You can do you own accounting however it is recommended that you know what you are doing, there are many rules and standards that financial documents require, there are also deadlines that need to be met throughout the calendar year. So, although you own accounting is possible it can be costlier and time consuming to
It is not a legal requirement for a small company to have an accountant, so hiring one is not a necessity. However, providing detailed and accurate records of your business is a necessity. It is only a legal requirement to have an accountant if the company is big enough to require an audit.
There are a number of benefits to having a good accountant. It's not just about keeping your financial accounts up to date, your accountant should actually help save you money and ensure your business remains profitable. Benefits include: 1. Prevent getting you into legal trouble It is the law for a business to provide records
There are two main types of accounting: Financial accountant – A financial accountant will gather data into financial documents. These financial documents are used to organise all records required by internal and external stakeholders including PAYE Annual Return National Insurance VAT Corporation Tax Capital Gains Tax Stamp Taxes Statutory Pay Real Time Information P45s, P46s,