DIY or Accountant?

[stimpy]

Hi guys and gals - I run a small business as a soletrader - around 30k of accounts.

I am trying to save money as this year has gone a bit slow.

I usually pay my accountant to do my return but am considering doing it myself online this year.

My accounts are very basic - I have about 5ks worth of simple expenses (pc equiptment and stamps), I work from home, have no employees (just a few freelancers I use) and have my income & expenses laid out in an excel sheet.

Is there any great benefit to getting them done professionally? My accountant is good value at £300 but I don't want to pay this if it's something I can do myself online.

[openmind]

Are you able to complete the accounts on time, professionally and do you know the ins and outs of the system to ensure you pay the least amount of tax possible?

If you cannot answer yes to all of these then £300 is worth it.

My account charges almost three times that as I run a Limited company but he saves me more than his fees in time, headaches and tax savings. It's one of those things that I consider that if you are not skilled in, bring in the pros...

Welcome to the forum by the way

[AccountingBasics]

£300 is a good figure. One question to ask is has he saved you any money previous years if the answer is yes, then use him again. If he is just putting the figures into your self assesment it is worth looking to see if you can do it yourself.

Make sure you get it done in plenty of time.

[accountantpete]

It all depends on how confident you are that the accounts/capital allowance computations and tax return that you complete will be accurate.

For the sake of £300 a year the peace of mind is worth it in my opinion and you don't have to worry about having to get to grips with any budgetary changes of which I am sure there will be plenty over the coming year.

[RedEvo]

I'm a BIG fan of using accountants. If you negotiate a monthly retainer the fees 'dribble' out of your account through the year and you never get a year end bill.

Just a thought.

d

[restorian]

Hi ,Just a word of warning. I tried to do my accounts online last year, but there was a problem. something to do with being self employed,the inland revenue didnt supply all the software and I needed to buy some software elsewhere, at a cost, £135 + vat. my advice is ring inland revenue up and discuss deeply with them at least a month before the deadline.

[Paul Norman]

Only knock the accountant on the head if you are totally confident you can do as well as they do. Which means, unless you are a trained accountant, and up to date with the constantly changing rules, they are probably good value.

[Peter Bowen]

Let the accountant handle it and spend the time looking for new business. I'm pretty sure that you can pick up £300 worth of new business in the time it will take to do your taxes.

[ashdavis]

All this tax talk reminds me i still have to pay my tax online before January 31st! lol

[d30web]

accountant any day