Is an Accountant necessary...in this case??

ONIONS65

Advice please!!

Do you think it's possible for a self-employed entertainer like myself - who goes out and does paid gigs - to deal with my taxes and self assessment on my own, or do I really need an accountant?

THANKS DAN

p.s. Where do I find out what I can clain for, and what I can't?

sarahlouise210

Onions .. were you not happy with the replies to the same question you posted before ???

dunstonh

Is an Accountant necessary...in this case??

p.s. Where do I find out what I can clain for, and what I can't?

That is what the accountant is for.

roger_c

Or you can phone the Revenue, or check their website. The self-employed helpsheets tell you the type of things you can claim, but just keep in mind the rule that items you are claiming as expenses should be wholly and necessarily for the purposes of your business and you can't go too wrong!

If you keep really good (easy to follow) records and do your tax return online there is really no need for an accountant. The site can calculate your tax liability for you. Just try and get it done as early as possible to give yourself the longest amount of time to budget properly for the tax that will be due for payment the following January (and possibly July).

Sensemaya

Although my books are easy to do,I still recommend you get an accountant.I pay mine via SO per month.It is also tax deductible.

As for doing your accounts online,I don't trust them an inch especially after the tax credit fraud that has been happening recently.Some things are best the old fashioned way.

I can guarantee I will get stuck on one question on the self assessment form.And they change the format every year or so,so it's no good keeping a note of each years figures and substituting the new year ended figures.I do not get my accountant to fill in the details on this.I pop into my local tax office ( feigh tears ),they check it's correct and help me if is isn't and then I leave the form with them. It's worth while doing this as it's only once a year.Then I forget about it!

Bordera

Onions, tax isn't easy.

You have to decide if you are willing to put in the work yourself or get an accountant to do it for you. Both will require some effort, how much is up to you.

If the former, read the links provided on this and your other thread. And make sure to tell HMRC you are self employed within 3 months of starting self employment or pay the £100 fine.

What ever you choose to do you will need to keep records. The sooner you start doing that the better.

BTW, accountants fees for doing your accounts (NOT your tax return) are a tax deductable expense

silvercar

I would consider getting an accountant (preferably one who specialises in your area) to do your accounts at least for the first year. Next year you can decide in year 2 if you can manage the work yourself using the previous years accounts as a base.

I found the online SA quite straightforward but if you haven't a clue about whats allowable expenses and whats isn't, a proffesional's advice may save you more in the long run.