New business-accountant or not?
Discussion
My wife was a victim of the spending cuts and is in the early stages of starting her own business. It will not be a full time occupation (elderly care) and we've forecast it'll bring in around £8-9000 per annum.
The problem is we haven't got much idea where to get the best advice. We've looked at all the websites and know we have to register with Mr taxman for NI purposes. Is it worth getting advice from an accountant with such a small turnover. We've been quoted £500 and that's a big chunk of such a small turnover.
The internet is so full of contradictory advice (hence me asking for advice on the errr..internet!!)
The problem is we haven't got much idea where to get the best advice. We've looked at all the websites and know we have to register with Mr taxman for NI purposes. Is it worth getting advice from an accountant with such a small turnover. We've been quoted £500 and that's a big chunk of such a small turnover.
The internet is so full of contradictory advice (hence me asking for advice on the errr..internet!!)
I presume she is going to be carrying out this activity is a self-employed/sole-trader capacity?
Are you sure that this is possible - what with obtaining the necessary cleareances, compliance with care regulations and insurance etc.
To be honest. £500 is not that extortionate. Fees are not normally based on turnover, although turnover can be a yardstick for measuring complexity of someone's affairs, it isn't always a true indicator of complexity.
YHM
Are you sure that this is possible - what with obtaining the necessary cleareances, compliance with care regulations and insurance etc.
To be honest. £500 is not that extortionate. Fees are not normally based on turnover, although turnover can be a yardstick for measuring complexity of someone's affairs, it isn't always a true indicator of complexity.
YHM
She's fully qualified, although she's not going into the area of adminstering medication of any sort due to the complexities involved. It's more of a home help thing. Just prior to being binned by Social Services, many of her clients asked if she would carry on as their help. (They now have to provide their own care) and the seed was sown.
She will be the only person in the business. I have friends who are self employed and have explained everything they 'claim' for (cars, use of premises etc), but we're not sure her small turnover will mean she will be liable for a huge amount of tax, hence querying the need for an accountant.
She will be the only person in the business. I have friends who are self employed and have explained everything they 'claim' for (cars, use of premises etc), but we're not sure her small turnover will mean she will be liable for a huge amount of tax, hence querying the need for an accountant.
Elroy Blue said:
She's fully qualified, although she's not going into the area of adminstering medication of any sort due to the complexities involved. It's more of a home help thing. Just prior to being binned by Social Services, many of her clients asked if she would carry on as their help. (They now have to provide their own care) and the seed was sown.
She will be the only person in the business. I have friends who are self employed and have explained everything they 'claim' for (cars, use of premises etc), but we're not sure her small turnover will mean she will be liable for a huge amount of tax, hence querying the need for an accountant.
There's mnore to these things than tax. Accountants should be able to help in all sorts of matters - not just tax.She will be the only person in the business. I have friends who are self employed and have explained everything they 'claim' for (cars, use of premises etc), but we're not sure her small turnover will mean she will be liable for a huge amount of tax, hence querying the need for an accountant.
The main concern I would have would be to ensure that she puts into place all the legal factors that need to be complied with in such an activity. Being qulaified is only step one.
(It's the same for us accountants).
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