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#1 08-10-06 13:01:01

Matrix
Verified Member
Registered: 08-10-06
Posts: 19

Do you need an accountant

Hi guys

quite new to this, first time self employed.  Qualified in April was trainee for 4 months previous.  As for tax I registered on line filled everything out and sent it off.  EASY or more or less as the Tax office speak a foreign language. I was intending to do the same again for next year.  I keep all receipts and have a simple spread sheet of income and outgoings.  Am i missing something fundamental, I have been told by TIC that I will require an accountant for end of year.  Can anyone help me please :?

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08-10-06 13:01:01

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Re: Do you need an accountant



#2 09-10-06 10:29:39

sjubb
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Registered: 06-04-06
Posts: 48

Re: Do you need an accountant

Ah so so silly what the TIC have said.

You can take all of your receipts and income to the Inland Revenue and they can work out your tax for you.

An accountant will try and keep your tax bill down by usig every legal trick in the book, something the Taxman won't and the tax he could save you may pay for his fee and mean you are better off.

So in summary there is no absolute need for an accountant but in certain instances is a good idea.

cheers

S Jubb

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#3 11-10-06 19:45:10

paul795
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Re: Do you need an accountant

I have filed tax returns online for several years before becoming self-employed. When I registered self-employed just over three years ago I considered using the accountant I had used for another business 5 years ago (a limited company so needed proper acccounts doing). But as my tax affairs are relatively simple I decided against it and have continued to just do an online tax return myself.

If you have a basic understanding of how the tax system works and keep good records of income/outgoings etc. then I see no need for an accountant. The IR will also provide assistance if you have any queries about what you can and can't claim, where it goes on the form etc.

Paul

#4 12-10-06 11:25:04

Jimothy
Verified Member
From: Cheshire
Registered: 19-04-06
Posts: 224

Re: Do you need an accountant

My wife is an accountant and my brother (a chartered accountant) is financial controller of a company in London.

I do my own accounts and tax returns 'cos its easier than talking to someone else about it. I did have quite a lot of help in my first year as self-emplyed, but now I just do it myself for both of my businesses.


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#5 24-10-06 08:43:50

lady16
Member
From: Frome, Somerset, United Kingdo
Registered: 23-10-06
Posts: 6

Re: Do you need an accountant

hi is there any tips for me i am just starting at doing my dads and wanting to find the easiest way to do his accounts he is independant.

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#6 25-10-06 18:14:42

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
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Re: Do you need an accountant

Answer to question - No

As said before, keep good records of income and expenditure. Then arrange a meeting with an Inland revenue person to confirm you are correct and advise on more complex things like depreciation.


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