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redstarwindowcleaners

  • Posts: 408
doing your own tax return
« on: December 04, 2013, 09:06:35 pm »
Is a subject ive never really understood the accountant I use wants  £350:to do my return  in april
It it difficult to do yourself in laymens terms all it really is is earnings  minus expenses  then you have to give away 20 %  of whats left
Is it a minefield or is it a easy process to do yourself
Stand before my gates and be judged

PoleKing

  • Posts: 8974
Re: doing your own tax return
« Reply #1 on: December 04, 2013, 09:08:17 pm »
You pay tax?!
www.LanesWindowCleaning.com

It's just the internet. Try not to worry.

redstarwindowcleaners

  • Posts: 408
Re: doing your own tax return
« Reply #2 on: December 04, 2013, 09:10:31 pm »
You pay tax?!

No not usually feel a bit guilty lately dodging it after all these years
Stand before my gates and be judged

PoleKing

  • Posts: 8974
Re: doing your own tax return
« Reply #3 on: December 04, 2013, 09:13:06 pm »
You pay tax?!

No not usually feel a bit quilty lately dodging it after all these years

Hiding under the duvet when the tax man comes knocking?
www.LanesWindowCleaning.com

It's just the internet. Try not to worry.

Pro-Smart

  • Posts: 134
Re: doing your own tax return
« Reply #4 on: December 04, 2013, 10:12:03 pm »
Is a subject ive never really understood the accountant I use wants  £350:to do my return  in april
It it difficult to do yourself in laymens terms all it really is is earnings  minus expenses  then you have to give away 20 %  of whats left
Is it a minefield or is it a easy process to do yourself

It is fairly easy to do yourself, especially if you keep meticulous records of your expenses (and earnings) each month. However, you need also to keep a handle on your capital expenditure e.g. van, wfp equipment etc so you can use the appropriate capital allowances to write off against tax.

An accountant is useful not only in doing your tax returns but also preparing your annual accounts (profit & loss and balance sheet). The latter are useful to establish a financial record for if and when you need to prove your earnings etc for a mortgage, loan, credit card application etc etc.

£350 sounds a bit pricey to me, although when I was looking for an accountant I was being quoted anything from £250-£400 until I found a guy who'd do it for £120 inc VAT. But for that they need your books to be up to date and probably available electronically, say on Excel spreadsheets...

H20cleaning

  • Posts: 2098
Re: doing your own tax return
« Reply #5 on: December 04, 2013, 10:18:12 pm »
I do my own you only have to answer basic questions but they are worded difficult!
Keep a monthly account of your books then a tax return asks for basic figures.
From april 2014-2015 i will be getting an accountant as i want to start getting some solid earnings going through so i dont struggle to get a morgage.

bobplum

  • Posts: 5602
Re: doing your own tax return
« Reply #6 on: December 05, 2013, 09:23:20 am »
i have been doing mine on sageone.com for the last two years but have now signed up with LSD accountants and for £30.00 a month they will do my books every month and do the tax return, all for £360.00 a year and they will use my account at sageone.com so i can track my profits etc

andyM

  • Posts: 6100
Re: doing your own tax return
« Reply #7 on: December 05, 2013, 09:36:37 am »
i have been doing mine on sageone.com for the last two years but have now signed up with LSD accountants and for £30.00 a month they will do my books every month and do the tax return, all for £360.00 a year and they will use my account at sageone.com so i can track my profits etc
LSD Accountants?
You tripping?  ;D
One of the Plebs

Ian101

  • Posts: 7887
Re: doing your own tax return
« Reply #8 on: December 05, 2013, 09:42:47 am »
do it myself every year between christmas and new year ... piece of pea to do so long as you have info to hand income outgoings etc.

plenty of websites to help with what you can and cant claim allowances for.

got stiffed by an accountant in 1st year for £1300 .... NEVER AGAIN !!!

looking to expand next year in a big way so will have to bite the bullet and find a good one who will hopefull save me more than im paying him/her.

however as a 1 man operation with a turnover below vat level dont think an accountant could do better than what i can do myself at the moment.

Bob Plumb got me into sage online for a fiver a month ... great system and combined with george its all you need IMHO

redstarwindowcleaners

  • Posts: 408
Re: doing your own tax return
« Reply #9 on: December 05, 2013, 02:22:19 pm »
Thanks
Is you have a go yourself  online all balls it up
Do you get numerous attemps to get it sorted before submitting or is one go and  thats it
Stand before my gates and be judged

Ian101

  • Posts: 7887
Re: doing your own tax return
« Reply #10 on: December 05, 2013, 02:39:49 pm »
Thanks
Is you have a go yourself  online all balls it up
Do you get numerous attemps to get it sorted before submitting or is one go and  thats it

dead easy ... send kids and missus out for the day .. get everything to hand and yes you can adjust as you go until you press the final submit button

Mist A Bit

  • Posts: 1032
Re: doing your own tax return
« Reply #11 on: December 05, 2013, 03:13:11 pm »
Its very easy I do all my accounts and now doing my own payroll . I wouldn't,t pay anyone when I can sit down and sort it one evening.

Dick

  • Posts: 304
Re: doing your own tax return
« Reply #12 on: December 05, 2013, 03:19:42 pm »
Self assesment is relatively easy as long as you have everything to hand and your accounts are simple. Why pay someone else. When you file it electronically any refund is paid almost immediately, no waiting for it to be checked. 

8weekly

Re: doing your own tax return
« Reply #13 on: December 05, 2013, 03:19:54 pm »
Thanks
Is you have a go yourself  online all balls it up
Do you get numerous attemps to get it sorted before submitting or is one go and  thats it

Yes, you can keep fiddling with it until you are happy with the declared profit.  ;D

bobplum

  • Posts: 5602
Re: doing your own tax return
« Reply #14 on: December 05, 2013, 03:27:54 pm »
its probably all about discipline, if your the type to keep on top of your business accounts then self assessment is straight forward, if how ever your more like me when it comes to paper work its worth paying, imo,  someone to do a monthly return and the final return for £360.00 and of course is off set against your taxes, it frees me up to go and get more work or to spend the time as a please

redstarwindowcleaners

  • Posts: 408
Re: doing your own tax return
« Reply #15 on: December 05, 2013, 06:24:26 pm »
Thanks
Is you have a go yourself  online all balls it up
Do you get numerous attemps to get it sorted before submitting or is one go and  thats it

Yes, you can keep fiddling with it until you are happy with the declared profit.  ;D

I think you read my mind !
Stand before my gates and be judged

Frankybadboy

  • Posts: 9022
Re: doing your own tax return
« Reply #16 on: December 05, 2013, 09:10:35 pm »
if you are paying more than £200 for simple window cleaning accounts to be done ,you are simply paying over the top

mine is £120 for the year +£36 for wage slips to staff.

redstarwindowcleaners

  • Posts: 408
Re: doing your own tax return
« Reply #17 on: December 05, 2013, 09:15:32 pm »
if you are paying more than £200 for simple window cleaning accounts to be done ,you are simply paying over the top

mine is £120 for the year +£36 for wage slips to staff.

Im only a one man band
Tried a couple of other local  accountants and they wanted a similar amount if not a bit more
Stand before my gates and be judged