Do I need an accountant?

[speirbhean]

Hi all. I'm thinking of moving from my current, permanent, PAYE job to one that would be essentially freelance. One of the issues worrying me is coping with my own tax affairs - I've never done this. Do I need to employ an accountant? I'm reasonably financially literate but I'd rather pay someone to get the job done if there is any risk of serious errors occuring. And could anyone indicate a ball park figure I might have to pay to an accountant, annually?
Also (and apologies if these queries have been answered before) what is the real difference between an accountant and a bookkeeping firm? Thanks in advance, sb

 

[bazermc]

although i am bias towards an accountant i would recommend employing one as the risks of getting in wrong are to high plus you may be entitled to reliefs etc... that u might not be aware of

in terms of fees i would need to know more they charge per hour they work on you books....if you go self employed you will avoid the cost of an annual audit...most firms charge approx €150/hour

 

[ubiquitous]

Just to clarify, annual audits are NOT required anymore for limited companies unless:
- the company's turnover exceeds €1.5m; or
- the company's filing record is in arrears with the Companies Office; or
- the company operates in financial services or another of a limited range of businesses that are compelled to undergo an audit due to IFSRA & other regulation
- the company is a part of a group company structure.

 

[dam099]

Also (and apologies if these queries have been answered before) what is the real difference between an accountant and a bookkeeping firm? Thanks in advance, sb

An accountant will bring accounts to final accounts stage whereas a bookkeeping firm will often only do the basic record keeping probably up to trial balance stage but may not prepare final accounts.

Also most accountants would give more comprehensive tax advice than that of a bookkeeping firm which is likely to be limited to preparing payroll and VAT returns.

An accountants rates will be higher so if you have a lot of basic bookkeeping that needs to be done it can sometimes be more cost effective to have a bookkeeping firm prepare the basic records then give them to an accountant to finish off the accounts and look after your tax returns.

 

[bskinti]

Before getting anyone I would suggest going to the self employed section at any revenue/tax office and discuss what your are thinking and ask them for advice, they will help you any way they can you'll find.