Accountant for Tax Returns

[Floody]

Not too sure if this allowed here, so will give it a go nonetheless.

Im looking for someone to do my self assesment at the end of the year. Im new to being self employed and genuinley havent the slightest clue what to do when it comes to doing the tax return. All ive been told by the people I work with is to keep my reciepts for everything, So i have done.

Can anyone shed some light on some advice that I need? People to speak to? Accountants? (someone who knows the tricks of the trade)

Or would anyone here like to do it for me for a percentage?

Cheers,

Floody

 

[VoltzElectrical]

You don't need to find anyone until after april, unless you have left 2011/12 tax return till now! You have until the end of January to file online (easiest). You can do it yourself TBH. If you have only been self employed for the tax year in question then you only fill out that part of the form. Just enter your figures that you earned and then enter your tax deductibles in the expense box, and hey presto, it will tell you what you owe or are owed back if you have been stopped tax via the CIS.

If you really are unsure, an accountant will charge you around £200 to do this hours work for you and there are plenty about.

Tax deductible expenses are 1. Mileage @45p mile for the 1st 10,000 miles, then something like 25p after that. 2. Work tools and clothes. 3. Accountant's fee 4. Maintaining current qualifications e.g. ECS test, JIB card, IPAF training, Regs Course. 5. Insurance 6. Calibration of test equipment.

Some people like to swing it a bit further and claim for all sorts.

See the HMRC website for more information.

 

[Taylortwocities]

There are a lot of things that can be claimed if you are self employed, especially if you have a home base.
Also there are write downs for purchased capital items etc.

I pay about £250 for my accountant to do my P&L (I am not a limited company) and to do the tax return.
Every year he has saved me that £250.
In any case, I reckon its a day of your time to do the paperwork so that's a good chunk of £250 already!

You could find someone to do it for a year or two and then do it yourself by copying what has been done before. But the bl*@$%y HMRC move the goalposts so often.

Its hard enough keeping up with BS7671 - I find its best to let a competent accountant take the pain.

 

[VoltzElectrical]

There are a lot of things that can be claimed if you are self employed, especially if you have a home base.
Also there are write downs for purchased capital items etc.

I pay about £250 for my accountant to do my P&L (I am not a limited company) and to do the tax return.
Every year he has saved me that £250.
In any case, I reckon its a day of your time to do the paperwork so that's a good chunk of £250 already!

You could find someone to do it for a year or two and then do it yourself by copying what has been done before. But the bl*@$%y HMRC move the goalposts so often.

Its hard enough keeping up with BS7671 - I find its best to let a competent accountant take the pain.

As far as i know, the capital write down has gone, because before you were only able to claim a percentage of expensive items in the first year then a write down in following years, but a while back they abolished the limit on capital purchases so the full amount could be offset in the year of purchase.

If you do the maths starting with the amount of tax paid via CIS then work out what you can offset, then (in my case) I had more, or as much, in deductible expenses than tax paid so it didn't merit trying to claim for a dubious home office, laundry, guard dog's vets bills, flowers for the secretary etc..!

 

[VoltzElectrical]

There are a lot of things that can be claimed if you are self employed, especially if you have a home base.
Also there are write downs for purchased capital items etc.

I pay about £250 for my accountant to do my P&L (I am not a limited company) and to do the tax return.
Every year he has saved me that £250.
In any case, I reckon its a day of your time to do the paperwork so that's a good chunk of £250 already!

You could find someone to do it for a year or two and then do it yourself by copying what has been done before. But the bl*@$%y HMRC move the goalposts so often.

Its hard enough keeping up with BS7671 - I find its best to let a competent accountant take the pain.

That said, I have used an accountant every year except the last one, where I just did it myself as he got a bit slow in the end, and I had picked up enough confidence to do it myself online. Got a refund in about 6 weeks.