How easy is it to complete a tax return online?
I've got 6 months worth of invoices and receipts. Is it worth me doing this myself to save money on accountant's fees?
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Why not? Self assessment was intended to be just that. HMRC publishes a lot of help sheets on their web site, and their telephone help line is very helpful.
Answer 2 :
It's not too bad. Make sure you have all the info. you need before you start. Add up the receipts etc. for each box that they need to be entered in. I found it easier to complete a paper return in pencil and then transfer the figures over. Once it's complete, print a copy off and note what goes where for next time!
Answer 3 :
Get a cheap financial package such as Microsoft money and record your income and outgoings on that. Limit the categories you save entries into to those on the HM On-line tax return (there were only 5 categories last year so it's simple to do.) I then use Taxcalc which is very easy to transfer figure to from the software mentioned above. Taxcalc guides you through the tax return and checks it for you. Once you are happy with the result Taxcalc lets you file the form via the HM Revenue website. So you need some cheap financial software which you can use over and over. Microsoft Money is about £50 as a one off payment. Then Taxcalc costs about £35 per year. This is a fraction of the cost of an accountant and you have total control over your accounts. Go of it. BUT one word of warning, don't leave it until the last minute, it's easy to leave things until too late and end up panicking. Personally I prefer to have everything done by November of the year.
Answer 4 :
Good advice above. Just to add a further point; if you're gonna do your own tax return online please remember to keep some record of how you calculated the figures that you put onj the tax return. I deal with no end of tax investigations where an individual has completed their own tax return but it becomes impossible to reconstruct what has been put in which heading. Simple method: Seperate all receipts into categories of expenses eg ; motor expenses, purchases for resale, telephone, stationery etc. Add each pile up, staple them together and write the total on the front invoice. If this is your first tax return I'd do a little snooping around on the HM revenue and Customs website - look at sections on business mileage and capital allowances claims. You dont want to miss out on any expense you may be able to claim
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Tuesday, December 28, 2010
Tuesday, December 14, 2010
How do I change from being a sole trader to having the protection of a limited company?
How do I change from being a sole trader to having the protection of a limited company?
My question is really how do I formally "activate" the protection of a limited company (which I have already bought off the shelf) and transfer out of sole tradership? Do I need to inform someone that I am switching or is it from the point of submitting company accounts. My accountant is confusing me! Thanks
Other - Business & Finance - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
If your accountant can't explain the situation in ways that you can understand, then speak to a different accountant. If that still doesn't help, you likely need to contact a lawyer. You're dealing with issues that are both financial and legal, and speaking with both might be the best thing, anyway.
Answer 2 :
i believe you register your sole proprietor business somewhere. it should be the same governing body that takes care of registration of a private limited company. in my country, we do all these at the registrar of companies. i believe you guys will have similar governing bodies.
Answer 3 :
Your limited company needs to buy the assets and goodwill of your sole trader business. You also need to inform all your customers, suppliers and other contacts that your business has now been incorporated. From a financial point of view, your sole trader business has ended, so you need to draw up final accounts. There may also be capital gains implications, especially if the goodwill of your business is valued highly. You may have the choice of paying this now, or "rolling over" the gain into the shares you will now hold in the ltd company. The "purchase" of the assets can be in return for shares in the ltd company. You will own both, so the net value of what you personally own does not change. Bear in mind that the "protection" is going forward only. You cannot avoid liabilities that have already been incurred as a sole trader. Your accountant or solicitor should be able to advise you on all of this.
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My question is really how do I formally "activate" the protection of a limited company (which I have already bought off the shelf) and transfer out of sole tradership? Do I need to inform someone that I am switching or is it from the point of submitting company accounts. My accountant is confusing me! Thanks
Other - Business & Finance - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
If your accountant can't explain the situation in ways that you can understand, then speak to a different accountant. If that still doesn't help, you likely need to contact a lawyer. You're dealing with issues that are both financial and legal, and speaking with both might be the best thing, anyway.
Answer 2 :
i believe you register your sole proprietor business somewhere. it should be the same governing body that takes care of registration of a private limited company. in my country, we do all these at the registrar of companies. i believe you guys will have similar governing bodies.
Answer 3 :
Your limited company needs to buy the assets and goodwill of your sole trader business. You also need to inform all your customers, suppliers and other contacts that your business has now been incorporated. From a financial point of view, your sole trader business has ended, so you need to draw up final accounts. There may also be capital gains implications, especially if the goodwill of your business is valued highly. You may have the choice of paying this now, or "rolling over" the gain into the shares you will now hold in the ltd company. The "purchase" of the assets can be in return for shares in the ltd company. You will own both, so the net value of what you personally own does not change. Bear in mind that the "protection" is going forward only. You cannot avoid liabilities that have already been incurred as a sole trader. Your accountant or solicitor should be able to advise you on all of this.
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Tuesday, December 7, 2010
How long should my wife wait for her P45 from her ex employer?
How long should my wife wait for her P45 from her ex employer?
After asking for a P60 for 20years,fobbed-off that the accountant is to blame,can my wife have been swindled out of income?The former employer put a 2year NI shortfall right recently,following a few brown envelopes.My wife has a full 30yrs contribution,she has been informed.Tax is our main worry,is the former employer wholly responsible?,if that has not been paid by her.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The employer is responsible for making sure the employee pays the correct National Insurance and tax. If you have been informed in writing of this being corrected, then KEEP this letter safe for future reference along with any recent pay slips. If your wife had to complete a tax form every year, the correct tax would be deducted. If she didn't have a tax form, then the employer is responsible. Don't worry about a tax bill, but you MUST push for a P45, as this should have been given at the time of leaving or within two weeks by post. If you continue to be fobbed off, go to your local tax office and they can supply the details of paid tax. Unless your wife is going for another job, and you have received your pay and are happy with it, I wouldn't go raising any alarm bells with the tax man, and just let it go.......
Answer 2 :
Employer is responsible, and can be held liable for any underpayment that has occured through negligence or him being dilatory. You don't say what your wife's plans are with regard to future employment. Tax office can write out to employer for leaving details if he hasn't sent them in, and if necessary initiate an enquiry into his tax affairs, although it sounds as though that may have already been done. If employer has had to pay any tax underpayment, employee isn't told details, due to Official Secrets and Data Protection Acts, and no repayment can be claimed on it. I suggest your wife contacts her tax office, who will tell her if previous pay and tax details can be sent to any new employer, or if they need any details with regard to last employer.
