Now we have Self Assessment is an Accountant Worth having nowadays?

JC4LAB

Now tax returns are so easy to do yourself nowadays do you think an accountant is worth having if you are a small business?

dunstonh

Absolutely. My accountant reduced my tax bill in areas I would not have done and more than covered the cost of using him.

Although as an IFA, I have no choice. I have to use an accountant and cannot do my own.

Trow

I would say it absolutely depends on how good you are with paperwork and keeping up to date with tax legislation. Speaking as an accountant I envourage my clients to take on as much of the work as they can, and if that means losing them as a client because they can take care of their own returns, then that is great.

It isn't suitable for everyone though, and I have clients that are more than happy to pass everything on to me so they can forget about it - far from ideal for me either, but thats what they want.

Poppy9

Hear hear.

I completed tax returns for my small business for years. For the first couple of years I used an accountant but as my affairs were simple it was wasted money (about £400 then). I was already keeping all the books and doing the bank rec etc. Look back at your previous accounts and tax returns then decide whether its for you. Also do you want the hassle of doing it. Are you disciplined enough to make sure you file on time. Having done both using an accountant is simpler and less time consuming but its cheaper to do yourself.

Bordera

Returns might be easy to fill in - but unless you are absolutely sure of what you are putting in them, use a qualified tax adviser. If you are organised you can arrange things so you pay for their technical knowledge rather than their admin skills.

Tax and accounts are different specialisations, woth remembering.

shays_mum

so if you are thinking of starting a new business, best to get a tax specialist in then an accountant?

Sofa_Sogood

Trow wrote:

I would say it absolutely depends on how good you are with paperwork and keeping up to date with tax legislation. Speaking as an accountant I envourage my clients to take on as much of the work as they can, and if that means losing them as a client because they can take care of their own returns, then that is great.

It isn't suitable for everyone though, and I have clients that are more than happy to pass everything on to me so they can forget about it - far from ideal for me either, but thats what they want.

It's also horses for courses Trow.

We wouldn't be without our accountant, and it frees us up to do what we know best, and possibly earns us as much pro rata.

But it's a complicated area and one, in my opinion, is best left to the experts, particularly when tax and budgets are concerned.

Bordera

Need both really, there is so much legislation these days that it is virtually impossible for one person to do it all. Most accountants have or have access to tax specialists (and the other way round) these days.