How to find a good accountant?

GABS_2

Just reading through this as I am on MSE looking for accountant tips.

I am currently a PAYE employee and myself and the wife (who is a housewife at home with the kids) let out our old flat whilst also renting a property ourselves, accidental landlords if you like. Last tax return was a bit complicated as it also covered a period when I was a contractor. This time it should be more straight forward I hope but I would like to get some pointers as to a good accountant to use.

May I add, that in my personal opinion from contracting days, SJD are a nightmare. Too many errors to mention but for anyone looking for someone to do the books, I would deffo give SJD a wide berth. One of the worst experiences I have ever had.

mutley74

GABS wrote: »

Just reading through this as I am on MSE looking for accountant tips.

May I add, that in my personal opinion, SJD are a nightmare. Too many errors to mention but for anyone looking for someone to do the books, I would deffo give SJD a wide berth. One of the worst experiences I have ever had.

Add Brooksons to that nightmare list:eek:
i found it best to use a local accountant who is small and approachable...;)

GABS_2

mutley74 wrote: »

i found it best to use a local accountant who is small and approachable...;)

I agree, how to find a good one without a personal recommendation is my problem.

Enfield/North London - calling all decent local accountants !!!

chrismac1

Move to the Lake District, it will only be £775 for the year fixed price!

Seriously, I think from the tone of your post you are seeking 2 things:

1. A better relationship with your accountant including regular dialogue on key issues, such as dividend policy in the run up to 5 April and what impact - if any - the Government think tank on IR35 due to report in time for the 2011 Budget will have on you.

2. A fixed price for what is essentially a fairly standard and simple requirement.

Keep looking, I'm sure you can find someone like this in your area. I'd also say that if you go for a bigger practice much depends on who is handling your work. Some of the local firms have really good people but also some real wallies who make a lot of mistakes. Get one of the sharp ones and you're laughing, get a wally and the joke's on you.
2.

lazer

GABS wrote: »

Just reading through this as I am on MSE looking for accountant tips.

I am currently a PAYE employee and myself and the wife (who is a housewife at home with the kids) let out our old flat whilst also renting a property ourselves, accidental landlords if you like. Last tax return was a bit complicated as it also covered a period when I was a contractor. This time it should be more straight forward I hope but I would like to get some pointers as to a good accountant to use.

May I add, that in my personal opinion from contracting days, SJD are a nightmare. Too many errors to mention but for anyone looking for someone to do the books, I would deffo give SJD a wide berth. One of the worst experiences I have ever had.

Honestly, I don't think you even need an accountant, If the only additional income you have is rental,
All you need to do is calculate your profit from this and include that figure in the tax return and submit it.
The only tricky part of rental income is whether or not to use 10% wear and tear allowance on fixtures and fittings, or to expense replacement costs.
If your prepared to put a bit of work into, and google things, or ask for help on here, I think you'll find you could complete your tax return with relevant ease.

If you think you do need an accountant, I would advise using one for a year only and then getting a copy of the calculations and following them yourself for future years.

And yes - I am an Accountant, advising you against using one in the spirit of Money Saving!

GABS_2

lazer wrote: »

Honestly, I don't think you even need an accountant, If the only additional income you have is rental,
All you need to do is calculate your profit from this and include that figure in the tax return and submit it.
The only tricky part of rental income is whether or not to use 10% wear and tear allowance on fixtures and fittings, or to expense replacement costs.
If your prepared to put a bit of work into, and google things, or ask for help on here, I think you'll find you could complete your tax return with relevant ease.

If you think you do need an accountant, I would advise using one for a year only and then getting a copy of the calculations and following them yourself for future years.

And yes - I am an Accountant, advising you against using one in the spirit of Money Saving!

Thanks for the feedback. I am a little nervous due to previous experiences and I find the whole self assessment tax return thing, well errrm, taxing! I believe pensions, bank interest etc all has to be declared also? I have also spoken to friends who tell me that there are a myriad of allowances that we could possibly claim for - allowing for circumstances - so would like to make sure all bases are covered.

chrismac1

All your income needs to be declared.. there are not many allowable expenses for a rental property - mortgage interest, repairs, wear and tear allowance, initial letting expenses, advertising / agent's fees and any utility costs not picked up by the tenant are the main ones.

Your friend may be getting confused with self-employment where you can claim lots more expenses.

lazer's idea of getting an accountant to do it one year then copying the method in later years is a good one.