Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: paul.lovejoy on 08 January 2012, 19:02:12
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bit of advice please from all you self employed peoples
how much you paying for your end of year accounts to be finalised by an accountant.
I know a lot depends on turnover employees etc but as an examaple sole trader no employees mostly invoiced work direct for clients with a few cis etc..this is just an end of year account from files/records kept and maintained then handed over at end of year in a well presented fasion to the accountant
i pay £500 plus vat is that good or bad
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£120 plus VAT, although that's only for tax return for 1 rented property so not much. I could do it easily myself but it's to have and independent person sign it off.
I'm sure you'd be able to get it cheaper than that. Shop around.
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Ermmm....that'll be £500+vat too much ....
You've already done the hard bit.....so why not submit your tax return online.....its not difficult :y
Tho i would look at last years tax return your accountant submitted, to see where he added 'bits and pieces' ;)
Which reminds me.....i must do mine :-[
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I always do my own :)
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Used to do them online my self last time I was self employed (sole trader).
This time around, because of the limited company and I'll be employing people, I'm using an accountant. Getting mates rates as I've known him over 20 years but I'm paying £36+VAT per month which includes payroll and accounting software (cloud based) and all companies house and HMRC returns/dealings :y
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Used to do them online my self last time I was self employed (sole trader).
This time around, because of the limited company and I'll be employing people, I'm using an accountant. Getting mates rates as I've known him over 20 years but I'm paying £36+VAT per month which includes payroll and accounting software (cloud based) and all companies house and HMRC returns/dealings :y
now thats a good mate :y....thinking of doing it myself when thing were good etc£500 did not seem to bad in view that its tax deductable in itself but now its a lot of money me thinks :y
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Used to pay for accountant myself until his charges went to 380 from 180 so last year did myself and it was easy. Was doing all the work myself anyway. all he was doing was the return with the things in the right places.
http://www.hmrc.gov.uk/individuals/ (http://www.hmrc.gov.uk/individuals/) see here about doing online. help is included. most difficult part is the capitalisation. everything else is a cost of sale
Gross income = everything you invoiced ;) plus pension, rents, etc
cost of sale (allowables) = the invoices you have paid out for against what you invoiced ;)- plus telephone, buss milage, telephone, office costs, etc, etc
taxable income is gross minus cost !! simpllss (well almost) ::)
Make sure you have good records of how you calculated just in case you get assessed
Phil
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£350 including the dreaded over here :y
As I understand it VAT adds an extra level of complication and therefore expense. DIY is fine, but if your accounts are signed off by an qualified independent third party they are less likely to come back and bite you ;) My accountant is ex inland revenue, and worth every penny IMHO :y
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Quite easy to DIY yourself online.
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As I understand it VAT adds an extra level of complication and therefore expense. DIY is fine, but if your accounts are signed off by an qualified independent third party they are less likely to come back and bite you ;) My accountant is ex inland revenue, and worth every penny IMHO :y
VAT only really adds another form and submission... It's not that complicated ;) Fortunately my fee includes VAT return as well when/if I'm registered :y
Used to do them online my self last time I was self employed (sole trader).
This time around, because of the limited company and I'll be employing people, I'm using an accountant. Getting mates rates as I've known him over 20 years but I'm paying £36+VAT per month which includes payroll and accounting software (cloud based) and all companies house and HMRC returns/dealings :y
now thats a good mate :y....thinking of doing it myself when thing were good etc£500 did not seem to bad in view that its tax deductable in itself but now its a lot of money me thinks :y
Like I say, I've known him a long time ;) I do all the data entry and he just does the forms
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Depends how complicated your business is and how accurate you keep your records.
When I first became S/E in early 90,s was paying around £150 since then it has creaped up to £350 + vat for last years books .IMHO it is a fair price as mine are quite complicated and I then have the security of it being properly audited..well the bits given !!!..and all returns are filed for me at the correct times ,so its just give books in June each year for the previous Jan- Dec trading and get them back couple of weeks later with tax compilation and invoice...which is also tax deductable. :y
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Depends how complicated your business is and how accurate you keep your records.
When I first became S/E in early 90,s was paying around £150 since then it has creaped up to £350 + vat for last years books .IMHO it is a fair price as mine are quite complicated and I then have the security of it being properly audited..well the bits given !!!..and all returns are filed for me at the correct times ,so its just give books in June each year for the previous Jan- Dec trading and get them back couple of weeks later with tax compilation and invoice...which is also tax deductable. :y
ditto on that one in the 90s was about £120 but in 2000 grew to a company with £1 milion turnover and introduced a partner who basically screwed me £160k laterplus £65k paye tax bill took a lot of sorting by my accountant but now its just me with turnover nothing like that managed to get it down to £500 plus vat but even that seems expensive £350 sounds a lot better :y
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going for the do it yourself on line method.......thanks for all the advice chaps..chocks away :y :y
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I do my tax return online myself. it takes half hr its free and iits done with. i do mine as soon as its online in April. and a nice tidy tax rebate.
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dont think i will be getting a rebate need to pay some tax first ::) :-X