Self assessment...... Page: 2

[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