OT Money matters

[Uncle C]

I need to sort out some complex financial stuff mainly to do with balancing capital gains and losses. I seem to have the choice of using an accountant or a tax adviser, but which one will have the necessary skills.

The tax adviser has quoted £200 +VAT for 1 hours consultancy, rising to a further £600 +VAT if they formalise the info from the meeting in a letter.

 

[tedebear]

Tax advisor to be honest....Most chartered accountants I know of have an in house tax expert, but you may get charged double bubble....

 

[Bars Mar]

Contact Uncle Spielberg For The Best Advice On Money Matters. He Is Very Clued Up.

 

[Kylies Stunt Arse]

Maybe worth speaking to an IFA.

Look at www.unbiased.co.uk for a list of local ones to you. They will often give you a free initial consultation.

 

[aftershavedave]

I need to sort out some complex financial stuff mainly to do with balancing capital gains and losses. I seem to have the choice of using an accountant or a tax adviser, but which one will have the necessary skills.

The tax adviser has quoted £200 +VAT for 1 hours consultancy, rising to a further £600 +VAT if they formalise the info from the meeting in a letter.

any decent accountant in practice should be able to help. the fees sound a bit hefty for a chat though!

 

[Uncle Spielberg]

Bars Mar, very kind of you but this is not my field mate.

 

[Buzzer]

Most accountants offer an initial consultation free. They need to find out about you and vice versa. Can't comment on how much overall it will cost as most accountants as with other professionals charge an hourly rate and obviously the complexity of the problem dictates the price.

Whichever you go for just make sure that they are chartered accountants or chartered tax specialists and that they have professional indemnity insurance.

 

[hans kraay fan club]

Most accountants offer an initial consultation free. They need to find out about you and vice versa. Can't comment on how much overall it will cost as most accountants as with other professionals charge an hourly rate and obviously the complexity of the problem dictates the price.

Whichever you go for just make sure that they are chartered accountants or chartered tax specialists and that they have professional indemnity insurance.

That's a thoroughly SENSIBLE post Buzzer. Surely you could have SHOE-HORNED Milfs or hair in somehow?!

 

[the slow norris]

It depends on how complex the accounting issues are. I'm an accountant (but work in IT assurance) and reckon I would be ok go at calculating straightforward gains/losses for individuals. However for companies and sole traders it's a different kettle of fish as there are a heck of a lot of loss reliefs out there and unless I've been told about them at college I wouldn't have a scoobies. Plus, the CGT rules are all set to change.

So, to summarise, if their simple then accountants should be ok, but if they're complex then head for the tax specialist as the accountants would likely only direct you there anyway.

To minimise the time charged to you, I would get everything prepared beforehand, for starters:

- Precise dates when the items were bought/sold/transferred
- Precise details of the amount paid/received etc
- Your status at the time (single, married, sole trader etc)
- Tax returns made during the time (including details of all loss reliefs previously utilised)

 

[Uncle C]

Thanks guys all good advice.

My need for clarification is around the tax implications for a 'beneficial occupier'. One accountant I rang today practically said "whats that?" so he is off my list..

I have done some reading around this and find that an accountant sits only one exam on tax matters, but a tax adviser sits six!

Is there a governing body that can direct me to an appropriate person with expertise?

 

[seagullsovergrimsby]

That's a thoroughly SENSIBLE post Buzzer. Surely you could have SHOE-HORNED Milfs or hair in somehow?!

A bit difficult to , unless of course the tax adviser is a MILF

 

[Yorkie]

Thanks guys all good advice.

My need for clarification is around the tax implications for a 'beneficial occupier'. One accountant I rang today practically said "whats that?" so he is off my list..

I have done some reading around this and find that an accountant sits only one exam on tax matters, but a tax adviser sits six!

Is there a governing body that can direct me to an appropriate person with expertise?

I asked my daughter as she is a Chartered Tax accountant (but specialises in Business Tax)
She recommended looking here, and contacting them for names of qualified members.
http://www.tax.org.uk/

 

[the slow norris]

Yorkie's pointed you in the right direction. Us chartered accountants do only sit one full exam on tax, but another 3 all with a big tax component. That said, only half of what we're taught is about personal tax. Good luck to you, oh and FYI, i've never heard of a beneficial occupier either.

 

[Uncle C]

Thanks again good people, I have all the info I need to get started.

FIO
As far as I can tell, a beneficial occupier is classed as someone who does not own a property but in occupying it, say as a favour from the owner, is able to claim some tax benefits.

 

[Beach Hut]

Last time I used a tax person he charged me £100 to complete my tax return and got it wrong so naturally I did not use him again.

 

[Buzzer]

Yorkie's pointed you in the right direction. Us chartered accountants do only sit one full exam on tax, but another 3 all with a big tax component. That said, only half of what we're taught is about personal tax. Good luck to you, oh and FYI, i've never heard of a beneficial occupier either.

*ahem* TWO full tax exams for ACCA.

 

[Freddie Goodwin.]

There are loads of dodgy accountants out there so i suppose you get what you pay for, although, in the crooked world of finance, many are wise to that too so will rip you off even more!