Income Tax Returns

[PJK]

Hi
I am a sole trader, NICEIC approved contractor and no employees, turnover last year was less than £40,000. Last year I paid an accountant £500 to do my tax return and accounts. This year work has been slower and I was considering trying to do the tax return myself. My question is to others in similar positions, do you do your own tax return.
I would be interested in your responses.
Peter

 

[telectrix]

what's income tax?

 

[PJK]

Whats income?

 

[cloverman]

Leave all that to my accountant ! Well worth the money in my opinion, takes all the hassle away from you and they know what you can/can't claim for !

 

[Adam W]

I do a self assessment tax return every year. Mine isn't that complicated so I do it myself.
The first year I did it I took it into the tax office where a very helpful lady checked it for me, although she made it clear she wasn't doing the job of an accountant. I asked her if it was worth getting an accountant and she said considering I'm a sole trader with fairly straightforward accounts, hiring an accountant would be a waste of money.

 

[telectrix]

i even pay my dogs a wage, £1000 a year + food + petplan insurance.( each). they are employees.

 

[PJK]

They do have the appearance of an excellent alarm system!!

 

[telectrix]

taxman was ok with the rotty, but couldn't get him to accept the chiwawa ( my lady's dog. i can't even spell it.

 

[Octopus]

Hi
I am a sole trader, NICEIC approved contractor and no employees, turnover last year was less than £40,000. Last year I paid an accountant £500 to do my tax return and accounts. This year work has been slower and I was considering trying to do the tax return myself. My question is to others in similar positions, do you do your own tax return.
I would be interested in your responses.
Peter

How much tax & NI did your accountant claim to have saved you?

£500.00 sounds steep - how about asking your accountant for a discount or finding a cheaper one?

 

[SirKit Breaker]

Hi
I am a sole trader, NICEIC approved contractor and no employees, turnover last year was less than £40,000. Last year I paid an accountant £500 to do my tax return and accounts. This year work has been slower and I was considering trying to do the tax return myself. My question is to others in similar positions, do you do your own tax return.
I would be interested in your responses.
Peter

Look for a cheaper accountant mate. I pay £330 inc Vat all in. Last year i got back a large portion of over £700!.

Cheers.........Howard

PS my accounts are all done with my accountant by email and post, she is very good PM me if you want her deatils.

 

[oldtimer]

I do a self assessment tax return every year. Mine isn't that complicated so I do it myself.
The first year I did it I took it into the tax office where a very helpful lady checked it for me, although she made it clear she wasn't doing the job of an accountant. I asked her if it was worth getting an accountant and she said considering I'm a sole trader with fairly straightforward accounts, hiring an accountant would be a waste of money.

Me too I also do my books every day yes every day so no running about like a headless chicken try to find invoices after all its not rocket science you are allowed to earn £7200 a year tax free so thats £600 a month you pay your NI every 3 months then you have your class 2 after you have earned £7400 so what profit you earn in a month you take £600 off and then put aside 30% for tax this is generous but when you do your self assesment at the end of the year its a Brucie bonus when the tax calculated is less what you have allocated.

Also as for accountants I strongly advise keeping away from guys who have a BMW and capped teeth

 

[PJK]

She says that she did save me money but did not quantify any amount. I have asked for a cheaper rate due to lower turnover, she has yet to get back to me. I do not think I will use them again. Will likely have a go myself and get HMRC to assist me.

 

[PJK]

Thanks Howard I will keep that in mind and appreciate your offer.
Peter

 

[VoltzElectrical]

Me too I also do my books every day yes every day so no running about like a headless chicken try to find invoices after all its not rocket science you are allowed to earn £7200 a year tax free so thats £600 a month you pay your NI every 3 months then you have your class 2 after you have earned £7400 so what profit you earn in a month you take £600 off and then put aside 30% for tax this is generous but when you do your self assesment at the end of the year its a Brucie bonus when the tax calculated is less what you have allocated.

Also as for accountants I strongly advise keeping away from guys who have a BMW and capped teeth

That'll be class 4 not class 2. Class 2 are voluntary, class 4 are income based (8%) of TAXABLE income which occurs AFTER allowances (£7400 ish) and deductibles (car/ van, tools etc).

 

[VoltzElectrical]

I pay about £200 for my tax return. Just give the guy a shoe box with everything in ( receipts/ invoices/ cis statements). last year I had £2500 back, year before £3500, and so on. worth EVERY PENNY of my £200.