Do I have to have an accountant?
I'm only going to be a very a small mini-micro business. If I can do my own tax returns and all my accounts, is it ok NOT to have an accountant and submit all my accounts to the tax office by myself? Many thanks in advance.
Small Business - 10 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
No you don't have to have an accountant but it can make life easier as they know all the fiddles I mean rules and regs about what you can and can't claim, Unless they can save you more than you have to pay them each year though they really are not worth it as long as your okay doing your own tax.
Answer 2 :
You probably don't have to have an accountant.
Answer 3 :
well i dont think its a legal requirement, however accountants arnt actually that expensive and the time they free up would allow you to work on growing your business. also accountants know the law surrounding tax alot better than you do so they know how much they can bend the rules. when you submit your tax return yourself the tax inspector will go through it with a fine tooth combe! if the accountant does it they tend not to fo over it so much.. a good accountant will always save you more than they charge i always use an accountant its just simply not worth the hassle doing it yourself and its more cost efficient as its a false economy doing it yourself sorry to preach just thought id try to help.
Answer 4 :
Yep. Just make sure you do it right. No obligation to have an accountant.
Answer 5 :
You don't have to have an accountant Though let me tell you from experience that I thought I could do my own tax returns and bookkeeping myself I paid in money a couple years and then had a company review them and they found that not only shouldn't i have had to pay but actually got money back Since then I have had them do my taxes and bookkeeping That way they keep up on the tax laws and keeping records and when it is tax time they have all the numbers right there It is so much easier and I can concentrate on running my business
Answer 6 :
When I started my own small business I decided not to use an accountant and did not have any problems with my tax and VAT returns. However, I took advantage of a 'free health check' offered by a local accountancy firm and they found 'ways' to save me just over £12,000 during 18 months of trading. Their fee was £600 so I considered this a damn good investment. So now I let an accountant look over my affairs once a year and will continue to do so. Remember that accountancy services are 'professional fees' and can be offset 100% against business income. You should also consider your credit rating. If you are going to be a sole trader you will find that you suddenly have an adverse credit rating for mortgage and loan purposes, because your income can not be proven. Only audited accounts will be accepted by the main financial institutions. So to answer your question, no you don't need one, but you will probably find it an advantage to have one. I would also recommend you use a small firm that is used to self employed people and very small businesses, avoid the 'big name' firms. Hope this helps.
Answer 7 :
you probably don't but having a decent one will save you time and money, freeing you up to do the thing you set up in business for in the first place!
Answer 8 :
If you are earning under £15,000 per annum it is not advisable. It is now possible to fill in a short tax return for earnings below £15,000. It also depends on your abilities to keep records of earnings and expenditure. Accounts books are available to buy along with accounts programmes which makes life a little easier especially if you have the same amounts going in /out.
Answer 9 :
No way. If you can do it yourself, then you're set. The only thing a good accountant may be able to do is suggest ways to save $$, including additional deductions...
Answer 10 :
no you do not need legally to have an accountant. The tax office are also very helpful with advice for filling in your tax return. Make sure though you keep all your receipts and relevant paperwork for at least 6 years.
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