Doing accounts without an accountant

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I need to do my accounts for the last tax year during which time I moved house and packed in my business. I didn't earn a great deal and would like to submit my accounts myself without using an accountant to save money. I do a spreadsheet and hand it over my accountant doesn't seem to save me any money, but I obviously have to pay him (£500). Do any of you do this? Is there somewhere I can find out if there's anything I need to include now the business has come to an end?

you can file your own tax return on-line without the need of an accountant. You will just need your spreadsheets and register with HMRC. They will send you letter with log on details. Its fairly easy to follow. You will have to record the date that you ceased self-employment and you should really have informed HMRC already. Just give them a ring

£500 seems an awful lot of money!!

That's what I think especially as I didn't earn much anyway.

try looking at the Inland Revenue website. I've filed tax returns on there before and found it rreally easy to use.

If you don't want to use a professional I'd recommend you spend £25 on a personal version of the software many tax professionals use. It will do the not-obvious calculations for the last year of trading for you (you will need to have access to the tax computation for your first year of trading and any subsequent years if you have changed your year end).

DH and I are both self-employed and the only reason we pay an accountant is because we knew we'd want a mortgage, for which we'd need three years accounts. That's the only reason I think it's worth it - otherwise may as well do it yourself.

I charge less than that for a tax return.
So does a mate who runs a practice.
Depends where you live but £500 is steep.
Haggle with the accountant.

Talkinpeace - roughly how much should someone expect to pay for a tax return, assuming spreadsheet done and small business with not many purchases?

Had a partnership which ceased in March of this year. Previous years tax returns cost over £1000 for a partnership tax return and 2 personal returns, spreadshhet already done prior to this by a bookkeeper. We were totally gobsmacked when we got the invoices!

I pay £240 for accounts done, £500 seems like an awful lot to me.

Tantie Towie, you don't necessarily need three years of accounts. We were in the same position, and the mortgage company accepted a statement from HMRC about how much income we'd filed.

Butterbur Ooh, that's interesting, will bear it in mind for next time and maybe save our money and do it online instead. Thanks!

I agree £500 is a lot.

Mine cost £300 and that's a central London rate.