HI there everyone, what a great forum you have going on here ! I am not a book-keeper or an accountant so I hope you dont mind me asking for some guidance. I started my own business (very small at the moment) at around the beginning of march 2011. I am on a self-employed basis.
I haven't yet submitted my self-assesment to HMRC, although I have regisitered etc. I have been dong my own manual bookkeeping for this ( I have a previous experience working in accounts background so can do double entry, cash flows etc). I have had a quote from an account for £300.00 to check my self assesment form before it is submitted on line. As the period would only be for just over a month i.e March to end of April 2011, I feel that I would be comfortable to do this myself as I only have approx 3 invoices and some expenditure.
I have had more business since April and so I feel an accountant would be of benefit for the next tax year? but not for that short time.
I would shop around. You are likely to come across inflated fees at this time of year, especially for what might be perceived as a one-off job. If you submit your own Return and appoint an on-going accountant next time then the 2011 one can always be amended, if necessary.
I would advise shopping round to get your return checked. It's worthwhile seeing if you can find a book-keeper who also submits accounts, they are often cheaper than an accountant. If your accounts are quite simple i.e. cash in, cash out, its just a a case of adding them up especially when your first starting up. Bear in mind if assets i.e. furniture etc are involved these need accounting for separately.
I can only echo what others have said, and that's to shop around. £300 does seem a bit on the high side, personally I do a lot of self assessments for private landlords who have fairly simple accounts and the average I charge for actually doing it is £120. I'm sure you can get someone to cast their eye over your work for less than £300.
For a basic self assessment tax return my fees start at £50. So shop around as if you are doing the work and someone is just checking then £300 is a lot for something that would probably only take them 30 mins to do.
Hi all, many thanks for your advice, really appreciated, I think I will do my own return this this time as so few transactions and 'shop' around for the next year as would probably need some help and advice then. £300 is rather allot I thought !
Don Tax - you say
'If you submit your own Return and appoint an on-going accountant next time then the 2011 one can always be amended, if necessary.'
Just giving you another option. Supposing you appointed an accountant next time and he came up with some genius idea for, say, losses or capital allowances, then your Return can be amended within 12 months.
