(02-08-2012, 07:49)MichelleSins Wrote: [quote='curlytots' pid='38081' dateline='1343843265']
Oh yeah, I'm just going to declare it, it's easier. Even though it really is money for nothing... Which is always nice, let's be honest.
I was considering getting an accountant, but after much consideration I don't think I'll bother. I'll blow my own trumpet - I read law at university, if I can do that and understand it, self assessment ain't no biggie. I've done it once before and it's straight forward enough. Plus I already keep a day by day account of my takings, plus expenses. If you have your information to hand, and it's accurate, and reflects your bank statement, there's not really an issue nor a reason for an accountant, in my view.
OK - Time for an insider to reply....
A small part of me can see your logic if your affairs are very simple...
HOWEVER....
Some scenarios to consider:
what happens when something weird and wonderful comes up where you aren't sure? Yes you can ask on forums like this (and with all due respect to certain individuals and I realise this is a general comment but I happily stick by it and the people who actually know me can confirm that I say it in person as well)...
There are a lot of educated fools who post on forums who don't actually know what they are talking about when it comes to the tax system. Some of the posts I have seen on here and other sites just make me cringe as the replies have been complete and utter s**te!!!!! Does it bother me that people get bad advice - yes. Is it my problem - No. Do I help out? I sometimes give free advice but I will always qualify it where needed and explain that as you are not a fee paying client etc etc....
If you do your own tax affairs - are you aware of all the quirks and things you can claim for which are perfectly legit within the tax system? You try finding a website that has them listed!!!!!
Are you happy making sure you get the tax return sent in on time everytime? HMRC now send automatic penalties - and so soon in the New Year that it just makes the average late tax payer even happier.
Are you aware of how the actual payments on account can be legally reduced and the implications there of?
Do you understand all the correspondence that you get from HMRC?
Do you know how much your tax bill will be each month or do you wait until the end of the tax year to get a shock?
Do you know how far you can stretch the system without taking the complete and utter mickey?
Have you ever thought about the stress and hassle you will personally encounter if HMRC decide to look at your affairs? If you have to appoint an accountant (and it would be strongly recommended that you don't go it alone) then investigation fees are always at a premium - it's the nature of the beast.
IF you are a client of mine, I have an insurance policy in place with pays for my fees on your behalf if you get investigated. It cost's me no more than the equivalent of a beer or five per client per year and I just absorb that cost - all part of the service and I believe in being transparent (as clients will vouch!)
Going to get credit or a mortgage - lenders like people who have acountants!
Want to get away from dealing with simple people at HMRC who keep you in a telephone call system for 20 minutes then can't help you? If I can't answer your question from the top of my head, then I have dedicated HMRC people who actually know the tax system well and I also have experts on hand as part of my insurance scheme. NO extra cost to me or you and they will answer any tax question even if not directly related to your current business.
Basically it's quite simple - you get your tax affairs wrong and taxman gets you personally. If your accountant gets them wrong which is much more UNLIKELY ( use a proper qualified accountant and practising certificate holder) then their insurance company foots the bill.
Is this a blatant advert? NO.
I have seen far too many who have done it themselves and some have just made a complete mess of it. Some have been OK though which is always encouraging. The ones that have got it wrong and they come to me for help - do I take advantage of their situation - Not at all as I believe in long term relationships. It sometimes costs them a beer though !
Lecture over....
Have a nice day!
![[-]](https://adultworkforum.com/themes/andreas09-purple/collapse.png)
