Accountant charges
Discussion
hi there,
I'm going to go to an accountant to sort out my tax for this financial year. Any ideas on the approx. cost for this.
As I am employed I pay tax through PAYE but I also have a property which I rent out as this is my first year I'm unsure about what tax I will pay on the rent and also what the situation is with CGT, etc.
thanks and all the best.
Martin.
I'm going to go to an accountant to sort out my tax for this financial year. Any ideas on the approx. cost for this.
As I am employed I pay tax through PAYE but I also have a property which I rent out as this is my first year I'm unsure about what tax I will pay on the rent and also what the situation is with CGT, etc.
thanks and all the best.
Martin.
MGYoung said:
hi there,
I'm going to go to an accountant to sort out my tax for this financial year. Any ideas on the approx. cost for this.
As I am employed I pay tax through PAYE but I also have a property which I rent out as this is my first year I'm unsure about what tax I will pay on the rent and also what the situation is with CGT, etc.
thanks and all the best.
Martin.
I'm going to go to an accountant to sort out my tax for this financial year. Any ideas on the approx. cost for this.
As I am employed I pay tax through PAYE but I also have a property which I rent out as this is my first year I'm unsure about what tax I will pay on the rent and also what the situation is with CGT, etc.
thanks and all the best.
Martin.
£200 for a self-assessment return to include supplementary pages in respect of employment and land and property I would estimate at about £200 also.
CGT pages, maybe another £100?
Have you sold the property, or are you planning to?
Im thinking of paying a visit to one of these parasites (
) becuase I too am paid via PAYE 9-5 then have another income. I am wondering if they are really going to save me enough money to jusitfy the cost. Apart from expenses, my living room office what are they really going to be able to save on?
) becuase I too am paid via PAYE 9-5 then have another income. I am wondering if they are really going to save me enough money to jusitfy the cost. Apart from expenses, my living room office what are they really going to be able to save on? Edited by polus on Thursday 5th April 01:05
MGYoung said:
Don't have any plans to sell the property but I am interested in anything I can do to offset CGT if I do decide to sell in the future.
Cheers
Cheers
Very dependent on personal situation, but definately go see an accountant, it's much easier for them to sit down with you and talk about it, here we offer a free initial consultation, so hopefully you can get something similar?
Go by word of mouth too, ask around, and don't forget, 9/10 you get what you pay for.
polus said:
Im thinking of paying a visit to one of these parasites () becuase I too am paid via PAYE 9-5 then have another income. I am wondering if they are really going to save me enough money to jusitfy the cost. Apart from expenses, my living room office what are they really going to be able to save on?
) becuase I too am paid via PAYE 9-5 then have another income. I am wondering if they are really going to save me enough money to jusitfy the cost. Apart from expenses, my living room office what are they really going to be able to save on? Edited by polus on Thursday 5th April 01:05
Parasite?
A good accountant is worth his/her weight in gold
I wouldn't recommend you preparing your own taxation affairs unless you are completely aware of all the rules and regulations, what you can, what you can't claim etc. So, in short, yes an accountant is worth it.
More often than not, when we take over someone who has been doing their books themselves we save them tax, enough to warrant paying our fees. But all depends on personal circumstances.
thewave said:
polus said:
Im thinking of paying a visit to one of these parasites () becuase I too am paid via PAYE 9-5 then have another income. I am wondering if they are really going to save me enough money to jusitfy the cost. Apart from expenses, my living room office what are they really going to be able to save on?
) becuase I too am paid via PAYE 9-5 then have another income. I am wondering if they are really going to save me enough money to jusitfy the cost. Apart from expenses, my living room office what are they really going to be able to save on? Edited by polus on Thursday 5th April 01:05
Parasite?
A good accountant is worth his/her weight in gold
I wouldn't recommend you preparing your own taxation affairs unless you are completely aware of all the rules and regulations, what you can, what you can't claim etc. So, in short, yes an accountant is worth it.
More often than not, when we take over someone who has been doing their books themselves we save them tax, enough to warrant paying our fees. But all depends on personal circumstances.
What do I need to look out for to know that the persons up for the job? (qualifications etc).
That's the hard part.
Using someonme who is qualified with a recognised professional body is always advisable, although that in itself is not a guarantee that they are going to be any good. There are many "non-qualified" individuals out there who are pretty handy. However, using a qualified accountant does ensure that you have redress against him/her if things go wrong. He/she will almost definitley have a Prodessional Indemnity Insurance scheme in place for a start (this is usually obligatory for qualified accountants who run their own practice) and they can also be disciplined by their professional body if found to have performed below par or negilgently.
In the UK, most practising accountants will have the following letters after thir name:
ACA (Chartered Accountant)
ACCA (Certified Accountant)
You may come across tax specialists who are qualified with the Chartered Institute of Taxation and they will carry the letters ATII after ther names. These individuals will be very good on tax matters but may not have extensive accountancy experience.
The one thing an accountant isn't is a "parasite".
If you find a good one, one with whom you can talk to as and when you need advice AND you fix the annual fees in advance, you will not regret having taken the step to acquire a professional advisor.
Using someonme who is qualified with a recognised professional body is always advisable, although that in itself is not a guarantee that they are going to be any good. There are many "non-qualified" individuals out there who are pretty handy. However, using a qualified accountant does ensure that you have redress against him/her if things go wrong. He/she will almost definitley have a Prodessional Indemnity Insurance scheme in place for a start (this is usually obligatory for qualified accountants who run their own practice) and they can also be disciplined by their professional body if found to have performed below par or negilgently.
In the UK, most practising accountants will have the following letters after thir name:
ACA (Chartered Accountant)
ACCA (Certified Accountant)
You may come across tax specialists who are qualified with the Chartered Institute of Taxation and they will carry the letters ATII after ther names. These individuals will be very good on tax matters but may not have extensive accountancy experience.
The one thing an accountant isn't is a "parasite".
If you find a good one, one with whom you can talk to as and when you need advice AND you fix the annual fees in advance, you will not regret having taken the step to acquire a professional advisor.
Edited by Eric Mc on Friday 6th April 15:35
Gassing Station | Business | Top of Page | What's New | My Stuff