. when you submit your tax return yourself the tax inspector will go through it with a fine tooth combe! if the accountant does it they tend not to fo over it so much.. a good accountant will always save you more than they charge i always use an accountant its just simply not worth the hassle doing it yourself and its more cost efficient as its a false economy doing it yourself sorry to preach just thought id try to help.
Answer 4 :
Yep. Just make sure you do it right. No obligation to have an accountant.
Answer 5 :
You don't have to have an accountant Though let me tell you from experience that I thought I could do my own tax returns and bookkeeping myself I paid in money a couple years and then had a company review them and they found that not only shouldn't i have had to pay but actually got money back Since then I have had them do my taxes and bookkeeping That way they keep up on the tax laws and keeping records and when it is tax time they have all the numbers right there It is so much easier and I can concentrate on running my business
Answer 6 :
When I started my own small business I decided not to use an accountant and did not have any problems with my tax and VAT returns. However, I took advantage of a 'free health check' offered by a local accountancy firm and they found 'ways' to save me just over £12,000 during 18 months of trading. Their fee was £600 so I considered this a damn good investment. So now I let an accountant look over my affairs once a year and will continue to do so. Remember that accountancy services are 'professional fees' and can be offset 100% against business income. You should also consider your credit rating. If you are going to be a sole trader you will find that you suddenly have an adverse credit rating for mortgage and loan purposes, because your income can not be proven. Only audited accounts will be accepted by the main financial institutions. So to answer your question, no you don't need one, but you will probably find it an advantage to have one. I would also recommend you use a small firm that is used to self employed people and very small businesses, avoid the 'big name' firms. Hope this helps.
Answer 7 :
you probably don't but having a decent one will save you time and money, freeing you up to do the thing you set up in business for in the first place!
Answer 8 :
If you are earning under £15,000 per annum it is not advisable. It is now possible to fill in a short tax return for earnings below £15,000. It also depends on your abilities to keep records of earnings and expenditure. Accounts books are available to buy along with accounts programmes which makes life a little easier especially if you have the same amounts going in /out.
Answer 9 :
No way. If you can do it yourself, then you're set. The only thing a good accountant may be able to do is suggest ways to save $$, including additional deductions...
Answer 10 :
no you do not need legally to have an accountant. The tax office are also very helpful with advice for filling in your tax return. Make sure though you keep all your receipts and relevant paperwork for at least 6 years.
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Friday, March 28, 2014
Friday, March 14, 2014
what is the average pay for a chartered accountant?
what is the average pay for a chartered accountant?
Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It depends, you could get £60k a year or £40k or even more, depends how much you want it.
Answer 2 :
Pay rates of course depend on your specific experience and on the company or institution that employ you. As you gain UK experience on your resume you will be more on par with your UK experienced counterparts and your pay rates will go up accordingly. UK qualifications such as ACA, CIMA and ACCA may also factor into equation,
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Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It depends, you could get £60k a year or £40k or even more, depends how much you want it.
Answer 2 :
Pay rates of course depend on your specific experience and on the company or institution that employ you. As you gain UK experience on your resume you will be more on par with your UK experienced counterparts and your pay rates will go up accordingly. UK qualifications such as ACA, CIMA and ACCA may also factor into equation,
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Friday, March 7, 2014
Is their such thing as a assistant accountant ?
Is their such thing as a assistant accountant ?
Well i believe i have all the skills to be an accountant but i don't want to dive into the deep end so is their such thing a assistant accountant ? and also do u need to study for it or what need INFO Please
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Accounting Technician and yes you need to study for it
Answer 2 :
To be Honest ive never heard of an Assistant Accountant(or similar). Im sure you wont dive into the deep end straight away. In most jobs you work up a ladder. (Smaller tasks first and then the workload/difficulty is increase with experience) Well here are the basics for an Accountant: Work Activities Accountants help organisations and individuals manage their money. They examine financial records and statements and check them for accuracy. This allows them to provide their clients with a clear picture of their financial activities. All limited companies must, by law, be externally audited. An external audit is a check carried out by a qualified person who is not connected with the company. When doing an audit, the accountant has to examine accounting systems as well as check figures. Only accountants who hold a recognised audit qualification may work as registered external auditors. Some accountants specialise in taxation. Accountants work in various settings: ■industry and commerce where they tend to be based in one company ■public sector where they may work for bodies such as the National Health Service (NHS) or the local council ■private practice (sometimes known as public practice) where they work for firms of accountants whose clients can vary from individuals to commercial and government organisations. In both industry and the public sector, accountants are concerned with the day-to-day finances of their organisation. They provide analyses of costs and report on the future financial implications of management decisions. Some accountants who work for accountancy firms audit the accounts of their clients to ensure that the financial records give a true picture of the client's activities. Some accountancy firms also act as management consultants and advise clients on tax planning and ways to improve profits. Pay and Opportunities Salaries for accountants vary, depending on location and sector. The pay rates given below are approximate. According to a recent Institute of Chartered Accountants in England and Wales (ICAEW) survey, the average salary for accountants in England and Wales 2 years post qualification is £47,500 a year, rising to £52,000 for those 2-4 years post qualification, and up to £87,000 for those qualified 20 years or more. In Scotland accountants, on average, earn more than this in the North East (because of the influence of the oil industry) but less, on average, within the Central Belt. (Source: ICAS/CA Magazines survey) Banking and capital markets attract the highest salaries of around £94,000 average, for experienced accountants, while at the other end of the scale experienced accountants in manufacturing and engineering earn average salaries of around £68,000 a year. Government and not-for-profit organisations attract average salaries of around £55,000 a year, for experienced accountants. Accountants usually work 35-40 hours Monday to Friday. However, at peak times, they may need to work late or at weekends, for example, to produce monthly financial reports. Similarly, they may have to work extra hours to finalise accounts at the end of the financial year. Entry Routes and Training To qualify as an accountant, you need to register with one of the appropriate professional bodies. You then combine on-the-job training with part-time study and written examinations. Most accountancy trainees (about 90%) are graduates. Your degree need not be in accountancy. The relevant professional bodies are: (Careers Scotland website) ■Association of Chartered Certified Accountants (ACCA) ■Association of International Accountants (AIA) ■Chartered Institute of Management Accountants (CIMA) ■Institute of Chartered Accountants in Scotland (ICAS) ■Chartered Institute of Public Finan
