Keeping Accounts

[stumac]

hometiler
you can start trading whenever you want just tell inland revenue todays date if you want. then even if you dont actually do any work for a few weeks it doesnt matter but at least you can start keeping fuel receipts etc because you will be using your car to find work ie going to tile shops etc, delivering leaflets. hope this helps

 

[Jeffrey4670]

Hi, I do my own day to day accounts. I use Microsoft Excel and spend about 30 mins a day on it. If you don't keep up to them, it can get on top of you. I keep all my Invoices, fuel receipts etc. At the end of the year, I pass on my details to my accountant, which he then charges me £400 for the pleasure of putting in my Tax Form. I have often woundered if I could put my own Tax form in to save money. I would be intersted to learn how much he does save me in my tax bill? I see my accountant one a year only! Jeff

 

[grumpygrouter]

Hi Jeffery, your accountant will be doing much more than taking your excel details and putting them into the tax return for that sort of fee. He will at least be cross checking your transactions in excel against the documents you provide, almost certainly he will then put them into an acceptable format for reporting purposes and then putting the relavent figures into your tax return.

To be able to save money, you will require at least some accounting knowledge regarding acceptable business expenses and depreciation/capital allowances.

Doing it yourself is not always the best way, I have a client came to me last year after filing his tax return himself asking the Revenue to calculate his tax and was hit with a bill for almost £3k. He didn't think this was right so came to me to check over the figures. Revenue got it completely wrong and he was only due to pay about £250!!!

Tax forms can be done online at the HMRC website if you are really interested.

Grumpy

 

[lm tiles]

£211 for my accountant Take my books in once a year he does the tax forms , i think its good value .

 

[grumpygrouter]

£211 for my accountant Take my books in once a year he does the tax forms , i think its good value .

Not a bad price that. You probably keep your books in good order and make his life straight forward.:thumbs_up:

 

[Deleted member 1779]

I use my wife. ACCA qualified....

 

[Fred]

For £250, I let my accountant sort it all out. She's saved me money , more than I know how to get back.

 

[CJ]

Need to be careful HT..........couple of weeks ago I quoted and got the job for a guy who lived on his own..........he gave the old "Discount for cash routine"

I told him I DON'T WORK LIKE THAT.............When I was doing the job, I was making conversation, and asked him where he worked.........ONLY the fooking Inland Revenue.....small business dept.

My arse missed a beat:wink_smile:

 

[sweaty sock]

Accountants are not that expensive and all costs incurred are tax deductable .Get a good one and they will save you money and free up time for counting pints in the local.:wink_smile:

 

[bathroomboy]

First thing I did when I set up on my own is see an accountant, first year sent the books and receipts etc and they got me a refund of £500 cost of services £220 money well spent in my opinion.