Updating post from Reddit.
Anyone here who owns in an LTD doing their own company taxes? Was it hard to learn? How did you learn? What tools do you use? Does it feel worth it?
Cheers
Spreadsheet for accounts.
Easydigitalfiling to do the CT600 and companies house at year end.
Foreign currency accounts are a ballache due to exchange gain/loss.
Depreciating assets is a minor ballache.
If you have a decent business then for most people an accountant is worth it so you can focus on the business.
If you insist on DIY then the “putting it through the company” book is great. ChatGPT is great for research but it hallucinates so you have to ask it to quote statue and then go verify it’s not lying, which it often does.
My first year i searched for an accountant, they charged me £600 then paid £450 in tax.
2nd year i went with cheaper accountants and they charged me £250 with £0 to pay in tax.
For 250 I'm paying for someone else to do it.
I use cheaper accountants for my own business.
But they are not checking anything. They take your numbers and file. Any mistakes are on you. I’m a qualified accountant so happy with my records.
As long as you know what you are doing then it’s a cheap filing service. But they are not preparing accounts in the true sense, zero come back if there are errors etc.
As long as you are confident that what you provide them is correct and you can check and verify the work yourself to comply with your duties as a director then it’s a cheap bare bones service.
If you want any kind of assurance or planning then these are not the right guys.
100% agree
You are likely a micro-entity so minimal reporting, you can file them youself at Companies House own website.
Companies House has a YouTube Video: https://www.youtube.com/watch?v=27rvZjXO8ZA
Is this real life? Legend 👑
That’s accounts not taxes…
Hmm? The service does both it can file Company Tax Return (CT600) to HMRC too.
The links you originally posted only talks about filing company accounts
Use Taxscouts
I do my own (not ltd co for landlording, but for another business) and use FreeAgent for everything - invoicing, banking, expenses, payroll, VAT, Co tax return, profit & loss accounts, project level views, the lot. It costs around £400 a year I think, support is great and its easy and intuitive to use. I hear Xero is also very good but have no experience with that.