tax accountants: will they save me money?

jlj76

I have been doing my self assessments myself ever since I started paying tax here. Used the online service, is fairly straight forward being a PAYE employee but found I always had to pay extra.
Anyway I have recently got married and now have a rental property and possibly looking to get another.
Should I seek tax advise and will a tax accountant be able to save me some money? Or do they just fill the form up for me?
In oz, the tax accountants were always able to get you back fairly sizeable returns.
Do I just approach any high street accountant and speak to them?
Is there anyway to set up rental as a business, so its not treated as income tax?
Its one thing when tax is taken PAYE, but taking the 40% tax out myself is really disheartening and leaves me wondering if its even worth the hassle.
If anybody knows of anybody in the Sutton area that can advise, I would much obliged.
Thanks
Jon

wishus

I use an accountant because as well as my PAYE earnings, I also have rental and freelance income. Whilst I know that I will definitely have to pay tax, and while the things I do to earn my income keep me so phenomenally busy, having an accountant is win-win. My accountant helps with my paperwork, looks for anything I might have forgotten, and whatever it costs to use his services this year can be deducted from the tax I owe next year.

I would look in Yell, ring round a couple and see who you like the sound of.

I use an accountant who can work evenings for our pre-deadline discussion, and his office is not far from my house, as that's what's convenient for me.

Pennywise

There can't be any guarantee an accountant will save you money. I'd say, on balance, they will at least cover their cost more often than not, unless you really can do it all yourself, including research on what's allowable and what isn't.

Tax is law based, so in one way it's black and white, i.e. what the law says, but in another way, there are lots of shades of grey that someone who knows their stuff can help you with for future planning.

If you just see an accountant as someone to see once a year close to the filing deadline, give them a pile of papers and just want them to fill in the forms, then you're going to get very little in the way of advice and planning and their fee will be an extra cost, but if you engage with them more regularly, share your plans with them, and give them the opportunity to highlight any tax traps or tax tricks, then their fee will probably pay dividends, even in relatively simple cases.

CLAPTON

jlj76 wrote: »

I have been doing my self assessments myself ever since I started paying tax here. Used the online service, is fairly straight forward being a PAYE employee but found I always had to pay extra.
Anyway I have recently got married and now have a rental property and possibly looking to get another.
Should I seek tax advise and will a tax accountant be able to save me some money? Or do they just fill the form up for me?
In oz, the tax accountants were always able to get you back fairly sizeable returns.
Do I just approach any high street accountant and speak to them?
Is there anyway to set up rental as a business, so its not treated as income tax?
Its one thing when tax is taken PAYE, but taking the 40% tax out myself is really disheartening and leaves me wondering if its even worth the hassle.
If anybody knows of anybody in the Sutton area that can advise, I would much obliged.
Thanks
Jon

you seem not to know why you have to pay extra on your PAYE

if this is so you clearly know little about UK tax so an accountant would almost certainly be worthwhile at least for the first year or so.

why are you SE if you were only a PAYE person?

jlj76

When I first transferred to the country, my company lodged a self assessment. I've read I could stop it, but never got around to applying to have myself removed.
I guess due to me declaring dividends.
I agree I need advise, just wondering whether any ol high street accountant will do, or will i need to look elsewhere.
That said, I'm not exactly minting it, so I might have to manage my expectations to what I will get.

wishus

You are likely to have had to file for self-assessment on top of PAYE if the company you worked for gave you anything as part of your remuneration that wasn't part of your wages. Things can include paid holidays as sales incentives or accommodation that goes with the job, such as a caretaker's house, or flat above a pub. You can always call them up and speak to them if you feel it is no longer necessary.

However, if you have started renting out your house, any income from that will be subject to tax.

wishus

whoops didn't read properly - yes your dividends.

Pennywise

Why are you getting dividends if you're a PAYE employee? You're not "employed" by some kind of tax avoidance scheme are you, such as an offshore trust or loan scheme? That changes things quite a lot if you're not just a simple employee being paid fully via PAYE.

jlj76

company shares and other stocks I own that are not in an ISA.

Cook_County

You also appear to be a non-dom so may have offshore income such as investments in Oz in super that may influence you to think about whether or not you should claim the remittance basis.