Need an accountant?

[lex]

I plan on running a website as a sole trader, and i want to know if an accountant would be a good idea or whether i should just file returns myself. My merchant account keeps records of all transactions from sales including chargebacks etc which means i can simply print these off and also keep a copy on disk for records. So how easy are the forms that need to be submitted to the IR namely self assesment? and tax?


Also i work part time at another store which handles all tax etc for me will i have to do the tax for this also instead of that company?

 

[Kent Accountant]

Hi

Of course you can do it yourself. Many people do. But you could service your car yourself. Do you take it to a garage? You could write your own will. Have you or have you used a professional?

I would always receommend that you consult a local accountant at the outset - they will almost certainly give you an initial meeting free of charge - and let them explain to you the benefits of having the work done professionally - but then I would say that, wouldn't I :smile:

 

[Gillie]

I would second it though Bob what you say .... Bean Counters are a handy breed to know and have around for those moments when you just need a quick question answering or just someone to keep you out of the tax mans hands!

 

[Rusty]

Hi

We are a small but growing business and began by using a book keeper. We quickly progessed to using an accountant, and although more expensive than a book keeper, overall I believe they will save you money and help you grow your business. Ours has been invaluable offering advice and guidance in all areas of our business developement.

 

[Alpha]

Generally speaking the Self assessment returns are simple to complete its just knowing what to claim for and what not to which is the difficult part. This is the area of tax that having an accountant will help you. Also accountants are often able to provide input into a lot of other areas of your business.

They do not even need to be local (many of my clients are distributed around the UK and there are quite a few that I have never met!!)

I know Joy of the forums provides a good service remotely so it may well be worth contacting her and talking through your requirements.

There may also be others on here who can provide the same type of service but many of them come and go.:smile:

 

[Mike by the Sea]

Hi Lex

I also second what Bob says....it is worthwhile talking to a local accountant, especially if they offer a free meeting.

However I am deeply offended by the disparaging remark made by Gill, we are not bean counters, a bean counter is someone who is more interested in figures than in the creative aspects of the businesses they serve, or anyone excessively concerned with accounts or figures.

It is our competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations that enhances our ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making.

To clarify your understanding of accountancy, there are three kinds of accountants in the world - those who can count and those that can't!

I rest my case :tongue:

All the best

Mike

 

[Alpha]

Hi Lex
However I am deeply offended by the disparaging remark made by Gill, we are not bean counters, a bean counter is someone who is more interested in figures than in the creative aspects of the businesses they serve, or anyone excessively concerned with accounts or figures.

It is our competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations that enhances our ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making.

To clarify your understanding of accountancy, there are three kinds of accountants in the world - those who can count and those that can't!

All the best

Mike

Ah but Mike you have to be understanding of Gill her husband is a chartered accountant:biggrin:

(Sorry Gill couldn't resist it:smile

 

I took the decision from the outset to use an accountant. Mine, like me, is a sole trader working from home, but has a lot of experience working for a major firm before the babies arrived.

I couldn't manage without her - she calculates all the stuff like heating and lighting (because I work from home and don't have separate bills for these), she files my tax return on my behalf and audits my books. My personal finances are complicated because I was abroad for so long so she is well worth the money.

Don't forget your accountant's fees are a tax-deductible expense!

 

[Joyous]

Hi Lex

As others have said it is possible to get by without an accountant but who wants to just “get by”. As you’re currently in start up mode it’s a good idea to take advantage of the free initial consultation offered by a number of accountants. You can then get advice on how to keep your books and generally start off on the right footing. Also as your currently employed there are tax planning opportunities between your employment and self employment income.

Also i work part time at another store which handles all tax etc for me will i have to do the tax for this also instead of that company?

They’ll continue to do the tax for you but you’ll have to complete the employment pages of your self assessment return in respect of this.

Regards

Joy

 

[Gillie]

Yes Mike. I adore and do understand only too well what you bean counters do ... mine is BA(Hons) FCA AMIAP.... and the joke about counting as in three types was quite funny too!!

And Alan, so gratefulllll ........ what would I do without you??