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#1 06-09-05 16:01:25

PLYMOUTH77
Guest

Accountants - use them or avoid them

Do you guys tend to do the majority of this work on your own or do you pay someone to carry it out.

My first time self employed, have a fair idea what im doing. Most accountants seem to want about £500 a year, just need to work out if i think he can save me more than what he costs.

06-09-05 16:01:25

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Re: Accountants - use them or avoid them



#2 06-09-05 16:05:15

sparkle
Guest

Re: Accountants - use them or avoid them

My accountant is bout £280.

He is VERY good and i need him like we all need air to breath..i have NO clue lol  lol  lol  lol

He saves me loads and i love him  big_smile

#3 06-09-05 16:27:51

WOOF
Guest

Re: Accountants - use them or avoid them

Bloke I sold my motorbike to recently was an accountant and he quoted me £250.

He also said that this fee could be written off against tax. (Not sure he is right about that but who am I to argue).

As I'm not yet that far down the road to qualifying I've yet to appoint an accountant.

Not sure I'd appoint him even if was the cheapest.

Very strange man!  :?


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#4 06-09-05 16:41:34

Orcharddrive
Verified Member
From: Wisbech Cambridgeshire
Registered: 05-02-05
Posts: 318
Website

Re: Accountants - use them or avoid them

The Inland Revenues self assessment is really easy to use. If you only have a one-car business and don't charge VAT, then why pay an accountant? I've used the online self assessment for the last two years. No problem, easy and quick. You need to register for online.


Visit www.instructor.org.uk for free help and training guides on becoming a driving instructor.

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#5 06-09-05 16:44:35

sparkle
Guest

Re: Accountants - use them or avoid them

Orcharddrive wrote:

The Inland Revenues self assessment is really easy to use. If you only have a one-car business and don't charge VAT, then why pay an accountant?

You aint me  lol  lol

#6 06-09-05 17:46:56

Rookie
Member
From: Hampshire, & London
Registered: 14-05-05
Posts: 418
Website

Re: Accountants - use them or avoid them

Yes system is good to use online or visit the Inl Rev office, they help you. Accountant not used. But i guess each to their own. I dowt earn enough yet anyhows. Maybe when i get to 10k a year heeee!  :cry:


"Look at the whole picture before you judge". "Judge oneself before you judge the Judger"..... The Rookster.Nov 05

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#7 06-09-05 17:52:09

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Accountants - use them or avoid them

£500 for personal accounts - That's scandalous, I don't even pay that for my company accounts!!

I have a deal with my accountant who does each of my instructors for £120 plus VAT each year.

Some don't use them as they have learned to do it themselves. It is pretty easy!

Regards,

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#8 06-09-05 20:25:22

Bull on edge
Verified Member
From: NI
Registered: 13-03-04
Posts: 1,475
Website

Re: Accountants - use them or avoid them

I thought I knew what I was doing and  did my own until this year when I was recommended http://www.taxbuddies.com/home.php they charged £280 and got me a rebate instead of having to pay, saved me two grand big_smile


In Memory of Margaret (Mags) Adair ADI 

£2500 raised by our car on the Lejog and presented to Marie Curie, thanks to all who donated or helped in any way. David and Joe

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#9 07-09-05 06:47:37

Horizon
Verified Member
From: South Yorkshire/North Notts
Registered: 19-10-04
Posts: 169

Re: Accountants - use them or avoid them

Well worth having an accountant.  Mine costs just over £200 a year, but can often save me that much in tax.

IMO as well as anything else, you're much more likely to be 'inspected' by the IR if you don't have one and do your accounts yourself.

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#10 08-09-05 11:40:51

Georgia
Member
Registered: 02-08-05
Posts: 49

Re: Accountants - use them or avoid them

How does the accountant save you tax? Surely if you deduct your expenses from your income you come to the same amount of taxable income or loss?

