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Business founders/entrepreneurs

Self employed- do you need an accountant

8 replies

nowornever1 · 10/06/2020 16:56

My DH has started his own business a couple of years ago. It's a profesional service he provides, working from home do minimal expenses excerpt travel / has an office in the house.

He's been paying an account but they are terrible and answering calls / emails etc and I'm wondering if I can do the returns my self?

I did years ago study basic accountancy and wondering Is somewhere I can find out more information about how to do tax returns and what are allowable expenses ?

Thanks

OP posts:
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delilahbucket · 13/06/2020 19:40

I've done my own from the off. It isn't hard. Allowable expenses are anything used in conjunction with the business. You can claim an allowance for working from home. The rate is on the HMRC website and depends on how many hours he works. He will need to register for a HMRC government gateway id to do the returns online. If the business is Ltd however, or is vat registered, it is usually advisable to have an accountant.

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Stuffofawesome · 13/06/2020 19:49

Apparently Pandle is good free bookkeeping software
For simple accounts easy to do returns yourself

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speakout · 11/07/2020 07:17

I have been self employed full time small business-for years, never used an accountant. Information is available everywhere. HMRC staff suggested I don't need an accountant- and always really helpful when I have called. Unless there are complex issues tax returns and book keeping is very easy.

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haba · 11/07/2020 07:19

My husband has worked for himself for 25 years. He's only had an accountant for the last two, due to time available to him.

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byvirtue · 11/07/2020 07:21

I do my own bookkeeping but I find my own accountant invaluable for finalising my accounts and doing my personal and business tax return. Tax legislation changes annually and it’s useful not to have to stay on top of that. I have an accounting degree and used to do it myself but time is money and it’s an easy task to outsource.

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thatcarolebaskinbitch · 11/07/2020 07:25

I'm an accountant and always tell people like your DH to give it a go themselves first (off the record of course!!). As long as he keeps on top of his paperwork through the year it should be a doddle, and the HMRC website is actually very user friendly and should answer any questions you have, even as a tax advisor I need to check things on HMRCs website at least a couple of times a week. I would recommend keeping a spreadsheet one tab for income and one for expenses and updating it at the end of each month Smile

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thatcarolebaskinbitch · 11/07/2020 07:26

As a PP said though if he's and LTD or VAT registered probably best to stick with an accountant.

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joyjester · 11/07/2020 07:28

No you don't. There are loads of cloud accounting options to choose ......tax is going digital. vat for example needs to be submitted online via your software but you don't say if he is vat registered. hmrc website is actually very good for information.

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