Is it fairly straightforward? Do you use any software packages? What if investigated by the Revenue?
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Anyone do their own accounts?
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I start with the figure I can afford to pay tax on, then I work backwards with income and expenses until it looks convincing enough. The tax man is just grateful that he manages to get anything.HEALTH WARNING. IT Can Damage your Health. Free Advice. Advice in the forum is the £9,995 version. By reading the health warning you are agreeing to the terms and conditions. Advice maybe bad as well as good. 24 months interest free. Your home is at risk if you don’t keep up payments. Advice limited to availability. -
A few people here do, I don't.
The way I see it it's a reaonable expense in return for not having to deal with the tax system myself and insurance against cockups. If I get it wrong I've only myself to blame. If my accountant gets it wrong at least I know who to go round and kneecap afterwards ( Hi Simon! )"Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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I did my own accounts...I mean why pay someone else over £1000 a year to do something you can do yourself in 10 minutes a month!
MailmanComment
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I know one person who did his own accounts, most years it was OK and then one year he made a silly mistake on the form. I think he put the figures in the wrong column.
It flagged up on the IR computer so they came round for an inspection.
Now when they come for an inspection, they'll always find something. They checked every single receipt and found 11 that could be questioned. For each one he paid a £1000 penalty.
So be warned.I'm alright JackComment
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Originally posted by BlasterBatesI know one person who did his own accounts, most years it was OK and then one year he made a silly mistake on the form. I think he put the figures in the wrong column.
It flagged up on the IR computer so they came round for an inspection.
Now when they come for an inspection, they'll always find something. They checked every single receipt and found 11 that could be questioned. For each one he paid a £1000 penalty.
So be warned.
It flagged up on the IR computer so they came round for an inspection.
Ended up with a massive tax bill!
So be warned!
MailmanComment
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£1000 for each mistake over a 11 minor receipting errors? I take it he appealed?...my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...
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The Inland Revenue aren't that bad. I cocked up my P35D owing them 75 quid and they said "yeah whatever - just stick it in the post sometime in the next couple of months"
They are only bastards if you do anything genuinely dodgy.
I do my own accounts with Sage Instant Accounts. It does the job. I can also read properly (the only requirement do to your own accounts).Serving religion with the contempt it deserves...Comment
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Shim,
haven't you got enough on your plate with the kids, or are you short of the bish bash ?
Milan.Comment
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Now the point is yes if ordinary Mr Hector is dealing with your form...fine, you'll get a few queries and he ain't going to do anything. If however you show up "red" i.e. genuinely dodgy, on the IR computer, they send the "heavies". Now these guys aren't your everyday Taxmam sorting out the day to day, they're out to jump on any anomolies, and yes you can appeal etc etc. But by the time they've finished with you, you'll just be glad its over. For them its a job, for you, its legal, accounting fees, telephone calls, writing letters with justification etc etc. Now they quickly sorted out the reason why he showed up red, but these guys have targets to satisfy.I'm alright JackComment
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