Yes, accountancy fees can be deducted from income as they are professional expenses. Therefore, if you pay £200 accountancy fees and you are a basic rate tax payer your tax bill will reduce by £44 (£200 x 22%) or if you are a higher rate tax payer your tax bill will reduce by £80 (£200 x 40%). Obviously if you are in a repayment position the repayment will increase by £44 or £80.

I would thoroughly recommend you use the Revenue's online service - it is easy & if you get stuck give them a call & you get FREE advice. (My husband is an accountant).

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#11 08-09-05 12:26:40

paul1
Guest

Re: Accountants - use them or avoid them

Georgia wrote:

How does the accountant save you tax? Surely if you deduct your expenses from your income you come to the same amount of taxable income or loss?

Yes, accountancy fees can be deducted from income as they are professional expenses. Therefore, if you pay £200 accountancy fees and you are a basic rate tax payer your tax bill will reduce by £44 (£200 x 22%) or if you are a higher rate tax payer your tax bill will reduce by £80 (£200 x 40%). Obviously if you are in a repayment position the repayment will increase by £44 or £80.

I would thoroughly recommend you use the Revenue's online service - it is easy & if you get stuck give them a call & you get FREE advice. (My husband is an accountant).

Excellent post Georgia, and something I've been trying to get across for sometime. However, knowing someone who is an accountant is extremely useful (My sister in-law is an accountant).

Once you know exactly what you can claim for and what you can't there's nothing an accountant can do to save you money.

The online tax return is a piece of cake.


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#12 08-09-05 14:38:28

Ozzie
Guest

Re: Accountants - use them or avoid them

Georgia wrote:

How does the accountant save you tax? Surely if you deduct your expenses from your income you come to the same amount of taxable income or loss?

Yes, accountancy fees can be deducted from income as they are professional expenses. Therefore, if you pay £200 accountancy fees and you are a basic rate tax payer your tax bill will reduce by £44 (£200 x 22%) or if you are a higher rate tax payer your tax bill will reduce by £80 (£200 x 40%). Obviously if you are in a repayment position the repayment will increase by £44 or £80.

I would thoroughly recommend you use the Revenue's online service - it is easy & if you get stuck give them a call & you get FREE advice. (My husband is an accountant).

I agree, if you know ALL of the allowances that can be claimed, percentages of depreciation and tax relief then your fine.

If however you are not aware of all of the allowances that can be enjoyed, then the accountant can easily save more than his fee by advising you. The fact that your hubby is an accountant makes life easy for you, but not everyone has a free accountant on tap.

However some us prefer to give the accountant a shoe box full of receipts and a few scraps of paper and tell them to get on with it.

Oz  wink

#13 08-09-05 14:50:19

sparkle
Guest

Re: Accountants - use them or avoid them

Good old shoe box lol  lol  lol

thats what accountants are for!!!!! why bother if you aint gotta!!!! £250-280 well worth it!!


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#14 09-09-05 06:33:15

Bull on edge
Verified Member
From: NI
Registered: 13-03-04
Posts: 1,475
Website

Re: Accountants - use them or avoid them

I agree, if you know ALL of the allowances that can be claimed, percentages of depreciation and tax relief then your fine.

If however you are not aware of all of the allowances that can be enjoyed, then the accountant can easily save more than his fee by advising you. The fact that your hubby is an accountant makes life easy for you, but not everyone has a free accountant on tap.

Oz  wink

My not knowing all the allowances when I thought I did cost me a fair bit in tax and I did my own accounts for years, this year my investment  in accountancy saved me a lot of money.

Lesson learned.

I am a good ADI (according to DVTA anyhow  roll ) but I don't know enough about accountancy to be a good accountant.


In Memory of Margaret (Mags) Adair ADI 

£2500 raised by our car on the Lejog and presented to Marie Curie, thanks to all who donated or helped in any way. David and Joe

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#15 09-09-05 07:12:20

Ozzie
Guest

Re: Accountants - use them or avoid them

Bull on edge wrote:

I am a good ADI (according to DVTA anyhow  roll ) but I don't know enough about accountancy to be a good accountant.

Or as my lad told me once while discussing computers . . . . . "you don't know enough, to know that you know so little."

