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.
​

 

[chronyx]

My accountant paid for himself last year and got me a tax rebate. Dropped last year's books off yesterday, as it happens.

 

[oldtimer]

My accountant paid for himself last year and got me a tax rebate. Dropped last year's books off yesterday, as it happens.

Yep so did the builder lol

 

[trev]

I think this is the equivalent of someone saying "It's only a few wires"
Yes self assessment isn't that complicated but all the various allowances are not widely publicised and a tax specialist would know what you can and can't claim for.
We all bitch and moan when people dabble with our trade......

 

[oldtimer]

Trev your right but what happens when a customer finds out that it was a Electrical Trainee who did the job and he has went bust or not insured lol

 

[thesnowman]

I think this is the equivalent of someone saying "It's only a few wires"
Yes self assessment isn't that complicated but all the various allowances are not widely publicised and a tax specialist would know what you can and can't claim for.
We all bitch and moan when people dabble with our trade......

if you had a leaky tap do you call an plumber and pay him example £50 to change a washer or do you do it yourself
its a simple enough job

 

[trev]

So is changing a light switch but if someone comes on here with no idea how to do it safely what do we tell him?
As I said, self assessment is easy enough but there's a lot of allowances that are not widely known and so could go unclaimed.

 

[Octopus]

My "local" accountant is part of my Business network! Some people just don't get the importance of networking!!

 

[HappyHippyDad]

I have just found an accountant that I like, he is going to charge me £300 to complete my tax return and I think this is roughly the going rate. This is as a sole trader, he said it would cost quite a bit more if I was a Ltd Company.

I do partly agree with Trev's view that you should get an accountant to do an accountants job but I think it depends on the type of job that needs doing. You wouldn't get in an electrician to change a fuse in a plug and I dont think the tax return for a sole trader is far off that example, although its probably closer to a 'like for like change' of a light switch :smiley2:

I'll be using an accountant this year (and asking him lots of questions) and then have a go at it myself the following year. If I struggle then I'll just go back to using an accountant.

 

[oldtimer]

I agree yep if you are Ltd and have a fair turnover and not very good at keeping records then yep an accountant but sole trader that turns over the average wage like me hence why I do my own and I complete my records daily so no scrambelling about in the motor siving the the Maccy D containers looking for receipts lol.