Doing Book-Keeping Yourself Is Cheaper...But...
As an Accountant In Dunfermline, OnTax, are often told by clients that they will do the book-keeping themselves. When pressed further these clients will admit they have neither qualifications or experience in book-keeping. To them, book-keeping is merely listing costs under headings.
If it were this simple one would wonder exactly what accountants study for 6 years at college or university! The truth is, book-keeping is a very complex subject requiring the skills of someone who has studied and qualified in book-keeping and can ensure that your job is correctly processed to comply with all relevant laws.
Book-keeping, undertaken incorrectly, can result in huge tax & vat liabilities building up in the background, unknown, until HMRC inspect your books, at which point the full horrors of up to 6 years prior can emerge. The resulting tax bill could potentially bankrupt you.
It's a bit like changing the brakes on your car, anyone can do it, but is it done properly? Will there be consequences for saving money and attempting it yourself?
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