self assesment

Discussion in 'Full Timers' started by nahnotme, Nov 5, 2008.

  1. nahnotme

    nahnotme Read Only Funster

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    For financial reasons, or the lack of any available, I am hoping to drop my accountant this year and his £300 fee and have a bash at doing me own self assesment, which gives me head aches just thinking about it.
    The only real reasons I can think of why I have used an accountant in the past is lenders require certified accounts, though I hope now to never get credit or mortgags's again and to obtain a health cost exemption certificate for those on low incomes.(they wont accept a self assement tax return)
    It would be just my luck to need a load of dentistry......eeerrr....thinking...........
    Anyway as I live in the vehichle I use for bussiness I have to apportion expenses.
    I only travel from venue to venue so would claim 100% of my fuel but what about apportioning insurance, repairs, heating, road tax, etc etc.
    Its all sooooo complicated !
     
  2. ourcampersbeentrashed

    ourcampersbeentrashed Funster

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    Phone up the self assessment helpline and get them to help you through it.

    Dont panic about it and when signing any declaration put e &oe and say you are new to this and have done your best.

    Good Luck xxxxxx
     
  3. nahnotme

    nahnotme Read Only Funster

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    what does e &oe mean ?
     
  4. Geo

    Geo Trader - Funster

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    It means
    Errors and Omissions Excepted and is a contractual business term on all paperwork/invoices
    However it carries no weight with the inland revenue, get it wrong and they will still be after you for any monies owed
    if your paying £300 for an accountant, you can be sure he's saving you at least £600-£1000 what will you do if a tax investigation is launched:Eeek:or end of business final figures/ round up happens:cry:
    Think long and hard before deciding if the £5.72 per week saving is worth it:thumb:
    Geo
     
  5. itexuk

    itexuk Read Only Funster

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    "Errors & Omissions Excepted"
     
  6. madbluemad

    madbluemad

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    I totally agree. I have been fined by the Revenue for an incorrect tax return, even though it was completed to the best of my knowledge and belief. They even threatened me with a D Notice. When I asked them what a D Notice was they said Pay Up or Go too Jail :Eeek: I paid up, employed an accountant and have never had a problem since.

    Jim :Smile:
     
  7. nomadic

    nomadic Funster

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    Self Assessment

    I agree, we did the same, droped our accountant, and did our own returns, the first three years ago.

    We studied our accountants copies, read the R&Cs papers, and when we completed our first return. we did'nt phone the help line, we went yo our local tax office, and asked them to check our efforts, which they did. They were/are a very friendly bunch, and not only checked our work, confirmed its correctness, and forwarded the return to the appropriate department.

    We follow this procedure each year, and have not encountered any problems.

    They (the local office) will advise on proportional appropriation, if they do'nt know, they know who to ask.

    Good luck

    Nomadic
     
  8. colonel

    colonel Read Only Funster

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    I used a programme called TaxCalc for a number of years. Their sales blurb said "if you can't prepare your return inside 30 minutes, we'll give you your money back"

    I'm not sure how you claim from them if you take longer, but I have to say It didn't take much longer than that. Try this link if you want.

    UK taxation software - TaxCalc
     
  9. nahnotme

    nahnotme Read Only Funster

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    I know its only a fiver a week but when you gotta find a lump sum out of thin air and your last years tax bill estimate is doubled by your accountant it makes you think why bother....apart from getting my low income health expense exemption certificate ?
     
  10. Floozie2

    Floozie2 Read Only Funster

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    For me, I'd stick to the accountant for the sake of £300 a year. Squirrelling a fiver a week into a savings account is a site easier than doing all that form filling, he'll save you more than he costs and let's face it, you'll spend a fortune on Anadin just getting rid of the headache.:Rofl1::Cool:
     
  11. saxon

    saxon Read Only Funster

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    Find someone who will charge 'Mates Rates' usually around £50. Make sure they know what they're doing first, even if they are a mate.:Laughing:
     
  12. neveleven

    neveleven Read Only Funster

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    If you live in a motorhome why pay tax? How are they ever going to find you?
    :Doh:
     
  13. Thepips

    Thepips Trade Member

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    Accountants and the Tax advice helpline do get it wrong. When I started the business my accountant said my RV attracted 50% first year allowances as under the HMRC regulations it is not a type of vehicle normally used as a private vehicle. I was pretty dubious about it and checked with the helpline who after some umming and ahhing agreed with him. They wrote to me confirming I could claim 50% first year allowances and 25% thereafter.
    This year I had an investigation. Apart from a few small differences of opinion they agreed with my returns EXCEPT for the RV. The investigating officer has checked and rechecked and has decided it doesn't qualify. Motorhomes (and derivatives terms thereof) are treated as a car and only get a maximum capital allowance of £3000 per annum.
    Despite the fact I'd made my return based on their advice they now want me to pay the difference:Eeek: And that's many thousands of pounds. Just to rub salt into the wound they're charging me interest:Eeek: Almost £2,000!!!
    The investigating officer has been great and offered a lot of advice on how I can reduce the bill. Tax, insurance, servicing, storage, fuel, maintenance are all being used to offset the bill.
    The morale is, even if you've got an accountant, at the end of the day if the investigating officer decides you're in the wrong then it's YOU that pays and not the accountant.

    Regards
    Doug
     
  14. pappajohn

    pappajohn Funster Life Member

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    shirls accountant is cr*p......or so we though.

    she sold two properties in the same financial year....big mistake

    the following year her accountant said 'you own £40k in capital gains tax :Eeek:

    this was an initial assesment.

    then they went to work on it.

    by the time the accountant finished with calculating all allowances ect the bill was reduced by £11,000 so thier £350 bill was well worth the money.

    still had to sell the last motorhome to cover the tax bill though. :cry:
     

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