The business i do is very small, i hardly make any business in terms of cashflow. So i wondered if i still need an accountant to fill this tax return form out.
If you are a small business do you still need an accountant anyway?
2007-09-18 21:19:15 · 8 answers · asked by Shaun G 1 in Business & Finance ➔ Taxes ➔ United Kingdom
You don't need an accountant, but it really depends on your own financial abilities!
You need to ensure you have complete records of all your income and expenditure - its best to have a separate bank account for the business so that you don't miss anything.
HMRC will help with any queries on the form, but they can't make the entries for you and they can't do your accounts.
If you are unsure, it may be a good idea to attend a course run by Business Link on keeping accounts, or pay an accountant for a one-off advice session.
2007-09-18 21:25:30 · answer #1 · answered by fengirl2 7 · 0⤊ 0⤋
no you do not need an accountant, hence why it is called "self assessment"
the advantage of having an accountant is so that they can claim additional expenses and allowances that you may not be aware of.
for example.
use of home as office
capital allowances on equipment and vehicles.
claim tax relief on bank interest and charges
claim tax relief on loan interest (if you have one)
this is only a small list, but without more details I cannot advise you further as I dont know the details of your trade.
don forget you can complete you tax return online at www.hmrc.gov.uk. all you do is sign up for online filing, wait til a code comes through the post to setup you account and then just follow the steps.
you can also take all your paperwork to an Inland Revenue office and they will help you do it too. but I wouldnt trust them lol.
2007-09-19 04:30:35 · answer #2 · answered by Paul S 5 · 0⤊ 0⤋
No you don't ..
.. in fact, I would suggest all small Business owners need to be 'up to speed' on basic accountancy skills (otherwise the buiness is likley to fail)
Get a few good books on Small Business Accountancy and Tax and read up on it .... if it really is beyond you, find a good accountant ...
2007-09-19 04:26:20 · answer #3 · answered by Steve B 7 · 0⤊ 0⤋
No if you are competent in do the forms yourself. But if you make a mistake or miss something, then you may be liable for a lot of money or even a fine. Its best to let an expert do the job as they can be complex.
2007-09-19 04:23:13 · answer #4 · answered by beanie 5 · 0⤊ 0⤋
It depends. There are several off-the-shelf products that can assist you if you have minimal accounting skills.
From what you are describing, I wonder if you are reporting on a Schedule C (individual return).
If you have a small business, Peachtree might have a product for you: http://www.peachtree.com/peachtreeaccountingline/first/
This accounting software is for people who are transitioning from paper records to a more robust accounting solution.
Small is a relative term. If you are only talking about a few thousand dollars - perhaps using paper is fine.
2007-09-19 04:33:21 · answer #5 · answered by dsmoya31410 2 · 0⤊ 2⤋
HMRC has something called the business support team who will train you in all the aspects of the form. Their really very good. They hold classes or one to ones at your local tax office .Ring or pop in to book a session
2007-09-19 18:26:24 · answer #6 · answered by nicolabuddah 3 · 1⤊ 0⤋
You don't need one, if you are competent at understanding the rules and ramifications, it's not a legal requirement. Basically, you're paying for the accountant's knowledge and expertise, if you feel you can cope with it by all means do it yourself.
2007-09-19 04:28:58 · answer #7 · answered by champer 7 · 1⤊ 0⤋
There's a reason accountants have to be certified CPAs by their state of work. Use their services. Might cost you money, but it may save you on taxes.
2007-09-19 04:26:20 · answer #8 · answered by dumboe8899 3 · 0⤊ 1⤋