Our Friends The Inland Revenue

Discussion in 'Chit Chat & Introductions' started by rugbywolf, Nov 5, 2012.

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  1. rugbywolf

    rugbywolf Forum Addict
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    I thought I would offer some advice, based on my own experience, regarding the Inland Revenue. If you are just starting out working for yourself, or working while holding down another job, then you should get yourself registered with an accountant. It doesn't matter if you're not doing much work at the present, if any. Find an accountant (someone who works on his own at home is suitable), he will get you to sign a form which he will send to the IR, which authorises him to act on your behalf, he will not (should not) charge you any money at the moment. From then on you are 'known' to the tax office. If the IR become aware of you (or somebody dobs you) and you are known they will not bother you, after all, you are not doing anything illegal. However, if you are not known, then they will come after you. Always remember; with the Inland Revenue you are guilty and have to prove you are not.


    This happened to me some years ago. And I was handed down a bill of £2000. I went straight out and sorted myself an accountant, and he got the bill down to £1300.


    When you are with an accountant, he will receive a copy of any communication you get from the IR. And, if there are any queries, he will handle the IR for you. It's always money well spent in my opinion.
     
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  2. M.K Cleaners.co.uk

    M.K Cleaners.co.uk Grand Master
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    Thats what I done mate, the guy that does mine is self emploed and works on his own. Hes awesome guy bends over backwrds to help me.
     
  3. Doo

    Doo Well-Known Member
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    How much do they cost?
     
  4. Neil

    Neil Grand Master
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    I haven't got an accountant yet i am paying my ni contributions and ive only be running 3 months i was going to get my accountant at the end of the tax year to fill in my self assessment form is that ok to do that?
     
  5. mark m

    mark m Hero
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    make sure you get a accountant it will save you loads in the long run make sure you keep all your receits and put them in order the shorter the time the account spends on paperwork the cheaper his bill
     
  6. M.K Cleaners.co.uk

    M.K Cleaners.co.uk Grand Master
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    Varys a lot. Dont go for a big company. Look for someone small. Shop around too
     
  7. rugbywolf

    rugbywolf Forum Addict
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    This is exactly what I meant, don't wait until the end of the year (that's what I did).
    They work on a percentage of your turnover. It is often said that what you pay your accountant he will save you paying tax!!
     
  8. Neil

    Neil Grand Master
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    So i have to get on to an accountant now and not pay him when i need him at the end of the year ?
     
  9. Bingo

    Bingo Grand Master
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    I think you have to register a business within 3 months of starting (to keep HMRC happy).

    Different rules apply if your are a 'sole trader'.
     
  10. rugbywolf

    rugbywolf Forum Addict
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    When you first approach an accountant, he will ask you about your business etc, so keep it low key for starters. You will agree, or you might have a definite date when to start/finish your financial year. he will tell you what information he needs (reciepts, accounts) and when to drop them in to him. No money should change hands yet, after all, he hasn't done anything yet!! At the end of your financial year, after he has 'settled your accounts', he will tell you how much tax you will have to pay, and when. It's only now he will send you a bill for his services. Now that you are registered with him, you can, of course, contact him anytime during the year with related questions. I hope that's clear to you.
     
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