Doing your own accounts and tax returns?

john432

Member
Location
Carmarthenshire
As I usually try and buy my inputs and services at the best possible price, I resent paying so much to my accountant for which in reality is not a big business. A few questions?
How about a program like QuickBooks, to sort out the cash analysis and eventually when caught up to issue invoices etc?
Filling up the tax return, is it easy to sort out things like herd basis, averaging of 2or more years accounts ,capital allowances ECT?
When one leaves one's accountants, would I be entitled to all the paper work that they have on my file? Seeing that I have paid for their time in producing it? Tia
 

upnortheast

Member
Livestock Farmer
Location
Northumberland
Only bit I can answer deffinately - If you leave your accountant you just give them a letter saying all your records are to be transfered to whoever
I don`t think it is too difficult doing a tax return, Accountants know the rules inside out as they are working with them all the time . Maybe HMRC looks harder at a return done by the taxpayer than if done by accountant,
 

rob1

Member
Location
wiltshire
Been doing mine for 30 years with no problems, so far:rolleyes:. Inheritance planning etc needs a pro though imvho but everyday stuff isnt that hard, i made my own spreadsheet to suit what i wanted to do so i csn see how various bits of the business are doing. Plenty of online help if you need it and hmrc are helpful if you need an answer to a specific question. Just my opinion but generally accountants fall into two camps one who are very strict about stuff you claim for and ones who will claim for anything, one makes you pay more tax one maywell end up getting you in serious trouble. Doing my own i claim for genuine stuff only but timing of purchases can be done to suit as i have an idea of the years profit as i go along
 

TheTallGuy

Member
Location
Cambridgeshire
Basic accounting and VAT returns are simple, depending on the size of the business, even a basic leger book would suffice - although dedicated software can be easier. Where the services of a good accountant should pay off is in knowing the tricks to maximise what can be claimed in expenses and tax reliefs.

In terms of being inspected, the triggers for this (as I understand) are threefold - there is a random element, then there is the computer system picking up on unusual trading patterns. The third trigger comes as part of an investigation into another business - especially if there's problems, the inspector will sometimes pick a couple of customers and suppliers to look at to verify their legitimacy & obviously if anything catches the inspectors attention then it potentially will result in further attention.
 

Boysground

Member
Mixed Farmer
Location
Wiltshire
I dont have the most simple business here but in my opinion my accountant is some of the best money I spend each year. BUT we do lots of business/tax planning throughout the year and I make sure I he works for his money. A good software accounts package is really useful, I moved to Xero because it was recommended on here and my accountant is trying to move as many of his customers as possible to it, the thinking is that if most of the clients are using the same package it should be simpler their end. From my point of view Xero is excellent and it is far easier and quicker than what I was using before. the accountant has a login so that he can see the same info as me when he is in his office, he is always as up to date as I am.

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