Subject says it all :-) September looming and I'm looking for an accountant
with experience of self employed tradespeople (I'm a plumber and general
jobber) who can advise me on doing my tax returns to best advantage wrt tax
etc. (I can and do DIY my accounts, it's the stuff like rolling over trading
losses from a start-up year to successive years that I'm looking for help
The smaller the firm, the cheaper they'll be and the more experience they'll
have had with sole traders. Try and get a recommendation from other sole
traders in your area.
Like my plumber though, if he thinks you can pay, an accountant will find a
way to charge.
On Tue, 5 Aug 2003 23:15:56 +0100, "John Stumbles"
I recommend my accountant Tim Kingcott:
No problem mentioning my name if you give him a call, he's been my
accountant for my Ltd company since the day it began (he did the
necessary to create the company). And you are easily in his catchment
Do you need a handyman service? Check out our
web site at http://www.handymac.co.uk
Wow, a plumber in Reading! There's a novelty.
How much would you charge for an new unvented DHW cylinder and new
condensing boiler installed to a new location in an already boarded loft?
All electrics, controls and programmers already taken care of.
Is that a trick question to see if I know the regs re unvented dhw (I'm not
BBA qualified), or is it an IMM troll? ;-)
I'm currently agonising over how much to quote someone for a similar setup
(except with either a heat store or conventional cylinder instead of
unvented) and the best answer I've come up with so far is "if you have to
ask, you can't afford it" :-)
Experiments to demonstrate the existence of Sod's Law by dropping
slices of buttered toast all failed. That's Sod's Law.
By concession, the IR allow a year-end of 31 March to be treated as 5 April,
to avoid dealing with the 5 day gap. However, depending on how the losses
accrue, it can be advantageous to extend the accounting period. Although not
as beneficial as under the pre SA regime, a year end of 30 April gives you
the longest time before accounts need be prepared and tax paid - e.g. 31
March 2004 means tax due by 31 January 2005, but 30 April 2004 means 31
January 2006. The IR will normally allow up to an 18 month accounting period
for the first set of accounts, so 5 April could be a costly choice.
Selection of year-end is not as simple as might appear.
There are more possibilities for loss relief in the opening 4 years-
including carrying back 3 years (useful for any employment income) and
Also the method of asset acquisition can effect the profit/loss
computation - cars, computers etc.
IMHO, an accountant could be useful in these circumstances.
I'm sure you're right, but at the end of the day it just boils
down to shuffling profit around into tax years in such a way
as not to waste unused allowances (if profit is low-marginal)
or so as to avoid exceeding unnecessary thresholds (if profit
is high-marginal), and if you hire an accountant to help you
make the choice, having already decided to save money by doing
the basic accounts yourself, it may well be that the accountant
will be more expensive because he has first to "sort out" the
"unsatisfactory" DIY acccounts.
And while choosing 30th or even 6th April as your accounting
date will give you a whole extra year in which to sort out
your accounts and pay your tax, in practice it means you will
spend a whole extra 12 months procrastinating before you end
up in a mad rush because the deadline is imminent. Far better
to get it out of the way when things are still fresh in your
mind. Ideally you should have all your data ready on 6th April
to transfer to the tax return form as soon as it arrives.
One would need to carry out a cost/benefit analysis.
In general, I guess it depends on whether you'd rather spend
a couple of evenings understanding the notes which accompany
the tax forms, or paying an accountant possibly more than his
advice will save you.
Maybe accountants should get into gimmick marketing along the
lines of no-win no-fee lawyers, so that punters cound hire them
with confidence that they won't cost them anything if they don't
save them anything.
---8<-- snipped lots of stuff I'm still trying to get my head around ;-)
Hear hear! :-)
This is all slightly complicated as I want to get a more flexible mortgage
(ideally a current account mortgage - any suggestions? I asked BOS but they
won't touch me until I've been trading 3 or 4 years) and I think I'll need
my accounts audited for this; so if I'm going to have to pay an accountant
to go through my accounts I'd guess getting advice on saving tax (and
possibly also getting them to do the tax return) should be less expensive
than if this were my sole business with them.
Women always generalise
Don't know about self employed but the VirginOne account is excellent.
No problems whatsoever transferring from our old current account. It's
a true current account mortgage rather than a "flexible" mortgage and
so is completely flexible with regard to underpayments/overpayments.
The letter saying they passed on the recent interest rate cut (in
full) arrived within two business days of the cut being announced
(compare that with the likes of Abbey National, etc., who
procrastinate for weeks or months and then only pass on 0.1%).
No connection other than being a well pleased customer.
- which is why I want to change away from the Halifax.
That Shylock chap wasn't so bad really :-)
Women always generalise
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