tax return, self employed

[desrob]

just wondering when and how you send your incoming and out going (tax return), paperwork in, i have just recently went self employed, do i need to do it at all ?, those of you that have been there done that, your input would be appreciated.i don't have a accountant

 

[markfxy]

get an accountant

 

[desrob]

get an accountant

even at this early stage

 

[dontknowitall]

Yup!!!

 

[quality]

plumbers accountance fee`s on offer at reasonable rates call 0898 gdf45343

 

[Mrs Tara Plumbi]

Every official return I ever send in goes in on the very last day of the deadline!
Yes get an accountant early on. Accountants' expert advice may help save you enough money from the tax bill to cover their fees.

 

[royston]

Account is required.

 

[dontknowitall]

I feel my short answer should have a little nutrition:

If you find an accountant early on you can establish what he/she wants from you and the system you'll use. If you leave it to the year end you might end up having to do all your paperwork again. This could take a long time. Alternatively you could throw everything at the accountant and you'll receive a hefty bill for the trouble.

Luckily, on the whole, accountants are not like solicitors. They have good knowledge of what can be a complicated subject and, because there are so many of them, the competition keeps their prices to a more acceptable level.

I'd ask acquaintances for a recommendation and try to interview/chat to at least three before you start a longer term relationship.

 

[baronwills]

You probably dont need an accountant if you are just starting out and you know how to use a spreadsheet. I doubt that your accounts are that complicated by VAT etc. Register with HMRC and do your tax return online. Its fairly straightforward. The tax year runs from April to April and your online tax return has to be in by the end of January, so if you've only just set up on your own, your tax return wont be due until January 2013.

 

[quality]

ok you don`t need an acountant from one corner but as a plumber myself you do need an acountant.
but if you use a spreadsheet then all is ok

 

[baronwills]

ok you don`t need an acountant from one corner but as a plumber myself you do need an acountant.
but if you use a spreadsheet then all is ok

My point is that I know how hard it is financially to start up on your own, so when cash is probably tight, why pay somebody else to do it if you can do it yourself? You dont have to be a genius to add up your incomings and outgoings.

 

[desrob]

My point is that I know how hard it is financially to start up on your own, so when cash is probably tight, why pay somebody else to do it if you can do it yourself? You dont have to be a genius to add up your incomings and outgoings.

what about the initial set up the van getting all my tools together etc, plus i have not got reciepts for everything can i still list them ,i have not even got the van bill, that was quite a big out lay,so can i still use it as out goings.

 

[dontknowitall]

My point is that I know how hard it is financially to start up on your own, so when cash is probably tight, why pay somebody else to do it if you can do it yourself? You dont have to be a genius to add up your incomings and outgoings.

I agree but an accountant will also be able to tell you what you can claim for and what you can't.

For example, did you know you can claim an amount for using your house as an office or that you can claim some of your internet costs. Depreciation on your major tools and van is not easy to calculate either.

Each to their own though!!

 

[SimonG]

I found that the accountant pays for himself. They know all the ins and outs exactly as DKIA has said above.

 

[desrob]

the end of next week is quiet, so if it stays like that i'll look up a accountant,he'll fill me in on all i need to know. thanks anyways