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Well i believe i have all the skills to be an accountant but i don't want to dive into the deep end so is their such thing a assistant accountant ? and also do u need to study for it or what need INFO Please
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Accounting Technician and yes you need to study for it
Answer 2 :
To be Honest ive never heard of an Assistant Accountant(or similar). Im sure you wont dive into the deep end straight away. In most jobs you work up a ladder. (Smaller tasks first and then the workload/difficulty is increase with experience) Well here are the basics for an Accountant: Work Activities Accountants help organisations and individuals manage their money. They examine financial records and statements and check them for accuracy. This allows them to provide their clients with a clear picture of their financial activities. All limited companies must, by law, be externally audited. An external audit is a check carried out by a qualified person who is not connected with the company. When doing an audit, the accountant has to examine accounting systems as well as check figures. Only accountants who hold a recognised audit qualification may work as registered external auditors. Some accountants specialise in taxation. Accountants work in various settings: ■industry and commerce where they tend to be based in one company ■public sector where they may work for bodies such as the National Health Service (NHS) or the local council ■private practice (sometimes known as public practice) where they work for firms of accountants whose clients can vary from individuals to commercial and government organisations. In both industry and the public sector, accountants are concerned with the day-to-day finances of their organisation. They provide analyses of costs and report on the future financial implications of management decisions. Some accountants who work for accountancy firms audit the accounts of their clients to ensure that the financial records give a true picture of the client's activities. Some accountancy firms also act as management consultants and advise clients on tax planning and ways to improve profits. Pay and Opportunities Salaries for accountants vary, depending on location and sector. The pay rates given below are approximate. According to a recent Institute of Chartered Accountants in England and Wales (ICAEW) survey, the average salary for accountants in England and Wales 2 years post qualification is £47,500 a year, rising to £52,000 for those 2-4 years post qualification, and up to £87,000 for those qualified 20 years or more. In Scotland accountants, on average, earn more than this in the North East (because of the influence of the oil industry) but less, on average, within the Central Belt. (Source: ICAS/CA Magazines survey) Banking and capital markets attract the highest salaries of around £94,000 average, for experienced accountants, while at the other end of the scale experienced accountants in manufacturing and engineering earn average salaries of around £68,000 a year. Government and not-for-profit organisations attract average salaries of around £55,000 a year, for experienced accountants. Accountants usually work 35-40 hours Monday to Friday. However, at peak times, they may need to work late or at weekends, for example, to produce monthly financial reports. Similarly, they may have to work extra hours to finalise accounts at the end of the financial year. Entry Routes and Training To qualify as an accountant, you need to register with one of the appropriate professional bodies. You then combine on-the-job training with part-time study and written examinations. Most accountancy trainees (about 90%) are graduates. Your degree need not be in accountancy. The relevant professional bodies are: (Careers Scotland website) ■Association of Chartered Certified Accountants (ACCA) ■Association of International Accountants (AIA) ■Chartered Institute of Management Accountants (CIMA) ■Institute of Chartered Accountants in Scotland (ICAS) ■Chartered Institute of Public Finan
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Saturday, March 1, 2014
Do you need ACCA/ICAEW etc. professional qualifications to become a self employed accountant?
Do you need ACCA/ICAEW etc. professional qualifications to become a self employed accountant?
Hello i am 16 and am making a decision for my career i would not like to take the ACCA qualification. cant i just take a degree and some experience.
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Anyone can call themselves an "accountant" but any client is bound to ask what professional association/institute you belong to. An unqualified accountant cannot audit a company's books, and there are tighter rules for the management of charities now. If you want to work for a company as an accountant you will need a qualification. Professional associations also provide advice and support for accountants, as well as ensuring their members are knowledgeable and experienced. What's wrong with ACCA? There are other accounting qualifications from AAT, ICAEW/ICAS, CIMA and CIPFA
Answer 2 :
I started training to be an accountant when I was 16, I am on doing an AAT qualification and then will probably do ACCA or CIMA, I would advise you to take a qualification as you will need that to get the experience as most places only employ people if they have a qualification or are training to get a qualification
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Hello i am 16 and am making a decision for my career i would not like to take the ACCA qualification. cant i just take a degree and some experience.
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Anyone can call themselves an "accountant" but any client is bound to ask what professional association/institute you belong to. An unqualified accountant cannot audit a company's books, and there are tighter rules for the management of charities now. If you want to work for a company as an accountant you will need a qualification. Professional associations also provide advice and support for accountants, as well as ensuring their members are knowledgeable and experienced. What's wrong with ACCA? There are other accounting qualifications from AAT, ICAEW/ICAS, CIMA and CIPFA
Answer 2 :
I started training to be an accountant when I was 16, I am on doing an AAT qualification and then will probably do ACCA or CIMA, I would advise you to take a qualification as you will need that to get the experience as most places only employ people if they have a qualification or are training to get a qualification
Read more other entries :
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