Finding a reputable accountant for self assessment?

penguineater

I don't know how to find an accountant to file my self assessment - I need some advice when changing a previous tax year.

There are a million websites when searching on google but I don't know how to see if they are legit or not.

I know that I should be paying no more than £200 per tax year.

Does anyone have any recommendations? My business and costs are very simple - sole trader, no employees, no rentals etc.

kuratowski

I would advise looking in your local high street, not online.

When you find one, you can also check that they are qualified by looking them up on the website of the appropriate professional body (e.g. https://www.icaew.com/, https://www.accaglobal.com/uk/en.html).

Grumpy_chap

The best is to go with personal recommendation.  

penguineater

kuratowski said:

I would advise looking in your local high street, not online.

When you find one, you can also check that they are qualified by looking them up on the website of the appropriate professional body (e.g. https://www.icaew.com/, https://www.accaglobal.com/uk/en.html).

Thanks for those links. I think i'll try local - Would have preferred to just keep it all online and possibly save a quid or two though!

Pennywise

penguineater said:

kuratowski said:

I would advise looking in your local high street, not online.

When you find one, you can also check that they are qualified by looking them up on the website of the appropriate professional body (e.g. https://www.icaew.com/, https://www.accaglobal.com/uk/en.html).

Thanks for those links. I think i'll try local - Would have preferred to just keep it all online and possibly save a quid or two though!

Small local firms are often similar priced or cheaper than online firms.

lr1277

Be careful to check the tax paperwork before submission because as I am sure you are aware you still responsible for all the tax even if the accountant incorrectly calculates your tax liability.

I got a recommendation for an accountant when selling my investment property. The accountant whose primary focus was the construction trade but did SA returns as well.

The accountant I was speaking to kept mentioning the wrong tax rate for the CGT I would have to pay. Even though I tried to correct him a number of times, he was confident, so I went with it.

But just before submission, somebody else in the office checked my return and noted I would have to pay the higher CGT rate. Just as I had thought initially, so agreed the changes in the return.

So even if using a recommendation, check the figures in the return and ask lots of questions. That is what the person who made my recommendation does, though she only told me this after I told her about my close shave.

[Deleted User]

lr1277 said:

Be careful to check the tax paperwork before submission because as I am sure you are aware you still responsible for all the tax even if the accountant incorrectly calculates your tax liability.

I got a recommendation for an accountant when selling my investment property. The accountant whose primary focus was the construction trade but did SA returns as well.

The accountant I was speaking to kept mentioning the wrong tax rate for the CGT I would have to pay. Even though I tried to correct him a number of times, he was confident, so I went with it.

But just before submission, somebody else in the office checked my return and noted I would have to pay the higher CGT rate. Just as I had thought initially, so agreed the changes in the return.

So even if using a recommendation, check the figures in the return and ask lots of questions. That is what the person who made my recommendation does, though she only told me this after I told her about my close shave.

Not sure what I would be more upset with - the accountant or the recommendation!

lr1277

[Deleted User] said:

lr1277 said:

Be careful to check the tax paperwork before submission because as I am sure you are aware you still responsible for all the tax even if the accountant incorrectly calculates your tax liability.

I got a recommendation for an accountant when selling my investment property. The accountant whose primary focus was the construction trade but did SA returns as well.

The accountant I was speaking to kept mentioning the wrong tax rate for the CGT I would have to pay. Even though I tried to correct him a number of times, he was confident, so I went with it.

But just before submission, somebody else in the office checked my return and noted I would have to pay the higher CGT rate. Just as I had thought initially, so agreed the changes in the return.

So even if using a recommendation, check the figures in the return and ask lots of questions. That is what the person who made my recommendation does, though she only told me this after I told her about my close shave.

Not sure what I would be more upset with - the accountant or the recommendation!

Hmm I don't know what to say. I don't want to sidetrack the OP's thread, but I was a little annoyed at the time with the accountant but got over it. That is because they caught the error before submission. I am still using them as I am trading shares and CFD's so want them to calculate the figures and make sure this matches my calculations, and if not, to explain why.

As for the person who made the recommendation, she had only used them for submitting tax returns for rental income, so she wouldn't have known the person I was dealing with was not up on their CGT for investment properties.

Purdyoaten, I think you are in the accounting field, so you might find not knowing the applicable tax rates unforgivable, but I like the confort of knowing my calculations are double checked.

[Deleted User]

lr1277 said:

purdyoaten2 said:

lr1277 said:

Be careful to check the tax paperwork before submission because as I am sure you are aware you still responsible for all the tax even if the accountant incorrectly calculates your tax liability.

I got a recommendation for an accountant when selling my investment property. The accountant whose primary focus was the construction trade but did SA returns as well.

The accountant I was speaking to kept mentioning the wrong tax rate for the CGT I would have to pay. Even though I tried to correct him a number of times, he was confident, so I went with it.

But just before submission, somebody else in the office checked my return and noted I would have to pay the higher CGT rate. Just as I had thought initially, so agreed the changes in the return.

So even if using a recommendation, check the figures in the return and ask lots of questions. That is what the person who made my recommendation does, though she only told me this after I told her about my close shave.

Not sure what I would be more upset with - the accountant or the recommendation!

Hmm I don't know what to say. I don't want to sidetrack the OP's thread, but I was a little annoyed at the time with the accountant but got over it. That is because they caught the error before submission. I am still using them as I am trading shares and CFD's so want them to calculate the figures and make sure this matches my calculations, and if not, to explain why.

As for the person who made the recommendation, she had only used them for submitting tax returns for rental income, so she wouldn't have known the person I was dealing with was not up on their CGT for investment properties.

Purdyoaten, I think you are in the accounting field, so you might find not knowing the applicable tax rates unforgivable, but I like the confort of knowing my calculations are double checked.

No sleight on you whatsoever. What I would find unforgivable would be an ‘accountant ‘ who was prepared to submit a return while not knowing what should be, to them at least, basic information while ignoring your concerns. I would be vocal on occasions where a person wants to ditch their accountant while expressing little knowledge of the tax system. In this instance it would appear that you are in a better submission to submit your return than your accountant.

Jeremy535897

I don't know how most accountants complete tax returns, but my preferred route is to calculate what tax is due manually, and then complete the tax return online. If the two don't match, I work out why, and ensure the right figures are submitted.  I am not clear how an online return can be filed that produces the wrong tax rate, unless some of the underlying data is wrong or omitted.

lr1277

Jeremy535897 said:

I don't know how most accountants complete tax returns, but my preferred route is to calculate what tax is due manually, and then complete the tax return online. If the two don't match, I work out why, and ensure the right figures are submitted.  I am not clear how an online return can be filed that produces the wrong tax rate, unless some of the underlying data is wrong or omitted.

Again, I don't want to sidetrack the OP's question, but in my case with CGT, you can enter the figures in a number of different boxes.

Especially with CFD's which are a taxable product. In the 1st year I traded them, I suggested to the accountant about puting them in the 'Other' section. Then in the 2nd year, I suggested a different box in the CGT section and the accountant advised that if entered there, the loss wouldn't count against my CGT losses. So the figure was put int he 'Other' section again.

I don't know how easy it would be to find an accountant who knows the ins and outs of taxable financial products, so have decided to work with what I have, if you see what I mean.