Self assessment......

[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.