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#1 02-02-09 10:52:24

Makem Drive
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Registered: 27-06-08
Posts: 197

Do you complete your own Tax Forms?

Would be grateful for comments on your experiences doing your own tax accounts. Not how you keep the day to day records as there is another thread on that but who does your tax forms & what problems you may have had.

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02-02-09 10:52:24

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Re: Do you complete your own Tax Forms?



#2 02-02-09 12:48:08

george
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Registered: 19-03-07
Posts: 348
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Re: Do you complete your own Tax Forms?

First year doing it on-line. It was very easy as it askes specific question so cuts out the cr@p. Took 15 mins, but that didn't include collating the info.


Paul Shackleton DSA ADI.-----DSA Fleet, Diamond Advanced, NVQ L3 In driver Training & Assessment, A1 & Ordit

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#3 02-02-09 12:52:30

timmanwaringadi
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From: Devon
Registered: 29-08-06
Posts: 2,406
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Re: Do you complete your own Tax Forms?

I can't get my head around the terminology used in the forms, I've always had trouble with things like that.

Doesn't stop me though, I just book an appointment with the tax office and they do all the work for me. I understand my accounts completely (back to front) so I can give them any information they need.

Once this year is done though, I may well use an accountant. With some more complicated things happening with the business, it may save me more than the cost of the accountant. Ask me again next year though.

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#4 02-02-09 14:54:13

smithwold
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From: Berkshire
Registered: 18-08-07
Posts: 716
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Re: Do you complete your own Tax Forms?

Did my first one online. Was easy but then I was fully employed for 49 weeks and just took relevant info off my P60 and did 3 weeks as self employed.
Might consider using an accountant for a full year though.

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#5 02-02-09 16:47:11

Makem Drive
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Registered: 27-06-08
Posts: 197

Re: Do you complete your own Tax Forms?

I would have thought the first one would be the worst especially if 1 or more incomes (previous job or part time top up etc.) occurred in that time plus there is the 'introdused intems, sat.nav.laptop, desktop etc. purchased personally prior to self employment. After that if all the income was from the driving instruction it would be easier.

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#6 02-02-09 17:10:47

george
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Registered: 19-03-07
Posts: 348
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Re: Do you complete your own Tax Forms?

Business "set up" cost are allowed, even if they are purchased before the business starts to trade. Allthough, you CAN NOT claim for the 3 grand you handed over to "Sausage Factory ADI's R-Us"


Paul Shackleton DSA ADI.-----DSA Fleet, Diamond Advanced, NVQ L3 In driver Training & Assessment, A1 & Ordit

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#7 02-02-09 18:11:48

christhedrummer
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Registered: 18-10-06
Posts: 1,163
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Re: Do you complete your own Tax Forms?

Always used to do my own accounts and fill them in online before becoming an ADI but get free accountancy with my franchise so they do it all - soooooooooooooo much easier.

WARNING though for those that are handing in their 1st year accounts as self-employed. As you probably won't have paid any tax for 18months then the tax people will ask for 50% of the predicted following years tax - nice little shock when you get your tax demand!

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#8 02-02-09 20:49:56

Aspyre
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Registered: 17-01-09
Posts: 2,754

Re: Do you complete your own Tax Forms?

"I would have thought the first one would be the worst "

I found 2nd and 3rd ones worst. I was self-employed anyway and started training same year and my first year was part salaried and part self eployed which was easy. 2nd year i took a job to help fund training so that year was part self employed and part salaried from two sources one of which was involved previous year. 3rd year was a few weeks sdalaried then slef employed.

it s been easy ever since though.

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#9 03-02-09 09:01:16

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
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Re: Do you complete your own Tax Forms?

There are certain things we do ourselves and others we prefer to pay someone to do it. A franchise is one example.

Personally I pay someone to do my accounts. It is something i know little about, nor care to have the worry of doing on set deadlines, and time scales. Im trying to run a business.

Anything to make this job easier without over spending on my time and money.

I felt the options were a little harsh.
Its not so much not being bothered or too complicated, as anything once you learn it becomes easier, its more about the time getting into that position of knowing precisely what to do, and I could be bothered I just see getting pupils in the car as a priority.


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#10 03-02-09 10:28:27

Makem Drive
Verified Member
Registered: 27-06-08
Posts: 197

Re: Do you complete your own Tax Forms?

Sorry if the options (more specifically option 4) seem a little harsh, they weren't meant to (the written word problem again). I couldn't think of a way to word it to include all the reasons that people may use to choose the accountant option & thought that several options of No: I use an account because....... would end up unrealistically long.

I do appreciate that some would find doing their own very easy but would rather pay an accountant, others may not want to risk falling foul of the tax man etc. etc.

The thing that did suprise me was that more than 50% (63% actually) do their own, I'd have though it would have been half that figure.

I had fully intended to have an accountant to do mine but based on the results of the poll so far I will spend some time looking at the info. regarding doing it myself.

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