Garage19

Couple of weeks till the deadline and i've just finished mine.

Every year i say i'll do it earlier next year

Who does their own tax returns and who pays an accountant?

What sort of money does your accountant charge?

Paul Eggleton

I did my wifes for the first time this year, but it was very simple as she just does part time mobile hairdressing........

TIFF

I did my own this year....then my mate who is an account took a look through it and said it was tip top.....its very easy as long as your books are in good order and not just thrown into a box.............

Got a very nice little rebate aswell

Garage19

How does the rebate work???

Do you have to make a loss???

TIFF

I made a loss.............its best to in your first year as a sole trader

The rebate is just paid back to you..........

Big G

I got an accountant to do mine, I got told early on in my self employment that a good accountant will earn you more than you will ever pay,
Plus I am a lazy git who could not be arsed with all the forms

gus

iTrader: (1)

i get an accountant to do mine also

he charges me a bottle of scotch









o his my uncle

325Pete

Accountant does mine, but I only work under the CIS scheme. Gets me a good £1600-£1800 every year for a £250 flat rate

BillyCabrio

iTrader: (1)

I'm CIS too....

Got a name/number for your accountant?

dojj

iTrader: (3)

you need 2 accountants
one to do the work
another to check the first ones working properly
especially if they are indians

my mate's accountant said his shop was doing around £10k's worth of business a week so the tax man decided to set up shop in his backroom and check, and he was doing around £17k's worth of business so they fucked him right good and proper

and that was the accountant trying to save him money by saying he wasn't earning as much as he was so didn't have to pay as much

pa_sjo

I got my accountant to do my personal self-assessment this year.. cost me an extra £70, but turns out i'm due a rebate when I thought I owed a few grand!! Worth it..

Rick Astley

Accountant!

Definitely get one that speak to you more than once a year. No good having somebody who doesn't want to know you other than to do your tax return.

Good one locally to me ring him for anything and he'll just answer your questions and not charge you for it. Sensible Business! The cost of an accountant is always made back in rebates anyway if you have a good one

Accountants also know alot of ways to get you rebates on things, they know the system.

I'll stick to what I know and let them do what they know best!

Csm

Completed mine as far as i could a few days ago so will hand it in next week in person and let them check it over lol

TIFF

I got told that aswell

You want the accountant to work for you.....not the fucking tax man

fuzzy

i pay an accountant £125 and he gets me around £1100 as a rebate for my self assessment

rst in breaking

iTrader: (2)

i use an accountant, charges £300 but well worth it as they know the ins and outs of what to claim for plus you can claim back for the expense anyway

pa_sjo

£300 just to fill in your personal self assessment?

Garage19

You can't actually claim back for the expense.

You can deduct it from your tax liability so you will actually only save 20 or 40% of it depending which bracket your earnings are in.

I don't understand how people get £1100 rebates every year.

Surely at some point the tax man is going to realise you have made a loss every year for the last five years and wonder why exactly you are carrying on with this business and what exactly you are living off??

Garage19

Mine took me 1.5 hours today and most of that was addding up reciepts and double checking everything.

Thats £200 an hour i saved myself then

Garage19

What do you do for a living mate?

Rick Astley

If your referring to what I said, that isn't what I meant. What I said was in relation to the average joe perhaps not being aware of certain rebates available on certain areas. An accountant is aware of these. So the money you recieve from the accountants knowledge pays for the accountant.

pa_sjo

To be honest i've never had to fill in one whilst being a sole trader so i'm not familiar with the process. I have to do one as i'm the director of a company, it's a bit different.

fuzzy

its not about making a loss , its about knowing what you can claim for in expences over a year, mileage , any material bought,even for personal use,work wear,tools, phone calls. everything you can.
as long as you dont go over the top you wont get pulled in for a check and a good accountant knows the limits .

Garage19

I was refering to this statement.

Garage19

But they have to make a loss to get a rebate.

Garage19

Never had to fill one in because your acccontant did it on your behalf or never filled one in full stop?

Rick Astley

ok mate. I'm just going to go and die in a corner now

pa_sjo

Sorry, I meant i've never had to fill one in AS a sole-trader. I fill in the section about directors. My company accounts are completely seperate as its a limited company.

Garage19

What does your company do?

T4T

Garage a CIS sole trader is more than likely 20% tax deducted at source (CIS card) rather than being certificated so is common to have overpaid during the year and be due a rebate

fuzzy

no they dont. you pay tax weekly deducted at source. everyone is allowed certain allowances and once they allowances are deducted from your profit thats the figure you pay tax on so its that extra tax youve paid before the expences are added in that you get back.

T4T

Sorry fuzzy but you are wrong .Judging by your opening "No they don't "I will assume you are not CIS registered .I am .I don't get paid weekly -I get paid when I invoice the companies I am contracting to -which is not weekly,fortnightly,monthly or any other predetermined calendar relationship.They deduct 20% flat rate from my gross amount . At the end of the financial year is the time that personal allowances ,costs etc are taken into account and only then.They then calculate how much income tax I should have paid for the year + my class 4NI and compare to what I have already paid .Then either I owe them some or they (thank god usually)owe me some.
Cheers Matt

Mr C

iTrader: (2)

I had better get online and do mine, ASAP. Its fairly simple as Im mostly labour only

Cragrat

iTrader: (4)

surely you are deducted 20% on your net labour amount not gross as you

will then be taxed on materials,sorry to nit pick but this is how i am taxed

when i sub-contract,then vat(where applicable) is added to adjusted

amount

Cragrat

iTrader: (4)

do it on line and you get tiil the end of january

T4T

sportvanman I'm not vat registered.I invoice for materials separately to the labour.

Cragrat

iTrader: (4)

ahh well thats your net amount still,gross is your total of both bud

T4T

sportvanman I invoice separately for materials so I am taxed at 20% on the invoice amount (my gross labour.)

Cragrat

iTrader: (4)

why do you do two invoices,surely one for both contents would save

paperwork and time m8