Doing own accounts?

[bryyy2104]

Just wondering if anyone on here does their own accounts, or if everyone uses an accountant. With the end of the tax year coming up in a few months, I was wondering which is best?

 

[Part Timer]

Doing your own is easy and if you get stuck ring HMRC and they'll keep you right

 

[Pjj]

Accountant sorts the final figures out my wife gets it ready for him , I hate paperwork and don’t have anything to do with it , never have and never will do it myself ??

 

[Crystalalan]

Yes I do my own accounts as part timer says its pretty easy.

 

[Chris34]

If you work alone it's super easy. Total turnover for the year minus costs gives you your profit and that's it. They'll tax you on your profit. It's just knowing your costs and what you can put down that takes a bit of reading but it's not hard, all the info is readily available.

 

[bryyy2104]

Thing is, I'm in my first year and I bought a van 6 months ago that I'll be paying off for 4 years partly on credit card, partly finance.
Can I split the cost of the van over the 4 years? I've read I can claim it as a capital allowance, just not sure how to spread it over the time I pay the van off.

 

[Part Timer]

You can either depreciate it yearly, I think 20%, or claim for the whole cost in 1st year. Speak to HMRC, they will tell you the different ways

 

[steve garwood]

I use an accountant for piece of mind.
£450 a year. She does all my self assessments, and always there for any questions.
My wife is a personal banker, so could do it. But we keep work stuff out of our personal lives so I’m happy with the situation ?

 

[Iron Giant]

Define doing your own accountants, I have done mine for the last 23 going into 24 years you have to do your own accounts to record income and expenditure as for filing my tax return and checking through everything I have a chartered accountant he keeps me right,

Find one local to you who either someone can recommend or from Google reviews and go and have a sit down with them, years ago I did my own and the first local accountant I had a sit down with I didn't like so didn't sign up with him went to someone else and got on with him really well, I'd say you need to get on with him or her and have a decent rapport no point dealing with someone you don't like or feel 100% about

 

[bryyy2104]

Thanks for all your advice!

I think I'm going to have a go myself at my self assesment for the first year. I've invested quite a bit so I'm not going to have profits to pay tax on, and it would be interesting to have a good look myself. Next year though, I think I'll be looking for an accountant to help me. I'm hoping they'll save me more money than they charge.

Thanks again! I hope you're all managing to work through the cold and the snow. We haven't had proper snow that's stayed in my part of South Wales, but they're saying any day now, so I'll strap the ski's on ?

 

[TimB]

Just wondering if anyone on here does their own accounts, or if everyone uses an accountant. With the end of the tax year coming up in a few months, I was wondering which is best?

I use an accountant because it's relatively cheap and gives peace of mind. Costs me £220 a year. Always available for free consultation.

Still have to compile everything of course and keep good records. You are ultimately responsible, not them.

Another big bonus that nobody here has mentioned is that it helps when you apply for rents, mortgages or other loans. Since 2008, banks are lot tighter on such things. Having a good accountant will count in your favour. When we were looking for a new place to rent a couple of years ago, it was the first thing agents asked when I said I was self employed. So worth considering for that alone.