Do I need an accountant if I go into self employment?
I'm thinking along the lines of paying my NI contributions and tax and the self assessment forms - I'm very new to this idea so thank you for any advice ;-)
United Kingdom - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It depends on how well you think you ccan deal with this. Without knowing you, its impossible to say.
Answer 2 :
Go to citizens advice bureu. If it's too complicated then you need accountant, if not do it youself
Answer 3 :
Legally you don't need any professional input to your tax forms etc, but you would prpbably be well-advised to talk to an accountant Get estimates of costs form two or three locally - some might be able to put off asking for payment until you are well established - haggle! Your bank might also be helpful. Don't forget indemnity insurance if you are in business - again, bank might help.
Answer 4 :
No, but I would recommend one. Try and find one that is recommended by friends, and one that ideally is semi-retired (i.e. not sat in an expensive office and looking to make lots of money). You could do a lot of the accounting yourself, you probably won't need much more than a spreadsheet. I started out by buying the special 'do you accounts' type ledger books, but you don't acctually need them. Just be organised and keep all your paperwork, receipts, etc and then file it in some speradsheets. I would suggest that you do use an acconutant to check the figures that you come up with at year end, and perhaps let the accountant submit them for you (or do it yourself online). The more you do (and the clearer it is for your accountant to understand) then the less it will cost you in terms of your accountants time.
Answer 5 :
You don't have to have an Accountant - you could do it all yourself. However, there is no doubt that you will lose out if you don't have an Accountant. An Accountant will make sure that you claim all expenses and allowances that you are entitled to and will probably save you more than his fee. As far as tax and NI are concerned,do what I did. Rather than continually pay Accountants fees for dealing with tax and NI, I found myself a friendly, approachable Accountant who showed me exactly what to do and explained all the paperwork. He does the year end Accounts and is there at the end of the phone if I have any queries during the rest of the year.
Answer 6 :
yes you do need an accountant even if your paying your own tax and national insurance
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