Accountants advice

[bluenitsuj]

Is it advisable to do your end of year preperation of accounts and tax return yourself, or pay an Accountant?
I am self employed and January will be my first years tax return. My accountant has told me how much he will charge which is quite scary.

What would the average cost be for preperation of accounts and tax return, for those in the know.

 

[easynow]

Just learn the know how from the internet and do it yourself. If you do anything wrong the government will correct you.

 

[BensGrandad]

Very easy to do your own just have to find out what you can claim and what you cant or the other answer is claim everything at double and HMRC will correct it if they think it is wrong. That is very tongue in cheek but be sure to claim your entitlement.

Just one bit of advice they will try to reduce your fuel claim for a vehicle.

 

[bluenitsuj]

Just learn the know how from the internet and do it yourself. If you do anything wrong the government will correct you.

My accounts are all in good order, all receipts sorted into sales, expenditure so I presume its just a case of filling in a tax return.

 

[BN9 BHA]

I paid £420 last year, my wife does my books so all the paperwork is organised for the accountant.
I used to use a much cheaper accountant but I thought he was a bit dodgy and could never get him on the phone.

 

[Questions]

Just learn the know how from the internet and do it yourself. If you do anything wrong the government will correct you.

I think it really depends on your turnover and profit as to wether its worth your while. I was always told that accounts prepared by a professional were much less likely to be scrutinised quite so exactly by the taxmen and of course knowing all the things you can claim relief on are very important in keeping your bills as low as possible. If you ever are investigated - as I was once - then a regular accountant is important and can save you a small fortune. 4 to 5 hundred is about the norm if you are a one man band and if you sort your own CIS or employers bollox out without the accountants input. Don't ever expect any help from HMRC on any matters ffs though.

 

[bluenitsuj]

Very easy to do your own just have to find out what you can claim and what you cant or the other answer is claim everything at double and HMRC will correct it if they think it is wrong. That is very tongue in cheek but be sure to claim your entitlement.

Just one bit of advice they will try to reduce your fuel claim for a vehicle.

Cheers. I am under the impression that I can claim on all expenditure like rent ( space in a retail outlet ), phone, fuel, cost of stock, stationery, van hire for deliveries?, website hostings?

Correct me if I am wrong. I am learning all the time.

 

[BN9 BHA]

My accounts are all in good order, all receipts sorted into sales, expenditure so I presume its just a case of filling in a tax return.

There is a bit more to it than just filling in the form I think.

How much does your accountant charge?

 

[bluenitsuj]

My accountant has quoted £600 - £1000 plus Vat to prepare accounts and tax return. I think I will be saying goodbye to him tomorrow.

 

[BN9 BHA]

I think it really depends on your turnover and profit as to wether its worth your while. I was always told that accounts prepared by a professional were much less likely to be scrutinised quite so exactly by the taxmen and of course knowing all the things you can claim relief on are very important in keeping your bills as low as possible. If you ever are investigated - as I was once - then a regular accountant is important and can save you a small fortune. 4 to 5 hundred is about the norm if you are a one man band and if you sort your own CIS or employers bollox out without the accountants input. Don't ever expect any help from HMRC on any matters ffs though.

This.
Questions you are better at explaining things than I am!

 

[BensGrandad]

Cheers. I am under the impression that I can claim on all expenditure like rent ( space in a retail outlet ), phone, fuel, cost of stock, stationery, van hire for deliveries?, website hostings?

Correct me if I am wrong. I am learning all the time.

Dependant on your line of business there are agreed claims for tools clothes etc. I am sue that there are websites that will help or even the forum on Money Saving Expert.com to ask the questions as opposed to on here. There are professionals on there who will know the exact answers.

 

[Questions]

Cheers. I am under the impression that I can claim on all expenditure like rent ( space in a retail outlet ), phone, fuel, cost of stock, stationery, van hire for deliveries?, website hostings?

Correct me if I am wrong. I am learning all the time.

Home as office can save you 400 quid a year alone so that is why you need to know all allowance rulings. My accountant puts in over 700 just for the cleaning of my work clothes but if you work it out it's not far off but would you be able to find out all these bits just by going on the net.......maybe you can.

 

[BN9 BHA]

My accountant has quoted £600 - £1000 plus Vat to prepare accounts and tax return. I think I will be saying goodbye to him tomorrow.

Shop around, my accountant is spot on and is in Peacehaven, so is handy for dropping off, signing and collecting any paperwork.

 

[BensGrandad]

When I had my pub I was told the more you do yourself the less the accountant can charge you for. Some publicans did next to no preparation and just bundled everything in a carrier bag so the accountant got a 16 year old junior to sort out the receipts and charged £50 and hour for the juniors labour.

 

[Questions]

This.
Questions you are better at explaining things than I am!

I wish bn9 BHA. Had a nightmare this year with HMRC.

 

[Freddie Goodwin.]

HMRC have cut back so much on staff and soon there will be no local offices you can call into, it'll all be call centres or online. The upside for businessmen is that returns filed online tend to sail through provided the 'right' boxes are completed.

If you are a very small business and maybe don't have the complcations of staff (PAYE) or VAT then probably worth giving it a go yourself.

In regards accountants, they get overwhelmed in January and so can charge big bucks. You should really be sorting and filing those returns now before the party month of December and ensure your accountant doesn't sit on them for weeks, there's little advantage in leaving it til the last day (Jan 31st), which is also when a payment has to be made.

 

[LamieRobertson]

I have been self employed for 19 years and up until this year have always sorted accounts/filing myself...but decided this year to employ an accountant (after posting on here) and certainly don't regret it...they also offer paying monthly which helps cash-flow!

 

[Cheshire Cat]

Would you service your own boiler/car/rewire your house/install double glazing/fit your own kitchen, bathroom/defend yourself in court etc etc or get in somebody who actually knows what they are doing and how to do it.

It might cost, but it will probably be done better.

 

[Questions]

Another thing to remember is that the accountancy fees themselves are tax deductible so that reduces that payment by 20%.

 

[bluenitsuj]

I was not trading before this financial year, i understand tax returns in Jan 14 are for the financial year apr 2012 - apr 2013. So if I understand correct, I will not have to file a tax return until Jan 2015?