What Should a Tax Return Cost?

Tuffty31

Dear Savers,

I am about to enter the world of individual tax returns for the first time.

I have decided that for the moment I want to use a registered Financial Advisor / Tax Specialist to compile and submit my returns.

I believe I have all the information that is required including expenses and rental income for properties, interest on bank and savings accounts, etc.

I have to submit returns for 07-08 and 08-09, so 2 returns need preparing.



My questions are:



1. How much should I expect to pay for this to be done?


2. Does anybody have any recommendations for accountants that they have used and found to be good value?


Best regards

Tuffty

fengirl_2

1. How long is a piece of string? It depends on the complexity of the return and where you are based. If you only have receipts for the property income, someone has got the job of putting it into shape and producing income and expenditure statements - how many properties are there?
2. I would always go with a local firm that you can go in and see face to face. Recommendations from friends are always a good starting point.

Tim_Nicholas

My accountant charges me £141 inc vat each year. Defo worth every penny. I know people who pay less, but I run a LTD company which makes things a little more complicated.

Rolo_Tomasi

It would depend on how many properties you have and whether or not you need separate accounts for each one. I would expect a Tax Return with employment income, rental income and savings to be in the region of £150 plus vat at a small local accountants.

hudswell

I just paid £230 (inc VAT) for [relatively simple] tax returns covering 2 years.

Depending on the complexity of your affairs, a good accountant should be able to minimise the tax to be paid, but you need to work with them, not just send in a box of receipts. Hence, your first year costs may be a little higher than the figures quoted on this thread, as the accountant learns about your affairs and advises you.

Mine has been excellent over the years, and I'm very happy to have found him.

Can you let us know what part of the country you're in - you haven't said, so it's impractical to recommend anyone.

Tuffty31

hudswell,

Many thanks. I am in Oxfordshire.