Charging for sole traders tax return

jasoncfc · Dec 7, 2009

Hi,

Im currently studying towards ACCA, i have been approached by a friend of a friend about completing there tax return, they are a sole trader im not sure what i should charge? also what would i need to ask them for in terms of recipts etc?

Any advice appreciated

Thanks

Alpha · Dec 7, 2009

jasoncfc said:
Hi,

Im currently studying towards ACCA, i have been approached by a friend of a friend about completing there tax return, they are a sole trader im not sure what i should charge? also what would i need to ask them for in terms of recipts etc?

Any advice appreciated

Thanks

Well Jason I stand to be corrected by members of your institute but I'm sure that you are not allowed to do tax returns or provide tax advice unless you have a practice certificate by the rules of your institute

Maslins · Dec 7, 2009

Lol, agree with Alpha for the technically correct answer.

You certainly can't do it in an official capacity, but there'll no doubt have been hundreds if not thousands of people in your position beforehand who will have done it for a few quid cash in hand (which of course the sole trader then shouldn't deduct). As to how much that would be a private agreement between you guys...but will probably partly revolve around whether they've already summarised all their income & expenditure for you or whether you're starting from a shoe box of receipts.

MyAccountantOnline · Dec 8, 2009

No you shouldnt be doing it as an ACCA student, and honestly I wouldnt suggest you do even if you are willing to break the ACCA rules.

When you have completed your professional studies and obtained your practising certificate another requirement before you undertake work for a client is that you have Professional Indemnity Insurance - their is a reason for that

All that aside you will also find other family and friends will start asking you to do the odd job here and there and it soon becomes a pain - much easier to say no at the start and concentrate on your studies.

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Charging for sole traders tax return

jasoncfc

Alpha

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