MYSTERY SHOPPING THREAD 18 - please don't mention client names or fees on here!!

jen_br

Robert_Roberston wrote: »

Accountant's sent the books back - hurrah!

I've got to pay £150 for his other fees and then a marvellous £1900! - Payments on account and the like, presumably they come off next year's balance? (I feel ill). Well above what I expected.

Um you owe 1900 were you doing just Msing? thats quite high!! and no you will need to make a payment plan with the govt.

briggsbear

Robert_Roberston wrote: »

Accountant's sent the books back - hurrah!

I've got to pay £150 for his other fees and then a marvellous £1900! - Payments on account and the like, presumably they come off next year's balance? (I feel ill). Well above what I expected.

£1900?

Guessing you earned just under £10k in fees?

lalli_pickle

Robert_Roberston wrote: »

Accountant's sent the books back - hurrah!

I've got to pay £150 for his other fees and then a marvellous £1900! - Payments on account and the like, presumably they come off next year's balance? (I feel ill). Well above what I expected.

First things first, have a look through what the accountant's sent you and check that it agrees with what you gave them, especially as the tax was higher than expected. If you have a spreadsheet for income and expenditure then check the return to this.

Payments on account are usually made in January and July. The January one will be made up of 2 figures:

1. The amount of tax due for the 09/10 tax year £x
2. Half of the amount HMRC think is due for the 10/11 tax year £y/2

You will then pay £y/2 again in July meaning that by January 2012 you should have paid £y ie all the tax due.

However as £y is based on what you earnt in 09/10, if you earnt more (or less) in 10/11 you will either have underpaid (or overpaid tax) which is called a balancing payment £x

Bit long winded but does that help?

lalli_pickle

briggsbear wrote: »

£1900?

Guessing you earned just under £10k in fees?

More like just under £10k in profit :eek: (fees less expenses)

Whatever you're doing I want it!

briggsbear

lalli_pickle wrote: »

More like just under £10k in profit :eek: (fees less expenses)

Whatever you're doing I want it!

If thats the case then there can't be too many complaints.

I put away 20% of all my fees so I avoid any suprise tax amounts when the time comes

Lil_Me_2

Having just done my tax return I don't really understand why anyone gets an accountant! The only info they ask for is total income and total expenses. So if you have a spreadsheet then it's pretty much done for you. Then they calculate the tax for you!

For anyone who has another PAYE job if you do the return online before 30th Dec (bit late, I know) then you can get them to take the tax off through your PAYE job so you can spread the cost.

I also agree that your tax bill sounds incredibly high!

Lil_Me_2

....Also, for just £149 I will happily look over anyones spreadsheet and calculate the profit. You just need to tell me which jobs, the fee, the reimbursement, the cost of any purchases, the mileage, how many sheets you printed and any other associated costs. Put all that on a neat spreadsheet and I'll look over it for you

lalli_pickle

Lil_Me wrote: »

Having just done my tax return I don't really understand why anyone gets an accountant!

No no no, everyone, everywhere should use an accountant for everything, even laundry (otherwise I'll be out of a job!) :rotfl:

pinkprincess39

Just got a pressie from GYP!

misssarahleigh

lalli_pickle wrote: »

No no no, everyone, everywhere should use an accountant for everything, even laundry (otherwise I'll be out of a job!) :rotfl:

All this talk is reminding me i haven't done it yet. Been waiting for my unique tax referance which they haven;t sent.

I range yesterday and the answer phone said the office had been evacuated lol