advice on small business accounts
- From: "MikeM" <mikemnnn@xxxxxxxxxxx>
- Date: 20 Dec 2005 04:24:37 -0800
I'd be grateful if someone could give me some advice.
A friend of mine is a sole trader. He does around 20 jobs a year (each
taking about 3 days in total), often for foreign clients. He employs an
accountant to look after the financial side of things costing him £300
per month.
Things haven't been going well recently, work has been slow and he's
looking to cut his overheads. One place where he could do this would be
handling the accounts himself, thereby saving himself about £5k per
year. Is this a sensible idea? Just how difficult would it be to handle
the accounts himself, and is there any legal requirement involved? Do
you need to be a qualified accountant to satisfy the needs of the
inland revenue? It just doesn't seem right that the accountant is being
paid a regular fee even when no work is coming in.
Many thanks in advance
.
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