Terminating my contract with my accountant

[G-girl]

Hi,

Can anyone help...?

I'm a director of a limited company trading for just over a year and due to the economic climate I want to terminate my contract with my accountant and submit any returns myself.

What do I need to do to finish the agreement, any things I need to ask for or specific things I need to include?

If there's any standard or template letters available that would be great... but just some direction would be a massive help.

Thanks

[jedimistress]

You only need to let them know you don't want to them to act on your behalf anymore. You may wish to put it in writing for your own records. If you actually have a "contract" with them, refer to that. I have never worked in a firm which binds people to it. A client only has to day they wish to go elsewhere, or do it themselves. It is quite common, especially in these times where money is tight.

[Skyline D]

Jedimistress is absolutely correct that you only have to tell them normally. Unless you are on some sort of unusual retainer arrangement accountants usually only fee for work done. Ask for an updated bill, pay it, and tell them you no longer require their services.

However, unlike jedimistress, I do think it's pretty unusual and a reasonably big step for someone to do limited company work themselves. The Companies House stuff can probably be done with some handholding provided you understand basic accounts but Corporation Tax is a more complicated issue than Income Tax and the returns require submission of full accounts with them. I'd hesitate to advise it.

Maybe you actually meant that you employ someone as a book-keeper (or pay a firm for it) and want to do that part yourself though?