If you are confident with accounting principles, know what HMRC and Companies House require and don’t mind working for free, then yes you can do your own end of year accounts. In this case one has to prepare financial statement, reconcile accounts and calculate taxes. But all mistakes can result in penalties or lost tax-saving opportunities. There are many who run their business accounting software themselves using templates. However, a professional accountant will always be needed, either to verify its accuracy, to assure compliance, or as peace of mind especially when your business or finances are more complex.



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