An account for self employed working from home ?

hubb

I am self employed working from home. I am not making a great deal of income compared to the national average but enough to live on and pay the bills. I have been advised many times that an accountant would be a great thing to have. I have always been put off the cost of one because of my relatively modest income. I always file my own self assessment online but it would be reassuring to have a professional help me make the right decisions and perhaps save me more money.

I don't have physical account "books" as such, I key in all my incomes and expenses in office software on my PC as well as keep records of all my receipts etc.

Can anyone tell me roughly what it would cost to employ one to run over everything with my before I submit my online file ? Also, do they have to be local or can it be done remote?

Thanks.

00ec25

this thread from a few days ago covers your Q
https://forums.moneysavingexpert.com/discussion/4362663

PlutoinCapricorn

Who advised you that you should use an accountant and what were the reasons given?

I am self employed, work at home and do it all myself.

There are no magic ways to save money that only accountants know about! If you are already claiming a percentage of your household running costs, any capital items and sundry expenses, there is not much scope for paying less tax.

Some people have so much disposable income that financial advice may well be needed, but this is a different issue.

bartnwood

Hello hubb,

Each business is unique and depending on the type of business different rules apply along with what can and cannot be claimed for tax purposes.

A good Accountant will have spent many years studying and developing their skills to be able to offer professional advice on how to keep any tax liability to an absolute minimum.

From my experience many people claim for expenses they are not entitled to and wrongly think that because HMRC has not performed and investigation and has accepted their figures submitted on their tax return that they must be correct which is not the case. Indeed, many people when investigated unfortunately find that they have incorrectly claimed for expenses which were not allowable and then find themselves facing unexpected tax bills loaded with penalties etc.

I would advise that you seek professional advice if you are unsure of your tax position as I am sure you will find that a small price to pay each year is well worth the peace of mind and financial security that comes with it.

chrismac1

It depends a lot on someone's internet and financial skills. I've helped various friends who have these skills just to check they've put things in the right boxes, for no fee as the sheer hassle of signing up a new client is just not worth it.

On the other extreme, one client without these skills came to me under threat of bankruptcy from HMRC. It turned out she'd totally messed up her returns, and in fact by the time the whole thing was done properly she owed much less tax than she'd led HMRC to believe. She'd claimed things she had no business claiming, but had totally forgotten to claim capital allowances on a vehicle being used 80% for business.

It's worth pointing out that before I cleared up this mess she'd twice been on the phone to me in tears following horrible calls from the nasty side of HMRC.