Do I need an accountant?

[sassan]

Hi,

I formed a limited company a few years ago and this year is my first year of trading. I have been submitting my annual return and DCA form (non-trading company) to the Company House in the passed years by myself (do not have an accountant). I estimate that my turn over to be around £3000 for year 06-07. I use an accounting package which generates profit/loss account. My questions are:

Is it a legal requirement to have an accountant when a company started trading?

If I am capable of doing my accounts and producing annual accounts do I need to employ and pay for an accountant to oversee and stamp my profit/loss account before submitting it to the Company House?

I do appreciate your answers.

Many thanks
Sassan

[EquusTrade]

Legally you don't need an accountant. I do my own accounts and have done for about the last five years. Please also remember you have to do the Corporation Tax return too - this can be quite daunting the first few times, but doing it yourself is better than paying an accountant a grand for doing it.

If you're lucky enough to get your turnover over £5.6 million or have a total balance sheet value of over £2.8 million you have to employ an accountant to audit your accounts.

But of course once you get to that level you can afford to employ one!

[sassan]

Hi,

Many thanks for your answer. I am sure you are write. I have had another conversation on a different website and I have been told having a accountant is not a legal requirement. Obviousely, as you mentioned, if I get my turn over high enough I would pay for having an accountant.

Regards
Sassan

[EquusTrade]

Glad to help.

I'm trying to rev myself up to get mine done within the next two days. They don't have to be in until sometime next year, but I'm going abroad for a few months in January, so want to get them out of the way.

Mind you I've been trying to get myself motivated to them for the last two weeks and haven't managed yet :-(

[EquusTrade]

I finally managed to get mine done today. My accounts will by merrily winging their way down to Cardiff and the CT600 is on its way to somewhere in deepest Bolton.

Its a weight off my mind to get them done