[Cleaner Windows]

mines been sitting on my desk for a while now. Dont like to leave it sitting around for long, its much better to sort it and send it really, I always find it a bit of a headache and every year it seems to be just as hard/annoying to do since ive been doing it myself since I started.

However, I've decided after tonights effort, with some parts crossed out and signed with my initials, to employ an accountant, regardless of price.... it would be so nice not to have to do it all myself..... besides, they can save/make you some money cant they!?

let me know what ya think. Does anyone else do their own still? or have you all realised the sensible way?
Denis Holden

[Mr. S]

doing it myself this weekend. My mrs hates me 

[Cleaner Windows]

hehe i bet! it does take up a good bit of your time doesnt it! good luck with it m8

[gmcs]

Do it on line it is simple just don't push submit until you have saved it and checked it once you push that button it is done Good LUCK!

[SherwoodCleaningSe]

My Mrs done it this weekend and I think she hates me.

With all the expenses I've had this year I should be looking forward to a nice refund.

Simon.

[Clive McDonald]

I'm in favour of doing it yourself.

There are some things an accountant knows about £500 for use of home as office, 20% straight line capital depreciation for van and other assets.

This is a simple business.

I'm guessing but think it's important to account for cash drawing and expenditure on a weekly basis with a cash in hand figure carried forward every week. Basically a reconciliation with banking. The profit and loss, which is the bit you do for your tax return should be fairly simple.

Why not take a course, because the other thing is that basically you are your own finance director and not all accountants are that helpfull for £160 a year.

[Mr. S]

£500 for use of home as office, surely thats  not a standard figure?

I thought the amount claimed in this case was proportionate and that you needed to identitify what percentage?!
Cheers Craig

[SherwoodCleaningSe]

I do a % of rent and bills.  3 bed 1 living room house so 25% of rent, council tax, electric and gas.  50% of phone bill and 90% of mobile phones.

I don't think it's always down to money with accountants some can be great others very unhelpful.

Simon.

[Clive McDonald]

I wasn't giving hard and fast examples merely for instances. My understanding is that you can say or claim or work out in several different ways providing that you have some kind of derivation for how you arrived at the figures and...... that this is considered fair and reasonable.

[neil100]

If you know what you are doing then fill them in yourself. You can allways ask at the tax office anything you are not sure about, they are only to happy to help.

If you use an accountant you are ultimately responsible. If you ever get investigated by the Tax man and your accountant as tried to save money by overstating expenses. IE Home as office. Then the Tax man will seek to reclaim the money that he thinks your accountant as falsely claimed.

The Tax man normally only allows a flat rate of £250.00 as use as home as office.

I know because I was investigated last year and my x accountant had claimed £800 as use as home as office.

The Tax form is a doddle online to fill in and a partnership form only requires your end of year figures. If you fill in online it tells you straight away the Tax and National Insurance you will have to pay.

I have not done my Tax return yet from 06-07. But I know I can do it in a day when I make the time.

Nel.

[Clive McDonald]

They came to my house too. Went through all my figures. Especially when I had paid money into my two bank accounts that maried up with books i had. They were satisified with what they found.

I did have an accountant but she was extremely reluctant to attend this  home meeting. Me and my wife had nothing to hide but were obviously very worried. I stopped using the accoutant because as you say ultimately you are responsible.

If you look at any set of books, you mine or vica versa, there will always be some kind of mistakes. Mistakes are okay I think as long as they are not a deliberate act.

As you say I have always found the tax people helpfull.

As regards £250 or £500 or percentage of bills for home office, it probably varies by circumstance.

[macmac]

Nel makes a very valid point, YOU are always responsible for any tax issues, not your accountant. If anything is wrong with your accounts it's ultimately your resposiblity & not your accountant. bit of a get out of jail free card for the accountant me thinks.

tony

[Cleaner Windows]

well it seems by all the posts ive read that it would be best to carry on by myself, maybe keep my books better so its less confusing when filling in the return! dunno about you guys but each year I still find the forms a bit confusing untill i get near the end then it all seems to make more sense. I was pretty tired the other night when i attempted it, so I reckon its best to do it being up for it and not half asleep (obviously i suppose)

[neil100]

The Tax form you fill in yourself is very confusing.

Its much better doing it online. You are asked certain questions which are straight forward to answer. Then depending how you have answered It will only show you what you need to fill in. It saves trawling through all the sections that dont apply to you.

You can fill in a bit at a time and it automaticly saves it for you. When you have filled the form in you click a button and it checks it all for you before you finally submit the form online. If you have made a mistake it will show you what needs to be filled in.

Online is the easiest way to do it.

Nel

[JohnL]

Just a word of caution re the online Tax return which I believe is excellent except for one thing..

I did mine online last year but after 3 months had a bill and an addition for interest on an unknown outstanding amount not paid on time.

Bear with me cus this may take some wording.

After writing to the tax office querying this development, it transpires the online statement showing the figure you need to pay is based purely on the figures you have supplied on that form for the latest year and if that figure differs from the previous years estimated figure it is down to you to deduct the two, advise the tax office of the difference which you have to pay and to avoid any interest which may be relevant.

ie this years actual figure was higher than the last years estimated figure so I was in arrears - but no-one tells you this ( its up to you to check to see if this years actual figure tallies or otherwise with last years estimated figure ) until some months down the line when you get a revised bill and added interest charges.

Now some may say I was niaive but to me an online tax return should be just that and should take into account all and any figures previously supplied. If I had supplied a paper return and not an online return this difference in figures would have been picked up by the Tax office and there would not have been a problem.

 

Just check the figures guys!

[neil100]

I dont quite understand what you are saying John.

If I have done a previous years work its not an estemiate.

When you pay your tax bill you now pay 50% of your tax bill in advance for the next tax year. Its known as  tax paid on account. But the online form asks you this question.

I dont know if I have have got the wrong end of the stick or I may have had to much Grolsch. I am watching the snooker.

Nel.

[Dick]

I don't know if this will help anyone, but you only have to pay 50% in advance of next years' tax in addition to current years' tax if your tax bill is in excess of £500.
This info was given to me by an accountant.
Hope this helps.

[john tomkins]

Well just had my financial statement from my accountant covering Sept 06 to Apr 07 and he put down £208 for use of home as office, obviously thats only for 7 months not a full year, the statement does seem a little sparce for £120
Other costs
PLI............................................£76
Phone.......................................£279
Printing, postage, stationery....£21
Protective clothing....................£175
Accounts charges......................£120

Added to this Materials and Motor expenses.

Nothing about "25% of rent, council tax, electric and gas"

Maybe online in future is the way to go

He also said I should be keeping a diary as a back up in case the tax people need to check anything, I just use a daily print out in George for all my work then shread it, surely the records in George are enough?
Do you all keep Diarys?

[Helen]

Spreadsheet hard copies of all ins and outs payments wise and all work in. careful what you claim against rent/mortgage etc etc as remember you are running your business from "home" and not a commercial premise. Best advise get an accountant, one who preferably specilaises in small businesses ours has saved us time and money over the years.

[Paul Coleman]

I have used an accountant almost from day 1 (I started out in late 1991).  I don't think he saves me any money because I already had a reasonable idea of what I was able to offest against my tax bill and what I wasn't.  However, I reckon he just about saves me his fee so I take the view that I am getting free accountancy.  He does the fine tuning and makes things presentable for the IR.  I make things pretty easy for him with the printouts from my spreadsheets and he charges me a bit over £200 a year and tidies up all my loose ends.
I am unable to finalise my accounts this year because I have not yet had my interest statements from the bank.  No problem as I have until the end of next January (my accountant works out my tax bill).