Going alone - Tax & Self Assessment

[littlemiss1t]

Hi All,

After long consideration, and looking at the money side of things, I have decided to go alone in completing my tax etc.... I don't knowis this is the right choice?

Who does this, and what is the best advice you can give.

Basically, I emailed my accountant to let him know I would probably do this, so how do I take over from what he has done (1 year - My 1st year). He has given me my accounts summary and also a cd, which he had said to continue with a new year, in putting everything he has but for this year up until April 2009.

I would rather take on the hard work, than pay someone, and also, I think I will have a better understanding of my business, rather than overlook things and pass it & pay someone to look at it?

Also, my Dad is an accountant, and although to begin with I said no, am thinking to take up his off of help in completing the dreaded tax forms.

Can you geeks help me with advice and how to go about this?

Thanks

Carly x

 

[littlemiss1t]

Is there anyone who sdoes their tax assessments themselves?

I would just like to know how I go from changing to do this myself... As I mentioned, I have my aco****s on a cd and my accountant advised me to carry on using this and just save the next year under a new sheet.

How has everyone managed to learn what / how do complete theirs?

Any help... Please?

Carly x

 

[Impulse1976]

I am new to this too, i have been on the inland revenue course which was very helpful. Thats where i am getting stuck setting it all up but if you have the basics that your accountant has done it should be pretty straight forward. Just remember to do your books once a week and keep on top of it. The inland revene are very helpful with tax queries so if you get stuck just give them a call.

 

[littlemiss1t]

Oh, the dreaded phone call!! When I have called before, they say "All of our information is on the website" which is SO frustrating, as I have been on there, but cannot find anything for dates for courses.

I remember someone saying they do half days, and like you say, I have the info from my old account work to go by.

I know it's good to put ref numbers on receipts and collate this with the spreadsheet, but this surely must be more reference for yourself to fins things. None of this goes to the inland revenue does it.

It's the forms & on line bits I think I am gonna get stuck with.

Anyone else, can you give me any tips?

Carly x

 

[blutopaz]

i have been self employed the last six years and done my accounts and tax returns from day one.

i keep a simple excel sheet month to month listing every in and out , date, ref number for the chitty, with a running total of the month as well as from day one.

i done it myself for the same reason u are, i wanted to know at everystep of my business where i was, if u keep on top ur'l be fine, i come from a family of accountants, not that i ever ask their help but it nice knowing they are around me. and it made more sense to save the couple of hundres pound it would cost for an accountant when i was more then capable myself.

as for the actual return, if you do it online it does it all for u, no forms no fuss u just need ur excel sheet with ur totals and ur debit card at the end

obviously as u already know u need to keep receipts for six years

hth