Self Assesment

[Guest 004]

As my turnover is less than 70, 000 I need to fill in the short tax return. So 2 questions

1. who does this themselves?
2. How hard can it be?

Also what can I claim for, surely its a set figure, if so why am I paying my accountant ?

 

[richy3333]

Once apon a time I used to do my tax return, but now I let an accountant. The couple of hundred quid it costs far outweighs the savings I get

 

[Guest 004]

fish?

yes but what do they know that us peasants don't. In difficult times 200 squid is a lot.

 

[KAS1]

Worth every penny of £200 IMO

 

[Guest 004]

what to fill in 10 boxes

 

[KAS1]

That's a bit like saying there's only a few wires how hard can it be, I also save a lot in tax in fact got a nice rebate a few times as well, with help of course lol

what to fill in 10 boxes

 

[rmc86uk]

It hardly cost anything because you can claim for the accountant and their fee comes out of what you get back! An accountant can get you more back than you can yourself. Would you let an accountant rewire your house? I don't think so. Someone I work with does their own SA because he says accountants are too expensive but then again I paid for one and got £800 more. Who's the fool? You decide!

 

[snowhead]

An accountant will save you money, including their fee.

They know exactly what to claim for.

Would you trust a D.I.Yer to know exactly what to do to rewire your house?

 

[snowhead]

what to fill in 10 boxes

An Accountant doesn't fill in 10 boxes, that's self (you) assessment.

 

[Octopus]

My accountant "adjusts" the numbers and does the rest for me. Best left to the experts.

 

[DL electrician]

An accountant can only submit what information and evidence you provide them with...

Grab a few books, give HMRC a call, google etc

In my opinion the self assessment paperwork is pretty simple, as long as you keep your books in good order. Personally I wouldn't pay a fee unless limited....horses for courses though, know plenty of guys who throw in an envelope of receipts!

 

[snowhead]

I entered the figures for a mate online for his assessment this year.
We double checked all the figures.
He got a tax bill of over £700.

He mentioned it to an Accountant at a place he drives for, she took on his case and dealt with it.

He ended up with a £350 refund (carried over loss from previous year) paid the Accountant £200 so ended up + £150 instead of - £700.
We'd entered 1 figure wrong but the Accountant found loads more to claim for as well, including the previous loss.

 

[DL electrician]

What other things did the accountant find that could be added Snowhead?

Just curious mate!

 

[KAS1]

Well all I can say is "Tax what Tax" I pay enough of that on any personal goods I buy. lol

 

[Adam W]

I always do my own SA. There's nothing an accountant can claim for which I can't claim for myself, except to be an accountant. I own my own calculator and I can get a list of things which I can claim for.

 

[rmc86uk]

The accountant knows the correct things to claim for and none of the myths like dog food for guard dog and rubbish that Jimbob tells you down the pub!

 

[Adam W]

The accountant knows the correct things to claim for and none of the myths like dog food for guard dog and rubbish that Jimbob tells you down the pub!

You don't need an accountant for that, you just need a list of the stuff you can and can't claim for.

 

[Octopus]

You don't need an accountant for that, you just need a list of the stuff you can and can't claim for.

And understand whats reasonable and how capital depreciation works, etc, etc.

I'm happy paying for now.

 

[Guest 004]

It is interesting to note that the HMRC insist that you do NOT provide them with receipts, as it will SLOW down the application!!!

 

[Adam W]

And understand whats reasonable and how capital depreciation works, etc, etc.

I'm happy paying for now.

I don't think you need to know all of that to fill in a self assessment, I think you should be able to do it yourself.
If you're happy paying your accountant for what they're doing for now they must be doing something right.

 

[Octopus]

I don't think you need to know all of that to fill in a self assessment, I think you should be able to do it yourself.
If you're happy paying your accountant for what they're doing for now they must be doing something right.

As I've previously said I'm happy paying him and its also useful to have audited books if you need a mortgage.

Maybe one day I'll do it myself but for the time being its cool!

 

[dan86]

I also use an accountant.
that accountant happens to be my aunty though...

 

[Adam W]

I also use an accountant.
that accountant happens to be my aunty though...

I get the impression that's why most people use an accountant. Not because they're your aunty specifically, but nowadays it seems everyone's missus is an accountant.