I've been having a good read on these forums, very useful. I just wondered why so many people tend to refer tax return enquiries to accountants? I have a small Post Office. I qualified as an accounting technician many years ago and over the years have agreed to do self assessments for many local sole traders. I intend to do this "full time" when the lovely government closes me this year. My point is that most tax returns are a doddle. Because chartered accountants charge the earth, you can charge £50 an hour and still massively undercut them. Fidty hours a year pays for holidays and christmas, and my clients are delighted.
I've always been tempted when a book-keeping client has asked me to do their tax return, but they are something I prefer to stay away from, primarily because I don't feel I would be able to do a competent job.
I've also built up some very good relationships with local accountants and i don't think it would go down to well with them if they knew i was also doing tax returns. I really don't want to lose any book-keeping leads they pass my way!
I agree with macfly, most tax returns are a doddle and are a good source of income. I'm happy to complete the returns for nearly all my clients. One thing I won't do though is CT600's (Corporation Tax Returns) - a complete nightmare. These I pass on to a local accountant.
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"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"
Corporation tax is not as complicated as it used to be. Also the fad for sole traders incorporating has died down since some of the "loopholes" have been closed. Any competent bookkeeper can tackle this. Insurance would only be a factor if you acted as an agent? Though I must admit I have never thought about it. I personally do the preparation and have the client sign it off. There is so little to go wrong. If you are given all the correct info, and you keep up to date with the legislation, the software does the work. For an accountant to charge £150 an hour or more for something so simple is an outrage. But long may it continue.
