Partnership tax stuff for non-accountants !!!

pchelpman

angelpie1000 wrote: »

Paul,

Looks like you've had some great advice already on here, although this can sometimes result in information overload. I would suggest speaking to a few accountants to gauge how much they would charge to do this for you. Not only would you have the piece of mind that someone else was dealling with it, but it would free up your time to actually run the business.

Find the numbers for some accountants near you (look at qualified ones only though - anyone can call themselves an accountant). My advice would be to speak to smaller firms or one-man bands. They are likely to offer a more competitive price. Most also offer a free consultation, take a few up on this and pick the one you get on best with.:beer:

Good luck

Karen

Couldn't agree more. This says it all.

Go with this or your brains will explode and all you'll worry about is the annual tax Return. Pay someone else to worry about that.

Especially if your business takes off and income/expenses increase substantially.

To help mitigate the cost the accountant's fees are tax deductible.

Good luck.

ceeforcat

Could not agree more with pchelpman - why try to save a few pounds at the risk of costing yourself more - not withstanding the tax planning advice you should receive from any good accountant and cannot receive at the moment.

[Deleted User]

Yeh. Planning to do this.

pchelpman

[quote=[Deleted User];38606254]Yeh. Planning to do this.[/QUOTE]Well done.

One little footnote to all this.

Not wishing to dis any qualified accountants (especially those helping out here!) but, for specialist TAX advice you should think about engaging someone who has TAX qualifications, CTA and/or ATT.

Some accountants have those additional tax qualifications too.

Websites here (the organisations will help you find a qualified member in your locality) >>

http://www.tax.org.uk/

http://www.att.org.uk/


All the best. Hope you get all the advice you need. You know where to go if you're in doubt.

[Deleted User]

Been to see an accountant today. £400 + VAT.

Hmm. Dont think so. We dont even turn over that much some months...

All I want is a quick once over. Surely it cant cost that much?

sunshinetours

[quote=[Deleted User];38903754]Been to see an accountant today. £400 + VAT.

Hmm. Dont think so. We dont even turn over that much some months...

All I want is a quick once over. Surely it cant cost that much?[/QUOTE]

For a set of accounts (simple ones by the sounds), partnership tax return and presumably your own and your partners tax returns? Was that all included in £400 + VAT - if so then sounds pretty cheap

How much you turn over in your business isn't really relevant to how much an acccountacy firm charges for dealing with your affairs is it?

dunstonh

s for the accountant thing, how cheap would an accountant be able to do this for? Our turnover is less than £10K a year at the moment and it looks like we'll be lucky to make £2-3K profit so I dont want to spend much !!!!

£400 doesnt sound bad although you can probably get it cheaper. I got mine cheaper than that but rural locations are often cheaper than town/city based ones. Remember that the accountant charge is a business expense. Plus, it doesnt take much depreciation and allowance use that you are not aware of to cover their costs. Plus, if you want to get a mortgage in future, or have aspirations to expand and need borrowing, you will be asked for your books.

[Deleted User]

sunshinetours wrote: »

For a set of accounts (simple ones by the sounds), partnership tax return and presumably your own and your partners tax returns? Was that all included in £400 + VAT - if so then sounds pretty cheap

How much you turn over in your business isn't really relevant to how much an acccountacy firm charges for dealing with your affairs is it?

Just parnership return....

Yeh. I know the accountant has got to make money. I just wonder what other small business do?

[Deleted User]

dunstonh wrote: »

£400 doesnt sound bad although you can probably get it cheaper. I got mine cheaper than that but rural locations are often cheaper than town/city based ones. Remember that the accountant charge is a business expense. Plus, it doesnt take much depreciation and allowance use that you are not aware of to cover their costs. Plus, if you want to get a mortgage in future, or have aspirations to expand and need borrowing, you will be asked for your books.

Thing is its a part-time small business. We've both got jobs as well.

If I had to pay an accountant as well, that'd be two/three months profit gone.

sunshinetours

[quote=[Deleted User];38907936]Just parnership return....

Yeh. I know the accountant has got to make money. I just wonder what other small business do?[/QUOTE]

Try a couple more quotes for sole trader accountants (possibly non VAT registered ones with small turnover themselves) but can't see you getting it vastly cheaper than that

Alternative is to read read and more read on forums such as these and HMRC website and DIY

Best of luck