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After asking for a P60 for 20years,fobbed-off that the accountant is to blame,can my wife have been swindled out of income?The former employer put a 2year NI shortfall right recently,following a few brown envelopes.My wife has a full 30yrs contribution,she has been informed.Tax is our main worry,is the former employer wholly responsible?,if that has not been paid by her.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The employer is responsible for making sure the employee pays the correct National Insurance and tax. If you have been informed in writing of this being corrected, then KEEP this letter safe for future reference along with any recent pay slips. If your wife had to complete a tax form every year, the correct tax would be deducted. If she didn't have a tax form, then the employer is responsible. Don't worry about a tax bill, but you MUST push for a P45, as this should have been given at the time of leaving or within two weeks by post. If you continue to be fobbed off, go to your local tax office and they can supply the details of paid tax. Unless your wife is going for another job, and you have received your pay and are happy with it, I wouldn't go raising any alarm bells with the tax man, and just let it go.......
Answer 2 :
Employer is responsible, and can be held liable for any underpayment that has occured through negligence or him being dilatory. You don't say what your wife's plans are with regard to future employment. Tax office can write out to employer for leaving details if he hasn't sent them in, and if necessary initiate an enquiry into his tax affairs, although it sounds as though that may have already been done. If employer has had to pay any tax underpayment, employee isn't told details, due to Official Secrets and Data Protection Acts, and no repayment can be claimed on it. I suggest your wife contacts her tax office, who will tell her if previous pay and tax details can be sent to any new employer, or if they need any details with regard to last employer.
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Wednesday, December 1, 2010
What is the lowest amount of money you could live on?
What is the lowest amount of money you could live on?
I am thinking of only woking part time (3 months on to 2 months off). I have been told from temping agencies that I can get about £11-13.50/hour doing finance work (I am a part qualified accountant). It will be a big drop in income but I reckon I can do it. My core bills come to £660 per month not sure how much I will need otherwise. How much do you reckon you could live on if you held back on luxuries? PS my bills are as follows. Rent (not mum or dad, private rented flat in west end of Glasgow) = £395/Month Council Tax = £120 Gas & Electric = £60 Phone = £25 Mobile = £20 Various other = £40
Personal Finance - 12 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
About 15 grand more than I earn... Seriously though, If your gonna work part time then you will have more leisure time and you might need more money to do fun stuff...
Answer 2 :
$490
Answer 3 :
Don't even think that!
Answer 4 :
$40,000.00 annually , but it would be real tough :))
Answer 5 :
Your bills come to £660 per month? You must be living with mummy and daddy then, in which case, that's all you need eh?
Answer 6 :
as I am appraching maternity leave, I am about to find out... salary vs. statutory pay (about £100 a week)
Answer 7 :
Thats a tricky one - because every time we get a pay rise we spend more via credit cards catalogues etc....the amount of debt we have just now is ..about ... £2500 a month - dont even talk me about the cars - thats his dept ! thats the mortgage - credit/store card bills .etc and our 4 kids cost us an arm & a leg... sometimes I just dont know how we manage...and if we were to cut back on luxuries like Sky, Broadband ..Cinema- Mickey D's etc etc ,, there would be riots in our house.. the bills are out of control....or is it my spending habits..
Answer 8 :
there are no parameters for this,as many factors are involved in it,the place/town you live the envirement of the surrounding people and size of your family and your needs,if contained
Answer 9 :
Let me congratulate you on your decission to reduce Luxuries. This is the only point which is positive in your question. All others are Negative. Why would any one want to do what you are asking? If the decission to take off for 2 months is to Learn some additional lessons relating to accounting, then it is a good idea for short time, but otherwise. You will become lazy over a period of time. You have an ability to work now but YOU WANT TO REST, but over a period of time you may have to work BUT YOUR BODY MAY NOT SUPPORT YOU BECAUSE OF OLD AGE. It is advisible to reduce expenses and Increase income and Retire early rather than taking a break every 3 months. Bye and all the best. AJ
Answer 10 :
probably another £400 per month to cover other expenses.
Answer 11 :
Well here in Namibia, I can Survive comfortably on N$ 2 000. N$ 1 200 for my flat water and lights included and then N$ 800 for food.
Answer 12 :
food in TESCO clothes in charity,well £ 200 a month
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I am thinking of only woking part time (3 months on to 2 months off). I have been told from temping agencies that I can get about £11-13.50/hour doing finance work (I am a part qualified accountant). It will be a big drop in income but I reckon I can do it. My core bills come to £660 per month not sure how much I will need otherwise. How much do you reckon you could live on if you held back on luxuries? PS my bills are as follows. Rent (not mum or dad, private rented flat in west end of Glasgow) = £395/Month Council Tax = £120 Gas & Electric = £60 Phone = £25 Mobile = £20 Various other = £40
Personal Finance - 12 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
About 15 grand more than I earn... Seriously though, If your gonna work part time then you will have more leisure time and you might need more money to do fun stuff...
Answer 2 :
$490
Answer 3 :
Don't even think that!
Answer 4 :
$40,000.00 annually , but it would be real tough :))
Answer 5 :
Your bills come to £660 per month? You must be living with mummy and daddy then, in which case, that's all you need eh?
Answer 6 :
as I am appraching maternity leave, I am about to find out... salary vs. statutory pay (about £100 a week)
Answer 7 :
Thats a tricky one - because every time we get a pay rise we spend more via credit cards catalogues etc....the amount of debt we have just now is ..about ... £2500 a month - dont even talk me about the cars - thats his dept ! thats the mortgage - credit/store card bills .etc and our 4 kids cost us an arm & a leg... sometimes I just dont know how we manage...and if we were to cut back on luxuries like Sky, Broadband ..Cinema- Mickey D's etc etc ,, there would be riots in our house.. the bills are out of control....or is it my spending habits..
Answer 8 :
there are no parameters for this,as many factors are involved in it,the place/town you live the envirement of the surrounding people and size of your family and your needs,if contained
Answer 9 :
Let me congratulate you on your decission to reduce Luxuries. This is the only point which is positive in your question. All others are Negative. Why would any one want to do what you are asking? If the decission to take off for 2 months is to Learn some additional lessons relating to accounting, then it is a good idea for short time, but otherwise. You will become lazy over a period of time. You have an ability to work now but YOU WANT TO REST, but over a period of time you may have to work BUT YOUR BODY MAY NOT SUPPORT YOU BECAUSE OF OLD AGE. It is advisible to reduce expenses and Increase income and Retire early rather than taking a break every 3 months. Bye and all the best. AJ
Answer 10 :
probably another £400 per month to cover other expenses.
Answer 11 :
Well here in Namibia, I can Survive comfortably on N$ 2 000. N$ 1 200 for my flat water and lights included and then N$ 800 for food.
Answer 12 :
food in TESCO clothes in charity,well £ 200 a month
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Sunday, November 28, 2010
What is the oppertunity of having dual degrees ?
What is the oppertunity of having dual degrees ?
