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Tax Return - Who Does Their Own?


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Hi

I have just received my not so lovely tax return. :o I was just wondering how many of you do your own accounts and how many pay an accountant. I have found keeping my monthly accounts straight forward but this nice form looks rather complicated have only skimmed through it but I do believe I only have to do the 3 line form not the full version they have sent. This is the first year so any hints and tips greatly appreciated.

 

 

Tink69

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I've only ever done a 3 line return which is very straightforward. I use the form from the back of the NCMA Accounts book.

 

Nona

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I do my own .I use NCMA s cash book ,Once I ve got my year end figures I file the return online .It doesnt take very long and is fairly straight forward and calculates the tax and nat ins you have to pay automatically .if you re worried ring the tax people up they were very good at going through it with me step by step the first few times I did it .

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Thanks I do use the NCMA accounts book which I have found very straightforward to use I think I will have a go online as the form they have sent is the full version hopefully I can do the 3 line version on there.

 

Not today though as the sun is shining and there are better things to do than worry about the tax man :o

 

 

Tink69

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Your online return doesn't have to be in until Jan 2011 so enjoy the sun. I'm not a childminder but have a small business and I do use an accountant.My accounts are very detailed so she just does the finishing however I have found she saves me more than she costs as she knows all the allowances and loop holes. Last year she cost me £200 but managed to remove £2000+ from being taxed on which would have made my tax bill about £700 more than it was. She also gave me some time saving tips of what I can do keeping the accounts during the year ie.receipts don't need to be entered in date order just in the right month so no more sorting them all out into date order

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Hi peeps

 

I do my own and find it very easy.

My accounts are quite detailed but not confusingly so. They are on forms that I have developed myself as I am not a member of NCMA.

As you don't have to keep receipts for anything under £10 I am not bogged down with them.

I find that food is my main expense and it is easier to calculate costs on a meal price basis ie. £2.50 for a 2 course lunch.(This is what I calculate the meal would cost approx., not the cost passed to the parent).This works better for me when feeding eleven children, or I would have suitcases full of receipts, not to mention working out what I use for my family and what I use for the minded children.We had a lady from the Tax Office come to our Network training session and she said this was acceptable.

I used to get an exception certificate for NI but for the past 4-5 years have been paying the voluntary stamp.

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