Tax Allowance

[taunton-hobbit]

I had an accountant who charged for absolutely everything

(not only that, they helped fook up a 180k house sale)

I'm now with another outfit who advertised 'no charges for phone advice'.

Seven years on, they are still good - and about 30% cheaper than the other mob.

 

 

 

[Burns-bass]

A good accountant is absolutely vital when running a business. Mine is always available, happy to sort out problems and we always meet to chat in the pub. 

Hes careful to always give advice and then we discuss options so I understand what’s happening.

It helps that he was a friend before we worked together I guess. 

[leftybassman392]

5 minutes ago, Burns-bass said:

A good accountant is absolutely vital when running a business.

As a general principle I'd agree, but if you're good enough with numbers, make the effort to keep up with relevant legislation and are a sole trader with a fairly small annual turnover it's not beyond the wit of man to do it yourself. I can't speak to partnerships or companies of course, but I managed just fine for the the entire duration of my business after the first year.

[Burns-bass]

Absolutely. I’m a Ltd company so I can’t do it, but agreed it’s simple enough if you’re self employed to have a go.

[Guest McBass]

The good thing with an accountant is you can get them to represent you and prepare you're books if you get a tax investigation, and you can claim their fees back as an expense  .

[leftybassman392]

9 minutes ago, McBass said:

The good thing with an accountant is you can get them to represent you and prepare you're books if you get a tax investigation, and you can claim their fees back as an expense  .

It's a fair point (as is Jack's point about liability cover if things go boobies up). What I would say though is that in 15 years or so of trading I never had one. If you do it anything like properly the likelihood of an audit for a sole trader with a small annual turnover (which will fit quite a few people reading this thread I would think) is extremely remote.

Edited January 13, 2018 by leftybassman392
Additional content

[Guest McBass]

My old man got investigated a couple of times....self employed taxi driver so i suppose the cash aspect flagged him up.

[leftybassman392]

Possibly.

HMRC look for patterns of cashflow I think. If things look the way they should then normally you're fine.

Others here will be able to speak to that one much better than I can though so don't take it as gospel: I'm only sharing my personal experience of running my own business.