What is the oppertunity of having dual degrees ? Like if he is a chartered accountant and later he becomes an electronic engineer or maybe an architect ? Will he be considered very important person in his company when he starts his work or he's a useless ?? Will he be paid good or it depends upon the company .
Engineering - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The benefit of having two degrees is that you have academic experience in two fields of study. For instance if you had a bachelors degree in both engineering and marketing, you would have a better understanding of both the technical aspects of a project, as well as understand how to market your product or project to potential clients. As far as being considered a very important person in a company, that would depend on many things. For example, if a person had two degrees and took a job working with Google, that person would not be as important to the company then if they worked for a small 12 person design firm. Basically, having two degrees means that the individual has experience in two areas of studies, and can apply their knowledge to a broader area than a person with one degree. As far as pay scale, pay depends on much more than just how many degrees you have.
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What is the oppertunity of having dual degrees ? Like if he is a chartered accountant and later he becomes an electronic engineer or maybe an architect ? Will he be considered very important person in his company when he starts his work or he's a useless ?? Will he be paid good or it depends upon the company .
Engineering - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The benefit of having two degrees is that you have academic experience in two fields of study. For instance if you had a bachelors degree in both engineering and marketing, you would have a better understanding of both the technical aspects of a project, as well as understand how to market your product or project to potential clients. As far as being considered a very important person in a company, that would depend on many things. For example, if a person had two degrees and took a job working with Google, that person would not be as important to the company then if they worked for a small 12 person design firm. Basically, having two degrees means that the individual has experience in two areas of studies, and can apply their knowledge to a broader area than a person with one degree. As far as pay scale, pay depends on much more than just how many degrees you have.
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Sunday, November 14, 2010
How can I get P60 that is owing to me from a company that has gone into lidquidation?
How can I get P60 that is owing to me from a company that has gone into lidquidation?
The company that I had worked for last year, when into liquidation. They owe me 3 year P60, the company accountant on asking last year before the company went into liquidation refuse to give it to me.
Corporations - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
jobcentre will sort new one out
Answer 2 :
Either contact your local jobcentre or your tax office and they will sort it out for you.
Answer 3 :
If the company is in liquidation, you are unlikely ever to get these forms. You could ask HMRC for a letter setting out your pay and tax for those years, but my guess is that the company has not made returns to them either.
Answer 4 :
Try the Official Receiver for the company, but it may be that company boss didn't keep records, and there will nothing for OR to reconstruct. I'll bet suerye is right, and that company has sent nothing to HMRC. Your query is out of scope for Jobcentre, they won't be able to do anything. You could contact tax office, ask what details are held on your record for the last three years. If pay and tax details are held, they can send you signed letter on headed notepaper. That has similar status to form P60, although it won't show NIC info. Did you keep, or even have, any payslips? May be useful if employer has not been sending in your information.
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The company that I had worked for last year, when into liquidation. They owe me 3 year P60, the company accountant on asking last year before the company went into liquidation refuse to give it to me.
Corporations - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
jobcentre will sort new one out
Answer 2 :
Either contact your local jobcentre or your tax office and they will sort it out for you.
Answer 3 :
If the company is in liquidation, you are unlikely ever to get these forms. You could ask HMRC for a letter setting out your pay and tax for those years, but my guess is that the company has not made returns to them either.
Answer 4 :
Try the Official Receiver for the company, but it may be that company boss didn't keep records, and there will nothing for OR to reconstruct. I'll bet suerye is right, and that company has sent nothing to HMRC. Your query is out of scope for Jobcentre, they won't be able to do anything. You could contact tax office, ask what details are held on your record for the last three years. If pay and tax details are held, they can send you signed letter on headed notepaper. That has similar status to form P60, although it won't show NIC info. Did you keep, or even have, any payslips? May be useful if employer has not been sending in your information.
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Sunday, November 7, 2010
How do you register your business?
How do you register your business?
If I bought a building with planning permission to be able to make it a hotel. Do I need to register it as a business? And what sort of people would I need to bring in, I know architect. But do I need a business advisor/accountant?
Small Business - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
There are several types of business. You are probably looking at a choice beween "sole trader' - ie, you working for you - or a 'limited company' - you working for the company which you own. In the first case, there is no need to register the business, but you need to make sure the tax man knows about your business within (iirc) 12 weeks of starting. In the second case, the company needs to be registered at Companies House. There are many firms that can do this within 24 hours for £50 - £100. Google "Company formations". Either way, an accountant would probably be able to make sure everything is done correctly and ensure you get all the allowances you are entitled to. Accountants fees are generally allowable against your tax bill.
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If I bought a building with planning permission to be able to make it a hotel. Do I need to register it as a business? And what sort of people would I need to bring in, I know architect. But do I need a business advisor/accountant?
Small Business - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
There are several types of business. You are probably looking at a choice beween "sole trader' - ie, you working for you - or a 'limited company' - you working for the company which you own. In the first case, there is no need to register the business, but you need to make sure the tax man knows about your business within (iirc) 12 weeks of starting. In the second case, the company needs to be registered at Companies House. There are many firms that can do this within 24 hours for £50 - £100. Google "Company formations". Either way, an accountant would probably be able to make sure everything is done correctly and ensure you get all the allowances you are entitled to. Accountants fees are generally allowable against your tax bill.
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Monday, November 1, 2010
How much is an employer supposed to pay towards spectacles?
How much is an employer supposed to pay towards spectacles?
I work as an accountant and I have been told that my employer pays towards a pair of glasses if necessary. Does any one knows how much?
Careers & Employment - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I get the test + £80 towards glasses if for work use ONLY. I am not sure if this is the law or if they can choose how much to pay towards them. I think its the law for a free eye test if you work twith computers and I'd say you do mate. Good luck get what you can from them.
Answer 2 :
You'll need to check the benefits on the medical insurance package you have. It may differ from company to company.
Answer 3 :
I suspect they'll only pay if the prescription states explicitly that the requirement is exclusively for work use - e.g. VDU use.
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I work as an accountant and I have been told that my employer pays towards a pair of glasses if necessary. Does any one knows how much?
Careers & Employment - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I get the test + £80 towards glasses if for work use ONLY. I am not sure if this is the law or if they can choose how much to pay towards them. I think its the law for a free eye test if you work twith computers and I'd say you do mate. Good luck get what you can from them.
Answer 2 :
You'll need to check the benefits on the medical insurance package you have. It may differ from company to company.
Answer 3 :
I suspect they'll only pay if the prescription states explicitly that the requirement is exclusively for work use - e.g. VDU use.
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Thursday, October 28, 2010
Why are accountants and lawyers required to form partnerships and cannot operate as a company?
Why are accountants and lawyers required to form partnerships and cannot operate as a company?
gimpalomp: Yes, you have missed the whole point of the question indeed. The partnership v company thing is a technicality thing. So, even though, as you've described the 'firm of accountants' will function as a company to the outside observer, legally it is registered as a Limited Liability Partnership. So, my question is why it is necessary, according to the law, to make this distinction.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
What is an "Accounting Firm". If I form a company and have 40 accounts on the payroll that sounds like a company to me. The same is true of the legal staff for Microsoft or IBM. Even legal firms with partners are known to have associate attorneys. Those associates may or may not be offered a partnership at some point. It is simply a matter of how the money is divided. Associate attorneys or accounts are paid a salary or wage while partners get a cut of the profits. Or, am I missing the whole point of your question?
Answer 2 :
I think you mean Corporation (LLC) vs LLP. They are both companies. They are both allowed to form LLC. However, there are aspects of an LLP that make it more beneficial for these types of business to form LLPs vs LLCs.
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gimpalomp: Yes, you have missed the whole point of the question indeed. The partnership v company thing is a technicality thing. So, even though, as you've described the 'firm of accountants' will function as a company to the outside observer, legally it is registered as a Limited Liability Partnership. So, my question is why it is necessary, according to the law, to make this distinction.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
What is an "Accounting Firm". If I form a company and have 40 accounts on the payroll that sounds like a company to me. The same is true of the legal staff for Microsoft or IBM. Even legal firms with partners are known to have associate attorneys. Those associates may or may not be offered a partnership at some point. It is simply a matter of how the money is divided. Associate attorneys or accounts are paid a salary or wage while partners get a cut of the profits. Or, am I missing the whole point of your question?
Answer 2 :
I think you mean Corporation (LLC) vs LLP. They are both companies. They are both allowed to form LLC. However, there are aspects of an LLP that make it more beneficial for these types of business to form LLPs vs LLCs.
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Thursday, October 14, 2010
SELF EMPLOYED??? IS IT A GOOD IDEA TO GET AN ACCOUNTANT?
SELF EMPLOYED??? IS IT A GOOD IDEA TO GET AN ACCOUNTANT?
Hi i have just started working as self employed and have been quoted £120 a year by an accountant to register me and to do all my tax returns ect... just wanted to hear from anyone who is already doing this if you think this is a good idea? Also how do you work out how much to keep back each month as im worried i may spend the money i am meant to save for tax.... does anyone have ways of calculating this?
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It probably makes sense to employ an accountant for at least the first set of returns. Make sure that you can observe the process, what forms are needed, how the calculations are made, what is and isn't deductible. Next time round you can try for yourself. The general rule is that an accountant should save you more money than they cost to employ. The first time round, you might spend a week trying to find all the information you need for your returns, if you can get that information from a professional, the fee will have paid for itself in terms of your time and any subsequent returns, you can file yourself and it might only take a day of your time to collate.
Answer 2 :
It's a very good idea. Your accountant will be able to advise you on how much to retain for tax, but I always work on putting 25% away to cover all such eventualities.
Answer 3 :
Excellent idea, We had one as soon as we started, they can save you loads of money. I doubt you will be liable for tax in your first or second years as the business set up and expenses are high. This is why you need an Accountant. Good Luck.
Answer 4 :
It is advisable, at least to start with. It is likely he will save you more money than he costs, as he will be more aware than you are as to what business expenses you can claim. For tax you are liable to pay tax at 20% once profit figure is established and you take off the personal tax-free allowance of £6475, to which all UK citizens are entitled. That goes up to £7475 next April. The self-employed have to pay Class 2 NIC weekly/monthly, and Class 4 if profits are high enough. You can see those rates on http://www.hmrc.gov.uk/rates .
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Hi i have just started working as self employed and have been quoted £120 a year by an accountant to register me and to do all my tax returns ect... just wanted to hear from anyone who is already doing this if you think this is a good idea? Also how do you work out how much to keep back each month as im worried i may spend the money i am meant to save for tax.... does anyone have ways of calculating this?
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It probably makes sense to employ an accountant for at least the first set of returns. Make sure that you can observe the process, what forms are needed, how the calculations are made, what is and isn't deductible. Next time round you can try for yourself. The general rule is that an accountant should save you more money than they cost to employ. The first time round, you might spend a week trying to find all the information you need for your returns, if you can get that information from a professional, the fee will have paid for itself in terms of your time and any subsequent returns, you can file yourself and it might only take a day of your time to collate.
Answer 2 :
It's a very good idea. Your accountant will be able to advise you on how much to retain for tax, but I always work on putting 25% away to cover all such eventualities.
Answer 3 :
Excellent idea, We had one as soon as we started, they can save you loads of money. I doubt you will be liable for tax in your first or second years as the business set up and expenses are high. This is why you need an Accountant. Good Luck.
Answer 4 :
It is advisable, at least to start with. It is likely he will save you more money than he costs, as he will be more aware than you are as to what business expenses you can claim. For tax you are liable to pay tax at 20% once profit figure is established and you take off the personal tax-free allowance of £6475, to which all UK citizens are entitled. That goes up to £7475 next April. The self-employed have to pay Class 2 NIC weekly/monthly, and Class 4 if profits are high enough. You can see those rates on http://www.hmrc.gov.uk/rates .
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Thursday, October 7, 2010
who is chief accountant bank of africa benin?
who is chief accountant bank of africa benin?
Corporations - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I don't know. But if you have just received an email asking you to help take some money out of the country in exchange for a payment to you, do us a favour and delete it. Edit: It looks actually as if it might be an OK bank. The list of the board of directors is below. But I would still not trust it because the email may be masqurading as them, and actually be from fraudsters. http://www.bank-of-africa.net/index.php?p=board&PHPSESSID=159http://www.blogger.com/post-create.g?blogID=7877208895481456094b049dade0772ad6d8553010c5ae56
Answer 2 :
What that other dude said =:-)
Read more other entries :
Corporations - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I don't know. But if you have just received an email asking you to help take some money out of the country in exchange for a payment to you, do us a favour and delete it. Edit: It looks actually as if it might be an OK bank. The list of the board of directors is below. But I would still not trust it because the email may be masqurading as them, and actually be from fraudsters. http://www.bank-of-africa.net/index.php?p=board&PHPSESSID=159http://www.blogger.com/post-create.g?blogID=7877208895481456094b049dade0772ad6d8553010c5ae56
Answer 2 :
What that other dude said =:-)
Read more other entries :
Friday, October 1, 2010
Who earns more money? Mangement accountant or Financial accountant?
Who earns more money? Mangement accountant or Financial accountant?
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Management Accountant However there is more room for promotion in Financial Accountant to go upto Financial Controller and maybe a partner some day
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Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Management Accountant However there is more room for promotion in Financial Accountant to go upto Financial Controller and maybe a partner some day
Read more other entries :
Tuesday, September 28, 2010
How do you start on a career in private equity?
How do you start on a career in private equity?
I am about to qualify as an accountant in the UK with an ACA. I am increasingly interested in working in PE and investment management. I currently work in audit and so am looking to take the transferrable skills elsewhere. I am very keen to get away from 'accountant roles' and find more comercial work in these lucrative sectors.
Investing - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Get certified as a personal financial planner.
Answer 2 :
The qualifications to work in private equity and investment management are quite different, so first you should decide whcih you'd like to focus on. A CFP would be useful if you wanted to work with individuals and small businesses, and a CFA would be more useful for institutional portfolio management and research. PE jobs generally look for broader backgrounds - MBAs from top schools. Both industries are notoriously difficult to break into, even for those with excellent credentials - with your background, my suggestion would be to seek an accounting-type position at a PE fund or invesment management firm and try to transition into the role you want from there. Hope this helps
Read more other entries :
I am about to qualify as an accountant in the UK with an ACA. I am increasingly interested in working in PE and investment management. I currently work in audit and so am looking to take the transferrable skills elsewhere. I am very keen to get away from 'accountant roles' and find more comercial work in these lucrative sectors.
Investing - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Get certified as a personal financial planner.
Answer 2 :
The qualifications to work in private equity and investment management are quite different, so first you should decide whcih you'd like to focus on. A CFP would be useful if you wanted to work with individuals and small businesses, and a CFA would be more useful for institutional portfolio management and research. PE jobs generally look for broader backgrounds - MBAs from top schools. Both industries are notoriously difficult to break into, even for those with excellent credentials - with your background, my suggestion would be to seek an accounting-type position at a PE fund or invesment management firm and try to transition into the role you want from there. Hope this helps
Read more other entries :
Tuesday, September 14, 2010
How much do chartered accountants earn in the UK, both for companies and self employed?
How much do chartered accountants earn in the UK, both for companies and self employed?
I am starting a degree in Accounting at uni in September. How much do you think i'll be earning once i am chartered.
Financial Services - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
A lot of work till then. Only 4 years of Uni, and 3 years of professional exams if you get a job that is. Between £30-£40k. Terribly boring job though. Enjoy!
Answer 2 :
It all depends on where you are and what sort of company, and if you're self employed your client base. The best money is in the central london / city companies, I know a guy in London at a big firm who earns about 150 K (after 10 years), he works about 60 hours a week though. I know a guy from uni who stayed up north and works at a much smaller company, he's on about 40 K but loves it up there. I also know a guy who works as a public sector accountant and earns about 40 K but with a 35 hour week. It's a huge industry.
Answer 3 :
Graduates will start on anything between 18-27k in london, rising dramatically following completion of professional exams.
Read more other entries :
I am starting a degree in Accounting at uni in September. How much do you think i'll be earning once i am chartered.
Financial Services - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
A lot of work till then. Only 4 years of Uni, and 3 years of professional exams if you get a job that is. Between £30-£40k. Terribly boring job though. Enjoy!
Answer 2 :
It all depends on where you are and what sort of company, and if you're self employed your client base. The best money is in the central london / city companies, I know a guy in London at a big firm who earns about 150 K (after 10 years), he works about 60 hours a week though. I know a guy from uni who stayed up north and works at a much smaller company, he's on about 40 K but loves it up there. I also know a guy who works as a public sector accountant and earns about 40 K but with a 35 hour week. It's a huge industry.
Answer 3 :
Graduates will start on anything between 18-27k in london, rising dramatically following completion of professional exams.
Read more other entries :
Tuesday, September 7, 2010
how do I find a good accountant?
how do I find a good accountant?
Small Business - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
search the internet for someone popular and with good repuatation
Answer 2 :
Finding a good accountant really depends on what you need an accountant for? If you just want a basic book keeping or payroll service your local accountant will provide you those services, cheap and cheerful. Just search on Yell.com for the accountants in your area and you will find literally hundreds of them eager to take you on as a client, even if you will be a small client for them. If you are in tax problems and you need a good accountant to fight your case with the tax office then you need someone with expertise in that area - that will obviously cost you more. If you need an accountant to advise you on running your business and also do your book keeping, payroll and all taxation work for you then you need someone who has experience in providing such services - again this will cost you more. Finally if you are rich and want to project an image to your friends and relatives that you are very wealthy then hire an accountant in the city. They will charge you double but at least you can visit them in their air conditioned offices, they will treat you to free tea or coffee, they will be dressed in very expensive suits and they will charge you at least 2 or 3 times the rate of a local accountant. Don't forget that accountancy is a profession just alike any other profession, if you pay a bit more you get a bit better - if you pay 3 times as much you will have the prestige factor to boast about. As a starting point, if you ask your friends and relatives to recommend you an accountant that they have used in the past and were happy with in terms of service and charges, you will stand a better chance of finding someone good.
Read more other entries :
Small Business - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
search the internet for someone popular and with good repuatation
Answer 2 :
Finding a good accountant really depends on what you need an accountant for? If you just want a basic book keeping or payroll service your local accountant will provide you those services, cheap and cheerful. Just search on Yell.com for the accountants in your area and you will find literally hundreds of them eager to take you on as a client, even if you will be a small client for them. If you are in tax problems and you need a good accountant to fight your case with the tax office then you need someone with expertise in that area - that will obviously cost you more. If you need an accountant to advise you on running your business and also do your book keeping, payroll and all taxation work for you then you need someone who has experience in providing such services - again this will cost you more. Finally if you are rich and want to project an image to your friends and relatives that you are very wealthy then hire an accountant in the city. They will charge you double but at least you can visit them in their air conditioned offices, they will treat you to free tea or coffee, they will be dressed in very expensive suits and they will charge you at least 2 or 3 times the rate of a local accountant. Don't forget that accountancy is a profession just alike any other profession, if you pay a bit more you get a bit better - if you pay 3 times as much you will have the prestige factor to boast about. As a starting point, if you ask your friends and relatives to recommend you an accountant that they have used in the past and were happy with in terms of service and charges, you will stand a better chance of finding someone good.
Read more other entries :
Wednesday, September 1, 2010
what are the best uni(s) if you want to became an accountant?
what are the best uni(s) if you want to became an accountant?
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
First you do not need an accountancy degree to be an accountant. Choose a subject you will be good at and then choose a university for that sublject, If your grades are good enough choose an older uni, rather than a former poly.
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Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
First you do not need an accountancy degree to be an accountant. Choose a subject you will be good at and then choose a university for that sublject, If your grades are good enough choose an older uni, rather than a former poly.
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Saturday, August 28, 2010
How do you become a financial journalist?
How do you become a financial journalist?
I'm currently studying Accountancy, with the view of becoming a Chartered Accountant. I'm very much interested in doing some financial journalism, along side what will be my main job, as an Accountant. How do I pursue this? Do I need to do a Finance or Economics degree as well? Or would my Accountancy qualification be enough?
Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
As far as I know, most financial journalists are actually trained journalists who may not have any background in finance or economics at all. This is because there are two types of financial journalists: - Those who are writing about financial products and therefore all they're really doing is rewriting stuff from the brochures that banks and so on send to them, meaning that they need to have little if any knowledge about what they're doing - Those who do research in order to write about the industry, but of course research skills can be learned in many different backgrounds so again, you don't need to know finance. Almost all graduates have good research skills regardless of what discipline their degree is in Therefore, I think you would be better to study a journalism qualification. I think you'll find that your accounting degree will have provided you with enough financial information for you to do this.
Answer 2 :
I have worked as a financial journalist. Having an accounting background will be a major plus--you don't need more. However, you do have to be a good writer. A little journalism training will be good. I learned on-the-job with a few excellent mentors. I have in turn trained various financial professionals who became writers. If you're doing in part-time, you will likely want to freelance for various magazines and newspapers. However, be careful--you don't want to find yourself writing about one of your firm's clients. That will be a conflict of interest likely to upset BOTH employers!
Read more other entries :
I'm currently studying Accountancy, with the view of becoming a Chartered Accountant. I'm very much interested in doing some financial journalism, along side what will be my main job, as an Accountant. How do I pursue this? Do I need to do a Finance or Economics degree as well? Or would my Accountancy qualification be enough?
Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
As far as I know, most financial journalists are actually trained journalists who may not have any background in finance or economics at all. This is because there are two types of financial journalists: - Those who are writing about financial products and therefore all they're really doing is rewriting stuff from the brochures that banks and so on send to them, meaning that they need to have little if any knowledge about what they're doing - Those who do research in order to write about the industry, but of course research skills can be learned in many different backgrounds so again, you don't need to know finance. Almost all graduates have good research skills regardless of what discipline their degree is in Therefore, I think you would be better to study a journalism qualification. I think you'll find that your accounting degree will have provided you with enough financial information for you to do this.
Answer 2 :
I have worked as a financial journalist. Having an accounting background will be a major plus--you don't need more. However, you do have to be a good writer. A little journalism training will be good. I learned on-the-job with a few excellent mentors. I have in turn trained various financial professionals who became writers. If you're doing in part-time, you will likely want to freelance for various magazines and newspapers. However, be careful--you don't want to find yourself writing about one of your firm's clients. That will be a conflict of interest likely to upset BOTH employers!
Read more other entries :
Saturday, August 14, 2010
How much do chartered accountants earn in the UK, both for companies and self employed?
How much do chartered accountants earn in the UK, both for companies and self employed?
I am starting a degree in Accounting at uni in September. How much do you think i'll be earning once i am chartered.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
A beginner starts around £45.000 then goes up very quickly depends on your ability.
Read more other entries :
I am starting a degree in Accounting at uni in September. How much do you think i'll be earning once i am chartered.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
A beginner starts around £45.000 then goes up very quickly depends on your ability.
Read more other entries :
Saturday, August 7, 2010
i am looking for an accountant in jersey called richard, any ideas?
i am looking for an accountant in jersey called richard, any ideas?
he is practising in jersey with associates
Personal Finance - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My name is Richard and I am coming to Jersey in November, will I do?
Answer 2 :
Why not consider Accountants called Brian or Joe instead ? (and what about Mary ?)
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he is practising in jersey with associates
Personal Finance - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My name is Richard and I am coming to Jersey in November, will I do?
Answer 2 :
Why not consider Accountants called Brian or Joe instead ? (and what about Mary ?)
Read more other entries :
Sunday, August 1, 2010
Anyone on here an accountant?
Anyone on here an accountant?
if so what's your opinion on the job and any advice for a first year accoountant student hoping to make it one day?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My ex boyfriend did this as soon as he'd finished at sixth form. You need to be good at maths and really that's all. I head they are always wanting student accountants. He's been there for almost 6 months and he's really enjoying it because of the pay ;) He also goes to college every Tuesday to get an AAT
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if so what's your opinion on the job and any advice for a first year accoountant student hoping to make it one day?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My ex boyfriend did this as soon as he'd finished at sixth form. You need to be good at maths and really that's all. I head they are always wanting student accountants. He's been there for almost 6 months and he's really enjoying it because of the pay ;) He also goes to college every Tuesday to get an AAT
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Wednesday, July 28, 2010
do you think English accountants can get work in Turkey?
do you think English accountants can get work in Turkey?
I am studying to be an accountant and really want to move to Turkey but im worried i might not get work over there, do any of you guys have any ideas or experience?
Other - Local Businesses - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I don't have an experience, but if you speak fluent turkish you shouldn't have a problem.
Answer 2 :
Why would they want to? I bet there might be some firms that can give you work, but the salary will be very small.
Answer 3 :
i live in Turkey and there are a lot of accountants here.and 50% don't work because they can't find a job...stay in uk
Answer 4 :
as long as u speak the language, go for it, but expect a drop in your style of living, you wont earn as much money etc as you do here.
Answer 5 :
You could work there as long as you are fluent in Turkish language and currency.
Answer 6 :
you would need to check, but my mum moved to turkey a few years ago and she has always said that it is really difficult for an English person to get a job there as you can only take up a post that a Turkish person cannot do. i don't really know what this means but i think it is quite stringently regulated.
Answer 7 :
You should only be worried if you are going to work in an area in Turkey where terrorist may be operating as they do not discriminate between Englsih accountants and English soldiers when they are looking to implement their their plots. Accountants usually would get work once they are fully qualified and knowledgeable.
Answer 8 :
well, you have English language on your side. You can always teach English in a college, being taught English from a native English person is a good reason to employ you
I am studying to be an accountant and really want to move to Turkey but im worried i might not get work over there, do any of you guys have any ideas or experience?
Other - Local Businesses - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I don't have an experience, but if you speak fluent turkish you shouldn't have a problem.
Answer 2 :
Why would they want to? I bet there might be some firms that can give you work, but the salary will be very small.
Answer 3 :
i live in Turkey and there are a lot of accountants here.and 50% don't work because they can't find a job...stay in uk
Answer 4 :
as long as u speak the language, go for it, but expect a drop in your style of living, you wont earn as much money etc as you do here.
Answer 5 :
You could work there as long as you are fluent in Turkish language and currency.
Answer 6 :
you would need to check, but my mum moved to turkey a few years ago and she has always said that it is really difficult for an English person to get a job there as you can only take up a post that a Turkish person cannot do. i don't really know what this means but i think it is quite stringently regulated.
Answer 7 :
You should only be worried if you are going to work in an area in Turkey where terrorist may be operating as they do not discriminate between Englsih accountants and English soldiers when they are looking to implement their their plots. Accountants usually would get work once they are fully qualified and knowledgeable.
Answer 8 :
well, you have English language on your side. You can always teach English in a college, being taught English from a native English person is a good reason to employ you
Wednesday, July 14, 2010
UK question about accountants, can they save you on your tax bills?
UK question about accountants, can they save you on your tax bills?
and if so how exactly, do they cook the books? I think I am going to be stung for a genuine mistake on my tax return because I put something in the wrong column. The inland revenue have now got all the correspondence and are looking into it. It's a glaring mistake they should have spotted at first but now a year later they are querying it. People are advising me to get an accountant but I don't know how an accountant can exactly help me in this situation or for the future. Any experiences with taxman or accountants would be useful please. I am just a small business trying to survive.
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Well, an accountant wouldn't have made the mistake, so they are worth it. The do not cook the books, but know all the legal loop-holes that you don't to reduce your tax bills.
Answer 2 :
It's all down to what you're good at. HMRC is staffed mainly by people with limited knowledge - they've only been taught to press button B if there's a tick in box A. An accountant should understand the whole picture, make sure you're paying the minimum amount of tax and stop the cretins getting away with overcharging you. I don't know what your business is, but it's probably one your customers could do for themselves - it's just you do it better and quicker. Think the same about accountants.
Answer 3 :
One thing is for sure. If you have made a genuine mistake the Inland Revenue are quite understanding about it. They even admit that completing a tax form is something which they would not be able to do unless they had special training. Back to your question. I hired an accountant and it cost me £2,000 plus for about 90 minutes work. So I asked for a break-down, which they didn`t like! And it took them two weeks to do it. When I got it back they had charged me a minimum of £15 per phone call - that was in 1989, and £90 per hour for a qualified accountant to look at my figures; £35 per hour for one of their staff to look at it etc. A typical phone call went like this: Hi, Monty, how`s things down your end? Oh, not too bad. You? About the same here. Right, what was it you wanted? Ah! About this invoice, did you etc etc etc? Oh, no. It was blah blah blah and so on. OK Monty, nice talking to you again. Yeah, you too. Bye Bye Time taken - at £1 per minute - less than 2 minutes, time charged £15. When I first asked them to take me on I asked what their charges were and was told, "Oh, just a bit more than £35 or so." No mention of anything else. I also had a friend who was an accountant; one day he took someone`s accounts home, 30 mintues later he had completed them but, to eke it out, every time he knew he would pass the client`s house he took an invoice with him, called in, queried it, and six weeks later sent in his bill of £175. That should have put me on my guard, let`s hope it puts you on yours.
Answer 4 :
yes, an accountant will claim for everything under the sun in order to keep your tax bills down. plus they wont make mistakes on returns like the one you have as its mostly done by computers these days and then printed off for signature, or submitted electronically, with a signed copy retained on your file. the problem here is that the taxman will enquire further into your affairs depending on what they are looking at. there are diff types of enquiries, where they can look at your affairs in general, or focus on a specific area. in this situation, the accountant can only advise on what to let the tax man see. the tax man can only ask for certain things at certain times, but they will try it on and the average joe (yourself) will not know what they can ask for so you would just let them see it. also they maybe able to correct your return and also claim for additional things that you havent claimed for, thus reducing your tax bill and any interest and penalties due. at the end of the day, its your mistake, they wont punish you more than normal, what they will do is make you pay interest on the additional tax due, plus a 5% surcharge on the extra tax due as it wont of been paid by the due dates. the tax man isnt paid to look for mistakes in your return as its self assessment, plus the guys there that load the info onto their computers only get paid in bananas and peanuts so they are not the smartest lot on the planet. any additional tax due can be paid over a period of time, but interest will be payable still. I would get an accountant just to check everything over and see what the tax man is saying you owe is correct and get them to do future years. its better to pay an accountant so you sleep better at night knowing that your affiars are in order. as for montys comment above, accountants used to be like that. nowadays they offer a fixed fee service and let you know exactly what they will do for that fee. anything extra they will contact you to discuss it and agree and extra fees payable. you also can get a free 1 hour consultation to go over the general bits and discuss you problem with them. best bet is to get one that has good word of mouth, try asking fellow business owners or friends who have em and see what response you get.
and if so how exactly, do they cook the books? I think I am going to be stung for a genuine mistake on my tax return because I put something in the wrong column. The inland revenue have now got all the correspondence and are looking into it. It's a glaring mistake they should have spotted at first but now a year later they are querying it. People are advising me to get an accountant but I don't know how an accountant can exactly help me in this situation or for the future. Any experiences with taxman or accountants would be useful please. I am just a small business trying to survive.
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Well, an accountant wouldn't have made the mistake, so they are worth it. The do not cook the books, but know all the legal loop-holes that you don't to reduce your tax bills.
Answer 2 :
It's all down to what you're good at. HMRC is staffed mainly by people with limited knowledge - they've only been taught to press button B if there's a tick in box A. An accountant should understand the whole picture, make sure you're paying the minimum amount of tax and stop the cretins getting away with overcharging you. I don't know what your business is, but it's probably one your customers could do for themselves - it's just you do it better and quicker. Think the same about accountants.
Answer 3 :
One thing is for sure. If you have made a genuine mistake the Inland Revenue are quite understanding about it. They even admit that completing a tax form is something which they would not be able to do unless they had special training. Back to your question. I hired an accountant and it cost me £2,000 plus for about 90 minutes work. So I asked for a break-down, which they didn`t like! And it took them two weeks to do it. When I got it back they had charged me a minimum of £15 per phone call - that was in 1989, and £90 per hour for a qualified accountant to look at my figures; £35 per hour for one of their staff to look at it etc. A typical phone call went like this: Hi, Monty, how`s things down your end? Oh, not too bad. You? About the same here. Right, what was it you wanted? Ah! About this invoice, did you etc etc etc? Oh, no. It was blah blah blah and so on. OK Monty, nice talking to you again. Yeah, you too. Bye Bye Time taken - at £1 per minute - less than 2 minutes, time charged £15. When I first asked them to take me on I asked what their charges were and was told, "Oh, just a bit more than £35 or so." No mention of anything else. I also had a friend who was an accountant; one day he took someone`s accounts home, 30 mintues later he had completed them but, to eke it out, every time he knew he would pass the client`s house he took an invoice with him, called in, queried it, and six weeks later sent in his bill of £175. That should have put me on my guard, let`s hope it puts you on yours.
Answer 4 :
yes, an accountant will claim for everything under the sun in order to keep your tax bills down. plus they wont make mistakes on returns like the one you have as its mostly done by computers these days and then printed off for signature, or submitted electronically, with a signed copy retained on your file. the problem here is that the taxman will enquire further into your affairs depending on what they are looking at. there are diff types of enquiries, where they can look at your affairs in general, or focus on a specific area. in this situation, the accountant can only advise on what to let the tax man see. the tax man can only ask for certain things at certain times, but they will try it on and the average joe (yourself) will not know what they can ask for so you would just let them see it. also they maybe able to correct your return and also claim for additional things that you havent claimed for, thus reducing your tax bill and any interest and penalties due. at the end of the day, its your mistake, they wont punish you more than normal, what they will do is make you pay interest on the additional tax due, plus a 5% surcharge on the extra tax due as it wont of been paid by the due dates. the tax man isnt paid to look for mistakes in your return as its self assessment, plus the guys there that load the info onto their computers only get paid in bananas and peanuts so they are not the smartest lot on the planet. any additional tax due can be paid over a period of time, but interest will be payable still. I would get an accountant just to check everything over and see what the tax man is saying you owe is correct and get them to do future years. its better to pay an accountant so you sleep better at night knowing that your affiars are in order. as for montys comment above, accountants used to be like that. nowadays they offer a fixed fee service and let you know exactly what they will do for that fee. anything extra they will contact you to discuss it and agree and extra fees payable. you also can get a free 1 hour consultation to go over the general bits and discuss you problem with them. best bet is to get one that has good word of mouth, try asking fellow business owners or friends who have em and see what response you get.
Wednesday, July 7, 2010
My sole trader accounts run to the 31st July each year. Why did my accountant use the 07/08 tax bands...?
My sole trader accounts run to the 31st July each year. Why did my accountant use the 07/08 tax bands...?
when calculating my 06/07 accounts which ended 31.07.07 and were submitted before 31.01.08? Does this mean I have to use the 08/09 guidlines when calculating my accounts for 07/08?
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Hi I am from TaxAssist Accountants. We have to declare your income and expenditure during the tax year by 31st January of the following year. This always runs to the 5th April regardless of when your company was formed. Your accountant will use the new guidelines from this date. You can still use the guidelines for 07/08 until you file your return which needs to be submitted now really.
Answer 2 :
Your accounts ending within the tax year form the basis for the asessment. So 31/07/07 (within 2007/08) is returned for 2007/08.
Answer 3 :
Tax years run from April 6th to April 5th the following year. When you are a sole trader you are free to make up your annual accounts on any date you choose - in your case it is 31st July. For any given tax year you pay tax on the profits of your trading year that ends in that tax year. 31-7-07 is in the tax year 07/08 (6th April 07 to 5th April 08). So your self-employment tax for 07/08 is based on your profits in your personal trading year 1st August 06 to 31st July 07. The final deadline for submitting your tax return for 07/08 is this January 31st. Your accountant could not have submitted your 07/08 return before Jan 08 because that tax year had not ended then. So when you come to submit your return for tax year 08/09 you will be assessed on your profits for your year 07/08 etc. It is better to think of it in terms of "which set of accounts do I use for tax year XXXX" rather than "which tax rules do I use for my year ZZZZ". This is because your year is specific to you. The tax year is used by everyone.
when calculating my 06/07 accounts which ended 31.07.07 and were submitted before 31.01.08? Does this mean I have to use the 08/09 guidlines when calculating my accounts for 07/08?
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Hi I am from TaxAssist Accountants. We have to declare your income and expenditure during the tax year by 31st January of the following year. This always runs to the 5th April regardless of when your company was formed. Your accountant will use the new guidelines from this date. You can still use the guidelines for 07/08 until you file your return which needs to be submitted now really.
Answer 2 :
Your accounts ending within the tax year form the basis for the asessment. So 31/07/07 (within 2007/08) is returned for 2007/08.
Answer 3 :
Tax years run from April 6th to April 5th the following year. When you are a sole trader you are free to make up your annual accounts on any date you choose - in your case it is 31st July. For any given tax year you pay tax on the profits of your trading year that ends in that tax year. 31-7-07 is in the tax year 07/08 (6th April 07 to 5th April 08). So your self-employment tax for 07/08 is based on your profits in your personal trading year 1st August 06 to 31st July 07. The final deadline for submitting your tax return for 07/08 is this January 31st. Your accountant could not have submitted your 07/08 return before Jan 08 because that tax year had not ended then. So when you come to submit your return for tax year 08/09 you will be assessed on your profits for your year 07/08 etc. It is better to think of it in terms of "which set of accounts do I use for tax year XXXX" rather than "which tax rules do I use for my year ZZZZ". This is because your year is specific to you. The tax year is used by everyone.
Thursday, July 1, 2010
What should you do if know someone is forging checks?
What should you do if know someone is forging checks?
This accountant is taking blank checks from the job and forging the bosses signature. To my knowledge the accountant has not cashed any, but could have and has not been caught. Plus, has large amounts of checks ready to be cashed in case the accountant gets fired. The accountant also has the original tax returns and corporate books and copies of SS numbers. There are four bosses and two have been told and trust this accountant anyway, the other two (who started the company) bosses do not know. I do not know what to do in this situation. I know what the accountant is up too. Who do you call without the accountant finding out and being identified?
Law & Ethics - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Tell the boss immediately.
Answer 2 :
Vinny if you are 64, then bribe him, or? Then retire. If you do retire, then good luck. But you could retire in style in a warmer country, it's worth thinking about. Scruples; Hell. Now you need to be more devious than him, to avoid detection.
Answer 3 :
Do a written memo to all of your bosses outlining what you know and if possible get some tangible evidence. If you do not do this then at some stage, out of spite you could be implicated. Also suggest the police should be notified of your suspicions.
This accountant is taking blank checks from the job and forging the bosses signature. To my knowledge the accountant has not cashed any, but could have and has not been caught. Plus, has large amounts of checks ready to be cashed in case the accountant gets fired. The accountant also has the original tax returns and corporate books and copies of SS numbers. There are four bosses and two have been told and trust this accountant anyway, the other two (who started the company) bosses do not know. I do not know what to do in this situation. I know what the accountant is up too. Who do you call without the accountant finding out and being identified?
Law & Ethics - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Tell the boss immediately.
Answer 2 :
Vinny if you are 64, then bribe him, or? Then retire. If you do retire, then good luck. But you could retire in style in a warmer country, it's worth thinking about. Scruples; Hell. Now you need to be more devious than him, to avoid detection.
Answer 3 :
Do a written memo to all of your bosses outlining what you know and if possible get some tangible evidence. If you do not do this then at some stage, out of spite you could be implicated. Also suggest the police should be notified of your suspicions.
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