do I really need an accountant?

[QuatroFromageo]

I wanted to know if any of you have accountants to do your books and if the benefits outweigh the costs?
I keep being recommended SJD contractor accountants who are meant to be the biggest and the best for small business and freelancers.
Slightly worried that they might have the biggest price tag too!


But whether I go with a big firm or a personal accountant, I don't know if they can really offer me anything I can't do myself.
If you lot could share your experience of accountants I'd be grateful.
​

 

[Rob Smith 643]

Are there any north-east based sparks who can make a personal recommendation for an accountant. I have been advised to get an accountant who, where possible, deals with our trade. Any recommendations would be gratefully received.

Cheers,
Rob

 

[trev]

There must be thousands of them in Sunderland mate, you might be better off asking someone in your local wholesalers as they will have detailed knowledge.

 

[Rob Smith 643]

There must be thousands of them in Sunderland mate, you might be better off asking someone in your local wholesalers as they will have detailed knowledge.

Cheers Trev,

There will be, I'm sure, one on every street corner in the town with an accountant wringing his hands in anticipation. I'll ask around as I'm not too sure of the wholesalers credentials. Bit like asking the barman for marital advice, it depends which barman you ask!

Rob

 

[trev]

No Rob, I meant ask one of the other sparks who get in there. Christ don't ask behind the counter, that's inviting disaster,

 

[Rob Smith 643]

Doh! :6:

 

[snowhead]

No Rob, I meant ask one of the other sparks who get in there. Christ don't ask behind the counter, that's inviting disaster,

No,, But we'll get you one overnight,, seems a familiar answer.
Or someone's just cleared us out of them.

 

[Rockingit]

No,, But we'll get you one overnight,, seems a familiar answer.
Or someone's just cleared us out of them.

"Temporarily over sold" has to be my all time favourite excuse. I hear it from my local outfit all the time!!

 

[HandySparks]

"You're the third person who's asked for them this week. There's no call for them."

 

[MDJ]

I use a chartered accountant for my annual return, as a limited company he actually makes things easier for me, knowing what you can get away with is something I don't know, and we pay enough tax as it is IMO, if we left our return to the IR we would have nothing left, times are tough as it is and there are many things which can be off set from tax and benefit your firm if you have the right accountant, just my view of course as an over tax payer who has had enough of the rates we pay in general.

 

[chronyx]

I wasn't going to bother using an accountant until someone told me some of the loopholes his accountant had used for him. Now I'm in two minds...

 

[Octopus]

I wasn't going to bother using an accountant until someone told me some of the loopholes his accountant had used for him. Now I'm in two minds...

I'd definitely say you should use one if only for a couple of years. its not rocket science but you are buying their up to date knowledge, etc, etc.

 

[Guest111]

A few years ago my mate decided to use an accountant instead of doing the books himself,he told the accountant he had never had any bother with hmrc but was a bit busy to carry on himself,the accountant said he was not surprised he,d had no trouble with hmrc as he wasn,t claiming anything like what he was entitled to.For instance washing powder as his wife washed his works clothes,a small wage for his wife as she answered the phone and took messages whilst he was at work,money for tools as he had not replaced any in years and didn,t know the exact allowances.Think it cost him a couple of hundred quid and he saved a couple of thousand.Plus if anything does go wrong at least you have someone behind you thats qualified and used to dealing with hmrc.

 

[thesnowman]

gonna do last years tax returns myself seeing that my earnings have been below the threshold (its been a ****ty year, work wise), it will be straight forward, expect to get all my tax back

my question is, at what amount is it really worth getting an accountant? when you are earning £15,000 onwards, when you are at the £20,000 point

 

[MDJ]

gonna do last years tax returns myself seeing that my earnings have been below the threshold (its been a ****ty year, work wise), it will be straight forward, expect to get all my tax back

my question is, at what amount is it really worth getting an accountant? when you are earning £15,000 onwards, when you are at the £20,000 point

Depends on your business type, if you have a separate bank account for business matters then I would use an accountant myself even if your turn over is low, if you run a company however it's a must IMO

 

[oldtimer]

Yep I do my own and keep all my records up to date Daily yes Daily also speaking to a builder who was telling me he was boasting how his accountant was worth every penny as he saved a fortune only for HMRC to pull him in and inform him that he had a wopper of a tax bill coming so am I saying dont use an accountant NO but if you are then get an assurance that if you get a big tax bill because he or she got it wrong then you will be expecting the very least for them to pay it or refund you all of their fees.

That should grab their attention and if they dont want to then in my view their not an accountant