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Rogue Trader

  • Posts: 1367
Tax return
« on: November 05, 2008, 06:03:13 pm »
I have missed the paper deadline so will have to do online but apparently ive got til Jan 09 ....... good job really because i havent sorted out anything!
Im considering doing it myself ... is it that hard?
Money going in - expenses , i have been informed you can claim 15% of house bills/mortgage for using a room as an office and obviously the difference of water mill (on a meter).

Who does their own returns and who uses an accountant, those who do their own do you have any tips/advice etc.

Matt :)

Steve CM

Re: Tax return
« Reply #1 on: November 05, 2008, 06:04:38 pm »
it all gets chucked at the accountant! i don't need anymore headache than i already have!! :D

johnny_h

  • Posts: 689
Re: Tax return
« Reply #2 on: November 05, 2008, 06:06:45 pm »
accountant every time mines expensive but id rather he have my well earned than gorden lol
AUDI VIDE TACE

Tosh

Re: Tax return
« Reply #3 on: November 05, 2008, 06:28:57 pm »
Im considering doing it myself ... is it that hard?

Matt :)

Matt,

It's very simple to do if you're a sole trader earning under the VAT threshold.  I'd suggest you visit your local library and get the book, 'Self Assessment for the Self Employed'; it's updated every year, but last years will be pretty much the same as this years.

It may sound daunting, but it's not.  I reckon if you donated just one-day of your life to finding out how it all works, you'll save yourself a small fortune.

And for those of you who reckon that because, for example, an accountant charges you £200; you'll pay £200 less tax; well that's perfectly correct.

But you've still paid out £200!  But if that £200 was counted as profit, you'd have only paid out the tax owed on £200; about £50 at the most (as long as you're not on the 40% tax threshold, which only a minority of window cleaners will be on).

So you're still £150 out-of-pocket, for something that's really very simple to do.

paulscotney

Re: Tax return
« Reply #4 on: November 05, 2008, 06:38:33 pm »
My accountant used to charge £75 for doing the online  self assessment form for me. Why bother with all the hassle of trying to do it yourself?
My accountant always saves me more than £75 as well.

Dean Taberner

  • Posts: 4164
Re: Tax return
« Reply #5 on: November 05, 2008, 06:47:07 pm »
Ive been a sole trader for 5 years,

This is the 1st year ive used an accountant due to taking on employees and business loans due to expansion etc.

Its very easy to take care of if you have no employees, call the revenue they do work shops to help you.

If you dont feel confident to do it alone, by all means get an accountant as its all tax deductable anyway.

Dean.
Operations manager at J.V Price Ltd

http://www.thepricegroup.co.uk

Moderator David@stives

  • Posts: 8829
Re: Tax return
« Reply #6 on: November 06, 2008, 08:57:07 am »
Stick to growing your business and give all the headaches to your accountant it will pay off in the end.

karygate

  • Posts: 694
Re: Tax return
« Reply #7 on: November 06, 2008, 09:03:26 am »
why worry if you,ve done it wrong or right. mine cost me 150 quid and no headaches . also by end of april it was  done ,dusted and filed away.
gary

Tosh

Re: Tax return
« Reply #8 on: November 06, 2008, 02:18:52 pm »
Stick to growing your business and give all the headaches to your accountant it will pay off in the end.

Dave,

Do you remember in Birmingham when you were adamant that the higher rate of tax threshold was £27K, and then bet me £100 that you were right, when I informed you that you were wrong.

You definately need an accountant!

 ;D

Re: Tax return
« Reply #9 on: November 06, 2008, 02:41:37 pm »
A good accountant will save you far in excess of any amount you pay him/her.

SherwoodCleaningSe

  • Posts: 2368
Re: Tax return
« Reply #10 on: November 06, 2008, 02:58:54 pm »
It's possible to do it all yourself especially if you are a sole trader. You won't be able to claim for some of the mortgage though. I'd say get a good understanding o how it all works even ifyou get an accountant as the understanding helps you make good business decitions.

Simon.