Do you see an accountant as a must?

[fluffy26]

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

Are these the type of accountants that talk too much!? 😝x




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[hazeleyes]

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


Beauty at your finger tips!

Oh dear looooool!

 

[jujojones]

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.

Builders come under a different tax scheme hence the huge rebates !!


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!).

600 does seem like a lot have you looked around ? Our other business is a limited company they do our vat, weekly payroll, end of year, cis statements, almost anything (im emailing them at least 5 times a week with stuff to do he he) and we only pay £70 an month.
The salon works out less than £200 a year! I get all the paper work ready but they make the most if it !!

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


Xx

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[jujojones]

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?

Builders etc get rebates as they have 20 or 30 % tax at source.



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[MrsHBeauty]

Builders etc get rebates as they have 20 or 30 % tax at source.



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And these type are subcontracted and their tAx returns are for the CIS (construction industry scheme) I have done my brother in laws SA for 7 years.

I do my own, but when I'm paying to tact I will get an accountant.

I have an ok understanding of tax returns but obviously nowhere even close to an accountant, I may have had a bigger loss to carry over kf I used an accountant but as i made a loss then it is obvious I didn't have the money for an accountant.

I wouldn't ever get anyone to do payroll it is so simple. I'd prefer to spend 20 mins every week doing it and jot earn for that 20 mins than pay someone. I've done payroll for over 11 years for my dad, he has 5 staff. And I've done it for myself from the start aswell.


Jemima

 

[s.scaldwell]

Im the same ive put so much money in for products and equipment ive made a loss

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[virtues2011]

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?

Assets can be off set H and a few other things as well. Unless you are an accountant or have a good understanding of what is and what isn't, the chances are you won't know.

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