do I really need an accountant?

[snowhead]

No Rob, I meant ask one of the other sparks who get in there. Christ don't ask behind the counter, that's inviting disaster,

No,, But we'll get you one overnight,, seems a familiar answer.
Or someone's just cleared us out of them.

 

[Rockingit]

No,, But we'll get you one overnight,, seems a familiar answer.
Or someone's just cleared us out of them.

"Temporarily over sold" has to be my all time favourite excuse. I hear it from my local outfit all the time!!

 

[HandySparks]

"You're the third person who's asked for them this week. There's no call for them."

 

[MDJ]

I use a chartered accountant for my annual return, as a limited company he actually makes things easier for me, knowing what you can get away with is something I don't know, and we pay enough tax as it is IMO, if we left our return to the IR we would have nothing left, times are tough as it is and there are many things which can be off set from tax and benefit your firm if you have the right accountant, just my view of course as an over tax payer who has had enough of the rates we pay in general.

 

[chronyx]

I wasn't going to bother using an accountant until someone told me some of the loopholes his accountant had used for him. Now I'm in two minds...

 

[Octopus]

I wasn't going to bother using an accountant until someone told me some of the loopholes his accountant had used for him. Now I'm in two minds...

I'd definitely say you should use one if only for a couple of years. its not rocket science but you are buying their up to date knowledge, etc, etc.

 

[Guest111]

A few years ago my mate decided to use an accountant instead of doing the books himself,he told the accountant he had never had any bother with hmrc but was a bit busy to carry on himself,the accountant said he was not surprised he,d had no trouble with hmrc as he wasn,t claiming anything like what he was entitled to.For instance washing powder as his wife washed his works clothes,a small wage for his wife as she answered the phone and took messages whilst he was at work,money for tools as he had not replaced any in years and didn,t know the exact allowances.Think it cost him a couple of hundred quid and he saved a couple of thousand.Plus if anything does go wrong at least you have someone behind you thats qualified and used to dealing with hmrc.

 

[thesnowman]

gonna do last years tax returns myself seeing that my earnings have been below the threshold (its been a ****ty year, work wise), it will be straight forward, expect to get all my tax back

my question is, at what amount is it really worth getting an accountant? when you are earning £15,000 onwards, when you are at the £20,000 point

 

[MDJ]

gonna do last years tax returns myself seeing that my earnings have been below the threshold (its been a ****ty year, work wise), it will be straight forward, expect to get all my tax back

my question is, at what amount is it really worth getting an accountant? when you are earning £15,000 onwards, when you are at the £20,000 point

Depends on your business type, if you have a separate bank account for business matters then I would use an accountant myself even if your turn over is low, if you run a company however it's a must IMO

 

[oldtimer]

Yep I do my own and keep all my records up to date Daily yes Daily also speaking to a builder who was telling me he was boasting how his accountant was worth every penny as he saved a fortune only for HMRC to pull him in and inform him that he had a wopper of a tax bill coming so am I saying dont use an accountant NO but if you are then get an assurance that if you get a big tax bill because he or she got it wrong then you will be expecting the very least for them to pay it or refund you all of their fees.

That should grab their attention and if they dont want to then in my view their not an accountant

 

[chronyx]

My accountant paid for himself last year and got me a tax rebate. Dropped last year's books off yesterday, as it happens.

 

[oldtimer]

My accountant paid for himself last year and got me a tax rebate. Dropped last year's books off yesterday, as it happens.

Yep so did the builder lol

 

[trev]

I think this is the equivalent of someone saying "It's only a few wires"
Yes self assessment isn't that complicated but all the various allowances are not widely publicised and a tax specialist would know what you can and can't claim for.
We all bitch and moan when people dabble with our trade......

 

[oldtimer]

Trev your right but what happens when a customer finds out that it was a Electrical Trainee who did the job and he has went bust or not insured lol

 

[thesnowman]

I think this is the equivalent of someone saying "It's only a few wires"
Yes self assessment isn't that complicated but all the various allowances are not widely publicised and a tax specialist would know what you can and can't claim for.
We all bitch and moan when people dabble with our trade......

if you had a leaky tap do you call an plumber and pay him example £50 to change a washer or do you do it yourself
its a simple enough job

 

[trev]

So is changing a light switch but if someone comes on here with no idea how to do it safely what do we tell him?
As I said, self assessment is easy enough but there's a lot of allowances that are not widely known and so could go unclaimed.

 

[Octopus]

My "local" accountant is part of my Business network! Some people just don't get the importance of networking!!

 

[HappyHippyDad]

I have just found an accountant that I like, he is going to charge me £300 to complete my tax return and I think this is roughly the going rate. This is as a sole trader, he said it would cost quite a bit more if I was a Ltd Company.

I do partly agree with Trev's view that you should get an accountant to do an accountants job but I think it depends on the type of job that needs doing. You wouldn't get in an electrician to change a fuse in a plug and I dont think the tax return for a sole trader is far off that example, although its probably closer to a 'like for like change' of a light switch :smiley2:

I'll be using an accountant this year (and asking him lots of questions) and then have a go at it myself the following year. If I struggle then I'll just go back to using an accountant.

 

[oldtimer]

I agree yep if you are Ltd and have a fair turnover and not very good at keeping records then yep an accountant but sole trader that turns over the average wage like me hence why I do my own and I complete my records daily so no scrambelling about in the motor siving the the Maccy D containers looking for receipts lol.