More accountant recommendations
Discussion
Morning all, following on from the thread below, anyone got ny recommendations for an accountant based in Central or North London.
Basically, I'm a freelance copywriter but only been freelance for the last 5 months, and haven't got a clue when it comes to returns etc.
Any contacts would be much appreciated.
Cheers.
Basically, I'm a freelance copywriter but only been freelance for the last 5 months, and haven't got a clue when it comes to returns etc.
Any contacts would be much appreciated.
Cheers.
Playing Devil's Advocate here:
You don't actually "need" an accountant.
Although self-assesment forms look daunting they are not actually that difficult to complete.
Speak to your tax office (ring the phone number at the top of your coding notice) and they can advise.
They can also tell you what expenses you can and cannot offset against your self employed earnings (ie help you to complete your accounts)
Yes, an accountant will do all of this for you, but you will pay for the privelidge.
I used to employ an accountant to do my books and return, but sacked them when Mrs Meeja pointed out how much it was costing every year.
Now my books are done by us, and it takes a couple of hours to do.
You don't actually "need" an accountant.
Although self-assesment forms look daunting they are not actually that difficult to complete.
Speak to your tax office (ring the phone number at the top of your coding notice) and they can advise.
They can also tell you what expenses you can and cannot offset against your self employed earnings (ie help you to complete your accounts)
Yes, an accountant will do all of this for you, but you will pay for the privelidge.
I used to employ an accountant to do my books and return, but sacked them when Mrs Meeja pointed out how much it was costing every year.
Now my books are done by us, and it takes a couple of hours to do.
Accountants are not compulsory - but I would bet a reasonable amount that the vast majority more than recoup their fee in tax reductions.
Good accountants do far more for their clients than just fill in Self Assessment tax returns. A decent accountant should be able to advise you on running your business, provide you with up to date and meaningful accounts, advise you on capital costs and related tax allowances, ensure you make the optimum claims for tax allowance purposes, assistance in administering your VAT and PAYE matters (if appropriate) etc etc etc.
Meeja - have you checked that you are availing yourself of ALL the allowance you are entitled to? Are you SURE yoou are completing your Self Assessment tax return correctly? For instance, do you know the difference in the tax treatment of owned assets, leased assets or assets acquired under a HP agreement?
These are just some of the basic issues I have to deal with when assisting my clients.
>> Edited by Eric Mc on Monday 7th March 15:47
Good accountants do far more for their clients than just fill in Self Assessment tax returns. A decent accountant should be able to advise you on running your business, provide you with up to date and meaningful accounts, advise you on capital costs and related tax allowances, ensure you make the optimum claims for tax allowance purposes, assistance in administering your VAT and PAYE matters (if appropriate) etc etc etc.
Meeja - have you checked that you are availing yourself of ALL the allowance you are entitled to? Are you SURE yoou are completing your Self Assessment tax return correctly? For instance, do you know the difference in the tax treatment of owned assets, leased assets or assets acquired under a HP agreement?
These are just some of the basic issues I have to deal with when assisting my clients.
>> Edited by Eric Mc on Monday 7th March 15:47
Eric Mc said:
Good accountants do far more for their clients than just fill in Self Assessment tax returns. A decent accountant should be able to advise you on running your business, provide you with up to date and meaningful accounts, advise you on capital costs and related tax allowances, ensure you make the optimum claims for tax allowance purposes, assistance in administering your VAT and PAYE matters (if appropriate) etc etc etc.
Agreed, but the majority of them also charge for the service!
Eric Mc said:
Meeja - have you checked that you are availing yourself of ALL the allowance you are entitled to? Are you SURE yoou are completing your Self Assessment tax return correctly? For instance, do you know the difference in the tax treatment of owned assets, leased assets or assets acquired under a HP agreement?
Oh yes..... (and anything I am unsure about is dealt with completely by Mrs M!)
My tax bill has increased very slightly (1-2% on similar income) but I have also discovered items that my accountant was putting through as business expenses which according to the Inland Revenue fall into a very grey area. I now don't claim those as business expenses.
The increase in my tax bill is nowhere near the annual fees of my accountant.
An investigation I can do without!
>> Edited by meeja on Monday 7th March 15:58
>> Edited by meeja on Monday 7th March 16:00
Why not make the claims for what you consider might be "grey areas"? Why do you think they are "grey" anyway? Do you know the basic rule for making expense claims in a business?
If an expense fits into the basic rule it is completely allowable and not "grey" at all!
And don't forget, a GOOD accountant will know how to argue your case in the language and terms understood by the Inland Revenue. I have won quite a few concessions for clients purely becuase I argued in a manner which the Revenue understood.
Did you know that merely submitting a Self Assessment tax return with insufficient extra supporting documentation can be deemed to be insufficient under Self Assessment tax regulations?
If an expense fits into the basic rule it is completely allowable and not "grey" at all!
And don't forget, a GOOD accountant will know how to argue your case in the language and terms understood by the Inland Revenue. I have won quite a few concessions for clients purely becuase I argued in a manner which the Revenue understood.
Did you know that merely submitting a Self Assessment tax return with insufficient extra supporting documentation can be deemed to be insufficient under Self Assessment tax regulations?
Eric Mc said:
Why not make the claims for what you consider might be "grey areas"?
These areas were considered grey by a Band D revenue inspector.
Eric Mc said:
Why do you think they are "grey" anyway?
My accountant was claiming 100% of certain expenses that I should only have claimed a lesser percentage of.
Eric Mc said:
And don't forget, a GOOD accountant will know how to argue your case in the language and terms understood by the Inland Revenue. I have won quite a few concessions for clients purely becuase I argued in a manner which the Revenue understood.
I am not saying that I can do the job as well as a good accountant, I am just saying that in my case, the cost of the accountancy services was not justifiable against the tax savings that I made.
Erice Mc said:
Did you know that merely submitting a Self Assessment tax return with insufficient extra supporting documentation can be deemed to be insufficient under Self Assessment tax regulations?
Yes
Not grey then. You just clain the percentage that you feel is correct - which I assume you are doing. If the Inland Revenue challenge the percentage chosen by you, you just argue your case. They will usually accept what you claim or agree to a compromise.
Don't abandon the claim completely.
And no need for rolling eyes either.
After spending 30 years in the profession I do like to think that some of my knowledge is useful to at least some of my clients.
Don't abandon the claim completely.
And no need for rolling eyes either.
After spending 30 years in the profession I do like to think that some of my knowledge is useful to at least some of my clients.
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