Hi Just got request from accountant for years figures.
He charged £450 last year, it's o.k. getting bound accounts with balance sheet, tangible assets, profit and loss etc. but we're only a small enterprise really and TBH I can't understand most of it anyway!
How difficult is it to do your own online self assessment?
Online self assesment is very easy. I think its easier than filling in a self assesment form, i say this because on the online version there are "help" annotations to help you and clue you up to the various passages.
Its easy. The hard part is knowing what you can claim for. Like van depreciation
I've think I've figured that out by taking percentages from the last 3 years so hopefully that should be O.K. but there's all kind of stuff such as having to calculate the interest earned on your current account for instance.
I can't help you with depreciation advice as its not something i've ever used. I've used a simpler "capital allowance" route, and as i generally buy older vans that suits me fine. But you should't have to calculate interest on your current account as you generally get a statement telling you what it is? And after all, even if you have a big turnover your interest on a current account wouldn't be anything to write home about. We're talking coppers/pennies.
Here's my advice for what its worth and it will cost you nothing only your own time..............
register for online self assesment............. you'll be given a user name and a password. You can fill in your self assesment to the best of your ability using the book keeping records you have, you do have them don't you? I don't mean to be glib over this point, and i'll come back to it at the end. If you're stuck on a certain point, ask here or a small business forum for some advice.
When you have filled in the assesment form you do not need to "submit it" at this point, you can save it to come back to. Print it out, go get some advice then, maybe ask an accountant at this stage? You'll have done all the hard work based on your book keeping ?
I've no idea about carrying allowances over, long term finance or leases, i've based what i've said on simple things like buying a van for a grand, recording your takings, recording your out goings and thats it. There are more complex matters that accountants can help with i.e..knowing how much to claim for use of your own home as a part office etc...but as far as i know they extend to something small like £250 a year (i could be wrong, so check it), which in the scheme of things saves you next to nothing. So i'd be wary of paying someone £450 a year to save me a few pence. Its not something i have ever claimed.
If as you say you are small and not complex, and i've assumed you are not VAT registered, and i've assumed you're not a limited co. that requires assets to be listed etc...i've no idea why you can't do this easily and simply yourself and save £450 accountants fees.
This bit doesn't apply to you (per se) its just a general statement............ if anyone thinks they're going to throw bank statements, a few reciepts, and a few bits and bobs of accounts to an accountant to compile then you'll get what you deserve. And even in an investigation you'll be held out to dry by your accountant and the tax man. Keep your books right, its simple, record your takings, record your out goings. Fill in the form. Anything should be by reference, its easy.
