I have a client who works as a freelance cameraman and I have agreed to do his VAT returns but he also wants to complete his self assessment at the end of the year. I had initially agreed to do this but speaking to other book-keepers they say this is quite hard to get all the information together because of all the personal information needed. I am also unsure how much to charge him? I charge £15 per hour for all my book-keeping but am unsure how long it would actually take to complete. I'm not sure whether I should refer him to an accountant or if there is a way I can learn how to do them. Any suggestions?
I make it a rule to stick to book-keeping, and refer any clients who require the prepartion of tax returns to a local accountant.
You benefit from this because it actually facilitates networking i.e. you create goodwill with a local accountant and you may find they pass on book-keeping leads to you to return the favour. Clients generally don't mind because they know their tax affairs are being looked after by a professional who concentrates on tax.
Your friend is correct in that tax returns can be a big headache, with so much info needed e.g. all personal bank stat's, details of any capital gains/losses in the year (a nightmare!) and shares etc. I did it once - NEVER again!
If you want to learn how to prepare tax returns and gain an all round general knowledge of tax, you could look into the ATT qualification (similar to the AAT qualification, just geared towards tax). More studying and exams again I'm afraid, but I've heard it's very good. The web-address is www.att.org.uk.
