Is your standard accountant bill 100% tax deductable?

[WaterTight]

As in few hundred, you give them all your nicely ordered paperwork and spreadsheets, they fill in the return type thing?

 

[lame plumber]

wouldn't use on if they weren't deductable

 

[Chalked]

Yes......and no......

You pay him £500, that is an overhead. So is completely tax deductible. But you don't glaim £500. If you are are 20% payer, you will get back £100 off your tax bill.

But hopefully he/she will claim for more that you didn't know about, saving you a bit more.

 

[lame plumber]

it is an expense, which is removed from your gross profit to give you your net profit, which if that is over your tax allowance is then taxed at 20% unless your earn so much that you hit the higher tax bracket

 

[julesverne]

First year using an accountant wished id done it years ago. Just hand in my receipts/expenses invoices in no order and walk away they do it all. Saves me a boat load time and she saves me money.

 

[gassafe]

First year using an accountant wished id done it years ago. Just hand in my receipts/expenses invoices in no order and walk away they do it all. Saves me a boat load time and she saves me money.

Don't you keep any records? Must cost a lot to just hand it all in like that?

I'm self employed, keep all my books & receipts etc & just hand in to the accountant for the figures etc, he charges me 495 including vat!! I'm sure I'm getting done, as it can't take him that long surely??

 

[julesverne]

costs me 600 -700 quid a year. Im happy to pay that for the time it saves me.

 

[Chalked]

I pay £150 inc vat a month for all accounts, year end, tax , ltd co accounts and vat returns. I can ring anytime for advice . Just bought another buy to let and they did all the references with no charge.

 

[Ray Stafford]

You are good at plumbing. So do plumbing.

Accountants are good at bookkeeping*. So let them do bookkeeping.

Its called "the doctrine of comparative advantage". Link

*Bookkeeping and Bookkeeper are the only words in the English language that have three sequential pairs of double letters, without any interventing letters.

 

[Chalked]

You are good at plumbing. So do plumbing.

Accountants are good at bookkeeping*. So let them do bookkeeping.

Its called "the doctrine of comparative advantage". Link

*Bookkeeping and Bookkeeper are the only words in the English language that have three sequential pairs of double letters, without any interventing letters.

Just read that. Am no wiser.
I let the accountant do it, because I hate doing it.