Changing from submitting tax return by accountant to submitting it yourself

Mistral001

I have been using an accountant to submit my tax return for years now, but I am considering doing it myself.
I am a one-man outfit and can be classified as a sole trader.

I am not at all anti-accountant. In fact on this forum getting a good accountant is something I always suggest to people strting off in business. However, I have quite a lot of spare time due to a large reduction in work I have experienced in the last couple of years and have plenty of time to do the tax return myself. The cost saving in accountancy fees would be a big help as well.

I will be breaking off a good relationship with a well respected firm of accountants, but are there any other pitfalls in my proposed course of action?

Savvy_Sue

Mistral001 wrote: »

I will be breaking off a good relationship with a well respected firm of accountants, but are there any other pitfalls in my proposed course of action?

I can surmise from our experience of changing payroll providers that HMRC may take some time to catch up with your decision and stop corresponding with your accountants.

However, rather than breaking the relationship entirely, is it worth going for a discussion about how you can reduce your bill now that you have time to do more of the prep work yourself?

Because if work picks up, you may presumably wish to use them again, if you've been happy so far!

Mistral001

Savvy_Sue wrote: »

I can surmise from our experience of changing payroll providers that HMRC may take some time to catch up with your decision and stop corresponding with your accountants.

My accountant as far as I know does everything online and thus I do not receive tax return forms, thus I would have to get in touch with HMRC to ask them to send them to me.

I think I would just send them in paper form I will be able to submit the forms well before the Oct 31st deadlie for submission by paper.

Obviously my accountant has opened some sort of online account with HMRC either for me or in their own name. I am not sure how they do it. It all seems like smoke and mirrors to me.

Savvy_Sue wrote: »

However, rather than breaking the relationship entirely, is it worth going for a discussion about how you can reduce your bill now that you have time to do more of the prep work yourself?

Actually I already do send them in to my accountant in very well prepared (one of the accountants a few years told me they were one of the best set of accounts get and wish everybody would send in accounts like I do). So, I would not be doing any more work really - just getting paid for it in the form of not having to pay the accountant's fees.

Savvy_Sue wrote: »

Because if work picks up, you may presumably wish to use them again, if you've been happy so far!

Well I am not so sure whether I would as they are good and well respected but the last couple of years I have not been treated well at all. I have had delays with them. It was fine when I was was make a good income, but when my income dropped I seemed to be put at the end of the queue.

My main worry is that they produce a set of accounts which I can show to any bank in the future, but if I go it alone, what will I have to show the bank or any potential lender? Maybe it is just a change of accountant I need.