Companies House has reported that one in ten of all accounts filed with them are rejected because of formatting errors. Whilst nobody can guarantee that every form they file will be accepted without question, it does seem that a large part of the problem may be to do with people making false economies by filing their own returns. Companies House also seems to have been instructed to be a little more stringent when imposing fines.
Many small and medium sized businesses feel under pressure to ensure they do not incur what are perceived as unnecessary expenses. This leads them to question professional fees. This is perfectly understandable as many professionals’ fees do seem exorbitant. Paying hundreds of pounds to have a form filed is clearly not a sensible way to spend your money. However, getting the form wrong and incurring penalties is not a sensible option either.
One of the great innovations for small and medium sized businesses is the use of online accounting. After all people know their own business best and there is a limit to the benefits gained from having someone, who holds themselves out as an accountant and business advisor, work for you.
However, it is sensible to use experts for certain jobs. If online accountants are able to use staff who just complete and file accounts all day every day then it makes sense to share in their economies of scale. You are able to file the basic accounting records by email and minimise the time spent dealing with unnecessary queries.
Want to learn more?
Subscribe to our newsletter to get accounting tips like this right to your inbox