Self assessment......

[RDTiling]

Morning all.

Do any of you use any software for working out your end of year tax returns etc? If so do you have any recommendations on whether one is better than the other?

im currently keeping track of my earnings in excel but I've heard that some software pretty much works everything out for you meaning you only need to submit the 'bottom line' numbers to HMRC.

I wasn't quite sure where to post this, so apologies if this is in the wrong forum.

Thanks,
Rich

 

[Mr Tiler]

isn't it excel that calculates as you input?

 

[RDTiling]

I've heard that there are some that calculates correct tax amounts to give you your net earnings.

 

[CJ]

Accountant...........decent one should save you more in the long run.

 

[Chalker]

I'm a sole trader.
i used to get all stressed doing all the book work myself , including the vat.
i now pay £50 a month, £ 80 at a vat quarter and £200 year end. Takes all the stress away.
all I do is quoting, billing and on the 20th of every month put all relevant paperwork, invoices amd receipts in a folder and drop off.

the vat alone used to take a full day every quarter.

most on here would say don't let builders do tiling. Then don't delegate the accounts to a professional!

 

[Gazzer]

Accountant for me, no stress.

 

[Mr Tiler]

in my first year I should be fine as I don't expect much to come in... will have to see how year 2 goes lol

 

[Chalker]

in my first year I should be fine as I don't expect much to come in... will have to see how year 2 goes lol

Unfortunatly mate, you will still have to submit self assessment.
Dont worry about not making enough to pay tax.if you don't ,make much you won't pay any, but if you have made a bit, you will have some expenditure to offset this.Having accounts in the future will make it easier to raise finance if you need it when you start properly.

 

[Mr Tiler]

Unfortunatly mate, you will still have to submit self assessment.
Dont worry about not making enough to pay tax.if you don't ,make much you won't pay any, but if you have made a bit, you will have some expenditure to offset this.Having accounts in the future will make it easier to raise finance if you need it when you start properly.

no I understand that mate sorry what I should of said was I wont be needing an accountant any time soon lol. cheers

 

[nakhodka2002]

Hi. I use Invoice2go for my quotes and invoices. My accountant have access to all my data. Very easy and useful app

 

[John Benton]

An accountant is the best tool you should invest in, and should save you more money than they cost you.

 

[Chalker]

Hi. I use Invoice2go for my quotes and invoices. My accountant have access to all my data. Very easy and useful app

I use it too.its very good.

 

[Diggy]

I use excel , did a very simple spreadsheet by myself - and i'm a computer idiot - then input the totals at SA online , doddle.

All you need to track is:

1. What you spent
2. What your total income is
3. What you you were stopped in tax.
4. Go to SA online and enter 1 , 2 & 3 and it works it out for you.
5. Go and treat yourself with the money you saved by not using an accountant or buying software.

Diggy 🙂

 

[Ian]

Invoice2go for me too. It's a brilliant app for keeping everything in one place. I'll do a bit of a write up later.

 

[Diggy]

PS: https://online.hmrc.gov.uk/information/help?helpcategory=shortform&helpid=CWF13LineAcct

IE: if your turnover is under the VAT threshold , then 3 line account is all you have to put in.

Diggy

 

[Dan]

I use excel , did a very simple spreadsheet by myself - and i'm a computer idiot - then input the totals at SA online , doddle.

All you need to track is:

1. What you spent
2. What your total income is
3. What you you were stopped in tax.
4. Go to SA online and enter 1 , 2 & 3 and it works it out for you.
5. Go and treat yourself with the money you saved by not using an accountant or buying software.

Diggy 🙂

Spot on.

 

[Rookery]

I use Solar Accounts package which is great. This produces my P & L and balance sheet amongst other things. I give my accountant my records and he submits my self-assessment. Its worth paying an accountant as they know all 'the other things' you can use to reduce your tax liability such as capital allowances, depreciation etc.

 

[RDTiling]

Thanks guys. With this being my first self assessment and only tiling Fri-Sun at the moment to see how things take off in the current climate, I couldn't justify an accountant, as their costs would probably be more than my earnings - certainly fir this year anyway!

ill check out done of those apps and programs etc....who knows I might even stick with excel. I like the idea of invoice2go. I'd certainly take any info you have on that Bri.

 

[RDTiling]

IE: if your turnover is under the VAT threshold , then 3 line account is all you have to put in.

Diggy

if I even make it out the hundreds by the end of the tax year I'll be doing well! I don't think I'll be challenging the VAT threshold any tine soon ;-)

 

[peteablard]

I use excel , did a very simple spreadsheet by myself - and i'm a computer idiot - then input the totals at SA online , doddle.

All you need to track is:

1. What you spent
2. What your total income is
3. What you you were stopped in tax.
4. Go to SA online and enter 1 , 2 & 3 and it works it out for you.
5. Go and treat yourself with the money you saved by not using an accountant or buying software.

Diggy 🙂

I think you'd be surprised mate. Out of curiosity I did my tax return on line a few years ago, it calculated that I was due a £750 rebate. I gave everything to my accountant as that seemed way too low and ended up with about £3k. They know all the loopholes and are worth every penny IMO

 

[Stef]

My accountant costs me £50.
Does my books at the end of the year & I always give him a fair bit extra.
He always gets me a good bit back..

 

[RDTiling]

Maybe I should look into an accountant and start as I mean to go on.....I guess it can't do any harm to ask their costs.

 

[John Benton]

Maybe I should look into an accountant and start as I mean to go on.....I guess it can't do any harm to ask their costs.

Shop round as well, charges can vary same as any other type of professional service. The nationwide/international practises will tend to charge more, the smaller ones will give you a much more personal service. It's all about how much they can save you!!!

 

[RDTiling]

I'll check out some local accountants and discuss my requirements with them and be sure to avoid nationwide companies.

 

[Diggy]

I got back 2k this year accountantless.
Diggy. ;-)

 

[Stef]

My accountant used to work for HMRC, he knows a few ins & outs.
I should get most of my tax back as I only made 10.5k last year seeing as I was away on a 6 & a half month holiday.

 

[White Room]

My accountant used to work for HMRC, he knows a few ins & outs.
I should get most of my tax back as I only made 10.5k last year seeing as I was away on a 6 & a half month holiday.

How do you work that one Rob :yikes:

 

[Stef]

You don't start paying tax till you have made 10k now.
I've already been taxed at source from the company I work for.