Oz

#16 20-02-06 22:47:42

Hopton
Verified Member
From: Norfolk
Registered: 23-07-05
Posts: 176

Re: Accountants - use them or avoid them

Yes you can go to the IR but they will only see the information from their point of view a good accountant looks at it 'out side the box' well worth it. A good account is hard to get so dont go to the yellow pages unless it's a recommended person. Ask some local self employed people you may know.

mine cost me £300 a year and well worth it. Having his mobile is good, make a friend for life.


Driving me Crazy, and thats just the wife !

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#17 21-02-06 09:10:26

Target
Verified Member
From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
Website

Re: Accountants - use them or avoid them

I would agree an accountant can save you money.

I pay £300 for the year... I've not switched from FBTC since joining because i've found the system effortless.

I here some people saying. ' Go online call the inland revenue', well those are the things i just do not want to do, nor have the patience for. MY time means money and for someone else to do it i can spend that time doing other more interesting things.

Just like washing the car. Put it through a car wash.


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#18 21-02-06 13:27:38

la.monikita
Verified Member
From: SE LONDON / KENT
Registered: 12-03-05
Posts: 3,064

Re: Accountants - use them or avoid them

AA, i have the same firm, but find it a bit tedious to fill up those forms, how many hours, all boxes for spending etc...
after that they have to do almost nowt  roll

I'm looking for someone who will take my diar  roll  pages off me, +the shoe box lol of receipts, and calculate the lot lol


"What is necessary to change a person is to change his awareness of himself."
Abraham Maslow

21st Century Women http://www.loisontheloose.com/my-advent … /the-team/

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#19 21-02-06 15:37:09

sparkle
Guest

Re: Accountants - use them or avoid them

La-mon.. i can give you my accountants number is you like.. Colin based in herts but does it all from there.

£280 all in.

All i do is send him everything..... i dont have to fill out a thing..the only time i write something is to sign the tax form! he does it all.. and he is VERY good wink..he is used to me now.. calls me 'his nightmare' charming!!! lol but he is a star.

#20 21-02-06 18:32:21

eric d
Verified Member
From: Walton
Registered: 10-01-06
Posts: 107

Re: Accountants - use them or avoid them

As some of you know i am newly qualified and in the "job" , i intend to use Tax Buddies , recommended by the MSA , i find being self employed for the first time in my life a little daunting but as i read and research things i get more confident ( little by little ) . Also Plymouth77 may appreciate my question to all you experienced adi's out there - having started in the last quarter of the tax year should i wait to take up the services of an accountant now, or should i wait for the next tax year (2006/7) ?

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#21 21-02-06 19:30:09

la.monikita
Verified Member
From: SE LONDON / KENT
Registered: 12-03-05
Posts: 3,064

Re: Accountants - use them or avoid them

La-mon.. i can give you my accountants number is you like.. Colin based in herts but does it all from there.

£280 all in.

All i do is send him everything..... i dont have to fill out a thing..the only time i write something is to sign the tax form! he does it all.. and he is VERY good wink..he is used to me now.. calls me 'his nightmare' charming!!! lol but he is a star.

am going to send you a pm  wink,
i need a star like him lol


"What is necessary to change a person is to change his awareness of himself."
Abraham Maslow

21st Century Women http://www.loisontheloose.com/my-advent … /the-team/

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#22 13-03-06 21:33:06

Hopton
Verified Member
From: Norfolk
Registered: 23-07-05
Posts: 176

Re: Accountants - use them or avoid them

use an accountant every time they think out side the box and you get the money they charge off your tax bill anyway so really your accountant is Free even though my charges £350 he is well worth it and i would pay more just dont tell him


Driving me Crazy, and thats just the wife !

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#23 13-03-06 23:01:38

markA.d.I
Guest

Re: Accountants - use them or avoid them

I always use an accountant, who wants the hassle !!

All in £260.00 .... just send him a box full of junk, and it all comes back tidy, would rather be out teaching than sorting that lot out!

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