Do you see an accountant as a must?

[jujojones]

Just out of interest from reading another thread...


I couldnt live without my accountant.. and im not a huge business (just me plus 2 staff)

But do other geeks feel the need for an accountant?

Personally i use mine for the payroll and self assesment, i had always done it myself before (not the payroll) but as soon as i got him in board he saved me a grand a year straight away... far more than i pay him ...

How do other geeks feel x

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[Steph86]

Im mobile, so just myself. I don't have an accountant. & I don't see the need for one at the moment.

My quote was £600 when I first set up I had no tax to pay due to set up costs, so couldn't justify it. I did it myself the first year & it was fine. Second year, it was a little more complicated but HMRC's self assessment line was more than helpful.

I guess if I had staff Id probably get an accountant.

Xx

 

[Rinn]

For sure...
I have a accountant because I would hate to think I paid the taxman too much but I would be afraid I didn't pay him enough so I have peace of mind that way....my accountant saves me more than he costs me .

 

[dudeymel]

I only work on my own but I couldn't cope without mine, I tried doing it myself the 1st year and never again, i'd rather pay and happily not have the stress x

 

[EmJ]

Wouldn't be without mine

 

[nailpod]

Yes I would have gone bankrupt without her!
I was under charging and paying too much. Flip she saved my hide!!!

I paint nails
She makes sure I pay bills
Great combo


Beauty at your finger tips!

 

[s.scaldwell]

I cant afford one at present just me if i had staff defo need one

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[nailpod]

Well my sister is a chatted accountant so I suppose that helps a lot.

I would imagine they r expensive but I still get my books signed off for tax season at another firm which I pay a blinking fortune for but I don't have clue so better left to professionals.
I mean it would be as bad as if I tried to box due my own hair : disaster... Leave to professional unless you understand accounting.



Beauty at your finger tips!

 

[Solsken]

I think it doesn't matter how many in your business. An accountant is a very wise person to be friends with and I wouldn't think of doing business (even alone) without one.

 

[s.scaldwell]

I suppose it depends on if you can afford one ive been on courses with hmrc on tax i just couldnt afford to pay anything else at present

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[BannerPenguin]

An accountant doesn't necessarily have to be expensive. Maybe some of you guys might want to shout at Helen @ Salon Tax. She's a member on here.

I do a lot of accounting myself and bare in mind I'm a ltd company it's only normally about £2-300 for the year and he saves me several times that.

 

[squidgernetball]

An accountant doesn't necessarily have to be expensive. Maybe some of you guys might want to shout at Helen @ Salon Tax. She's a member on here.

I do a lot of accounting myself and bare in mind I'm a ltd company it's only normally about £2-300 for the year and he saves me several times that.

Totally agree. My theory was, if I'm paying tax anyway I may as well give some of it to an accountant to do my books while I wax legs. The accountant then saved me more than I paid him anyway.

Vic x

 

[hazeleyes]

I don't use an accountant, I'm in my first year- doubt I will have any tax to pay and I've got a good head on my shoulders so I reckon I will be ok this year. Next year i think I might consider it though.

 

[squidgernetball]

I did my own for quite a few years with no problems but I must say I was relieved to hand it over to someone else.

Vic x

 

[s.scaldwell]

If i paid that amount for an accountant i wouldnt have a business ive only been open 2 years no where near paying tax not even in profit

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[dudeymel]

Ive been open a year and I'm nowhere near breaking even but I just paid £300 for my accountant but he got me nearly 3 times that back as a rebate, they are amazing! X

 

[hazeleyes]

Am I missing something? if you don't break even then surely you don't pay tax so what is there to get rebate on?

 

[nailpod]

Hazel eyes we can't answer that bcoz we not accountants whahahahahaha hahahahah sorry I couldn't resist ...


Beauty at your finger tips!

 

[BannerPenguin]

Am I missing something? if you don't break even then surely you don't pay tax so what is there to get rebate on?

I'm not sure the ins and outs of it but I know certain things you off set the following years so when you are in profit you don't need to pay as much.

 

[Steph86]

Am I missing something? if you don't break even then surely you don't pay tax so what is there to get rebate on?

You have to have paid tax to get a rebate, my SE builder friends get rebates as they pay tax on their wages so fill out expenses etc then get to claim it back.

Or like banner says carry forward losses. Unless that not what he means. I am part time employed so earn my tax free allowance in that job, so what ever I profit on I owe 20% tax.


Personally, unless Im not counting everything I should as expenses...id like to think I am aware of my business outgoings & I'm not missing something that costs me hundreds per year, I don't think I would save enough to make it worth my while having an accountant (especially when I was quoted £600!).

Yes it would make life a little easier, less paper work, but I do it as & when I'm quiet.


Xx