basic accounting

[Andy Collins]

having been thru the HMRC interrogation system in the past, simply cos I did my own books, I can only strongly re-iterate the use of a accountant. Its just not worth the grief or the hassle. As Ben said above, it'll save you more than it costs!

[Charlieh]

one day I got a bill for 57K...with 28 days to pay....I got a top accountant on it...he saved me 50K for a bill of 340 quid ! Nuff said.

 

so its worth me contacting the accountant before i pay out on this one then?

 

even if i dont save anything this time, i will make sure its sorted next year!

 

think i have always been worried about being taken for a ride by the accounant, but its got to be better than being shafted by HMRC!

[igottacabstar]

I screwed myself this year on my tax return and am now going to go all out to reduce how much i have to pay next year,

 

Is anyone aware of a good basic course to go on as i do all my own bookwork (going to buy the quickbooks software recommended in the other thead) I have just gone purely selfemployed and suddenly being hit with a tax bill that was about 6 times more than i was expecting was quite a shock

 

i am keen to become a bit more clued up on how to reduce my tax, any tips or techniques that others are useing would be greatly appreciated,

 

i spoke to HMRC on friday about the possibility of spreading the payments, and they said i cant as i have money in longterm government savings account (!) so rather than help me starting out, they would rather hammer me, they mentioned about taking legal action if they didnt have the money buy then end of the month, which i cant understand as i only got the invoice on friday morning! (although i should have received it at the start of January! so im being penilised for their balls up

 

I wonder if some of this is due to having a paid job with (get this!) a government agency, and being self employed so i seem to be in an abnormally high tax band for my income?

 

I am going to pay it (but this wont happen again!)

 

i am currenly thinking in need to set up my business better with an account specifically for the tax i know im going to have to pay so i dont get complacent about how much is in the main account!

 

part of the reason of posting this is for anyone else about to go it alone, not getting in the same mess as me!

 

how does everyone else deal with this?

 

You only pay tax in relation to your profits so your calculations must be way out - you should definitely get an accountant! If you have money in a savings account why do you want to pay your tax in installments? Also, there is no such thing as being in a high tax band for your income - you pay a higher rate of tax for everything you earn over £30k, but this is the same for everyone.

[ArbTecPhil]

Why would anyone try to do their own accounts?thats asking for trouble.

 

Hire an accountant they will save you money in the long term, especially when dealing with large pieces of equipment, home/office costs, fuel/heating for office and depreciation etc.

[Stuart Witt]

I would say that it depends on the type of person really, if you cant handle the accounts then you should hire an accountant, as it would be more productive to do things that make you money.

 

If you are a person that can do them all then great, i'd guess your £££ in.

 

Personally if you can pay someone to do a job properly then you should. After all why do people hire arborists.

[Buzz]

I would say that it depends on the type of person really, if you cant handle the accounts then you should hire an accountant, as it would be more productive to do things that make you money.

 

If you are a person that can do them all then great, i'd guess your £££ in.

 

Personally if you can pay someone to do a job properly then you should. After all why do people hire arborists.

 

Well said and welcome Stuart

[Mr Ed]

What would you think of an accountant trying to cut his own trees?

And dont go for a cheap acoountant - their like cheap tree loppers....

 

A good acountant will contest your current bill and get it significantly lowered. Speak to other guys see who they recomend. Do'nt use a complex software package like Sage or Quickbooks - just use a simple excell spreadsheet or even an old fashioned cashbook.

 

Dont be afraid to go well out of your area to get a decent one. I travel 40 miles to mine.

Interview a few, see if you get on with them. If you build a raport, they will do a lot for you...

[ArbTecPhil]

Try this website for some free bookkeeping software http://www.yorkshireaccountancy.co.uk

In their site search box type: excel bookkeeping spreadsheet and follow the link, you will have to register though.

 

It comes in the form of an excel spreadsheet with pre-formatted columns etc. and all the pages are linked so will always update as you input information. It seems really simple to use and when the time comes just email it over to your accountant.

[Mr Ed]

Brilliant find Phill, thats the spreadsheet I use.

[skyhuck]

What would you think of an accountant trying to cut his own trees?

And dont go for a cheap acoountant - their like cheap tree loppers....

 

A good acountant will contest your current bill and get it significantly lowered. Speak to other guys see who they recomend. Do'nt use a complex software package like Sage or Quickbooks - just use a simple excell spreadsheet or even an old fashioned cashbook.

 

Dont be afraid to go well out of your area to get a decent one. I travel 40 miles to mine.

Interview a few, see if you get on with them. If you build a raport, they will do a lot for you...

 

Very good advice! imo.