The short answer is no, you do not have to be an accountant to submit accounts to Companies House. However, it is would be best to employ services of an accountant. He/she would ensure all the changing regulations are complied with. Further, the accountant will be able to identify any tax savings. These tax savings may outweigh their fees.

It would be best to employ a Chartered Accountant for this.  There are many people calling themselves accountants. However, they have not undertaken any professional examinations and are not monitored by any one.  Chartered Accountants are monitored by their Accounting body. They are required to keep up to date with changing regulations.

Before employing an Accountant please check that they are a qualified Chartered Accountant.

Virtually every potential client I meet fees are one of the critical factor in employing an accountant. Fees should be a factor in a decision but it should not be an only factor. An appropriately qualified accountant may save you tax that could more than outweigh their fees. His/her advice to further your business could be invalauble to your business.

I have come across many accountants who are incredibly busy since they have to do far more work because they charging fees that are not a reflection of their time and skill involved. This means they are so engrossed in routine accounting tasks, they just do not have the time to be proactive for their clients. Potential clients inform me time and time again – “my accountant is not proactive and I only hear from him/her only once a year”. How can you expect an accountant to be proactive when the fees are so low? We as accountants are not blameless here. We fail to communicate this point to clients. This is because of the fear of losing them to another cheap accountant.

My point is if your are looking for purely compliance (routine) accountancy work, fair enough they are many accountants who provide a low cost service. Southside also provides this level of service as well. If you would like a proactive service providing tax and business advice you will need to pay more. Accountant fees are based on time and skill involved in doing your work.

The old adage applies – You get what you pay for folks. With Southside there are no hidden fees, the fees we quote are the fees you pay.

The difficult part on changing accountants for most clients is breaking emotional ties with their current accountants. They have been with their accountants for years and find it difficult to inform them. This is understandable. It would be a lot easier if clients think of this as a business decision. To further your business, this needs to happen. Furthermore, this is a normal course in any business. We can make the process easier by drafting a letter for you, thanking your previous accountant for their services and letting them know that you have decided to make the move.

Once this is done we will contact your previous accountant asking them if they are any professional reasons why we should not act for you. We will also request last set of accounts, tax returns and backing schedules. It is normal practice for accountants not to charge you for this.

Watch out for “accountants”

Do you know it is perfectly legal for you to set up and call yourself an accountant? You do not need any qualifications or training to call yourself an accountant.

Anyone can call themselves an Accountant and many do! Accountant is not a legally protected term. This means they are more than a few people working and calling themselves accountants. These people have not passed relevant accountancy examinations, are not regulated and are not required to undertake any Continuing Professional Development. This means they are not best placed to handle your financial affairs. Furthermore, they may also have impressive looking initials after their name -do not be fooled by these. These initials are gained by completing a simple form, providing two references and paying a membership fee.

Please do not accept a person as an Accountant without checking their credentials.

Right Person (Accountant)

Accountants that are appropriately qualified to act for you include:

• Chartered Certified Accountant – ACCA or FCCA – Member or Fellow of the ACCA (Association of Chartered Certified Accountants)http://www.southsideaccountants.co.uk/Acct-Role.pdf
  

• Chartered Accountant – ACA or FCA – Member or Fellow of the ICAEW (Institute of Chartered Accountants in England & Wales).

• Chartered Accountant – CA – Member of ICAS (Institute of Chartered Accountants in Scotland)

• Chartered Management Accountant – ACMA or FCMA – Member of CIMA (Chartered Institute of Management Accountants)

Before employing an Accountant belonging to anyone of the above bodies, please call the body to confirm if he/she is a member of the body.