Keeping Accounts

[Varley]

Just wondering how many people do their own accounts and who are the big earners that can afford an accountant. I do my own at the moment.

 

[Dan]

Re: Kepping Accounts

I'd always recommend using an accountant to do your VAT and Tax returns. They can save you a fair few quid if they submit everything online too.

 

[DHTiling]

i use accountant......best to leave it to them that know how.......

 

[CJ]

I have been doing my own........and making an arse of it...........so, decided its time to get an accountant

 

[stumac]

i do my own made a mess of it as well but got advice from business gateway and seem to be on top of things now

 

[formula one]

i use accountant. hope he gets me some ££ back at the end of the tax year

 

[McP77]

Do my own. Think an accountant would have to do a bloody good job to save more money than he/she would cost in fees.

 

[grumpygrouter]

Do my own.

 

[stumac]

Do my own. Think an accountant would have to do a bloody good job to save more money than he/she would cost in fees.

i agree why pay somebody to save you money defeats the purpose but then i am a spotter when trying to save money and i will ask, read and research everywhere before spending. as i said business gateway /link very helpfull. also banks and inland revenue if you can be bothered spending time reading all there leaflets.

 

[Home Tiler]

I phoned the inland rev up ..told them i was starting a tiling business ...and thought great i got it going...then she said "when do you start trading ?"
i said well i haven't started yet..she said she could only help me when i know my trading start date ...which i gather is my first customer....
thing is my first customer wants to pay me cash...... i dunno...lol

now my guess is all customers want to pay cash cos they know it's cheaper...tut

i need help on this one ..i want to do it right !!

steve

 

[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: