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As a complete novice, still in my fist year of trading, could someone please spell out to me the role of an accountant for the self employed. Do they just check your books/records for you before you do a self assessment or do they do the assessment for you? Iv read somewhere its best to employ an accountant but at this stage I dont know what to expect from them, so its difficult to know how to procedd.
Any tips would be great, Regards Sandra x
Mar 25 2011 3:32PM
All depend on how much you want to pay him/her. The more you do the less you pay.
What I would suggest is, get a very good account who knows how to save you money. After the first time they do all the books etc. you should be able to copy most of what they do and save money
Mar 25 2011 4:11PM
|Word of mouth, ask friends for a recommendation. I'm lucky, got an in house one:)) Husband.
Keep records simple outgoings and incomings. You can offset a lot of things against tax.
Mar 29 2011 10:07AM
In my view it is best to get advice from an accountant. He will charge you based on the time spent on your affairs. If you just give him a shoe box full of vouchers and tell him to get on with it you will have to pay for that service.
I suggest that you pick an accountant that is convenient to get to, your affairs are not that complex so a competent local man will be well able to look after your affairs. Make an appointment to see them and ask what information is required and how to present it. Also ask for the fee rate; it will be clear that the hourly rate is more than yours, hence the more time you invest in this process the more you save.
The first year is the most difficult, but after that it will be quite easy.
Another suggestion, get everything ready soon after the end of the tax year, you know everything there is to know regarding your business for the year by the end of April, so get down and do it while it is all current in your mind.
|Sandra Mary Smith|
Apr 1 2011 2:15PM
some useful hints there Margot, thank you