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Downsizer Forum Index -> Small Business Questions, Ideas and Advice

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moonwind

Joined: 10 Sep 2006
Posts: 1140

Posted: Wed Dec 13, 06 12:52 am Post subject:

Here's a link to the Gov website and the What do I need to do to go Self Employed page.

As others have said the IR seem to be much improved at talking to "ordinary" people.

Depends what your plans are and how complicated as to your needs for an accountant.

Also what your estimated turnover will be, (net) as to whether it would be beneficial to you.

i.e If what an accountant can save you in one year is cancelled out by their charges being higher than the saving made.

You can take your book in once a year and get a tax inspector to go through your paperwork with you no charge.

If you do go for an Accountant make sure you get a written quotation for the complete years tax affairs including any tax return completed, some seem to charge separately for this service and only quote for doing your end of year accounting (profit and loss accounts).

It seems prudent these days to take out a Tax Investigation Insurance each year which covers you in the case of the IR investigating you (apparantly it is a case of when rather than if these days ..well small business are easy to get to eh? ..ooh so cynical haha)

We have a good accountant now, he calls a spade a spade and talks in proper language, will help and explain things in plain English and does NOT rip us off.

Unfortunately this type of Accountant seems hard to find!

Good luck in whatever you are going to do, you can't beat being in charge of your own life.

...edited ... and the link you need is

Gov Self Employed page

sorry forgot to put the link before DOH!!

MarkS

Joined: 01 Aug 2006
Posts: 2626

Posted: Wed Dec 13, 06 9:14 am Post subject:

Marionb wrote:

Dont the accounts have to be "certified " by an accountant or something??

No. Not even for limited companies[1].

you do not need to be audited, you do not need to submit full accounts.

Although there seems to be plenty of accountants who neglect to tell people that.

The companies house website has the info on what exemptions are available to small & medium sized companies.

Mark

[1] As long as you count as a 'small' company ie turnover less than a couple of £million and you are not a special case, regulated by the fsa or similar. I would assume that most people here would qualify for the exemptions.

MarkS

Joined: 01 Aug 2006
Posts: 2626

Posted: Wed Dec 13, 06 9:19 am Post subject:

selfsufficientish wrote:

Can't really say exactly what I am going to do yet I am afraid.

I'll take that as you aren't telling rather than you dont know

generally though, services? product sales? media? import/export?

some areas have much more complex rules that you really need a specialist accountant for. Vat on international trade, anything involving subsidies/grants. you dont want to be paying an accountant to find out as they go along.

tahir

Joined: 28 Oct 2004
Posts: 45665
Location: Essex

Posted: Wed Dec 13, 06 10:53 am Post subject:

selfsufficientish wrote:

cheers Tahir, I hate having to be sectrative (not my choice) will let you know in January. It should benefit downsizer too.

Certainly sounds good

madmonk

Joined: 08 May 2006
Posts: 835

Posted: Wed Dec 13, 06 12:52 pm Post subject:
I know??????????????????

MarkS

Joined: 01 Aug 2006
Posts: 2626

Posted: Wed Dec 13, 06 5:21 pm Post subject:
This is a link to a site which is used by accounting specialists. The anyanswers section is used to ask questions - not quite a forum, but that sort of thing. It is well worth having a good look through to pick up knowledge and get a feel for things. You might need to register to get in, worth it though. https://www.accountingweb.co.uk/anyanswers/

selfsufficientish

Joined: 28 Oct 2004
Posts: 364
Location: Bristol

Posted: Fri Feb 16, 07 6:10 pm Post subject:
Ok, I can now come clean with the goings on We (myself and my brother Dave) have signed up with Hodder and Stoughton to write a book called the Selfsufficientish Bible a massive 150 000 page book. Well actually we have signed up for a two book deal the second is to be announced.

selfsufficientish

Joined: 28 Oct 2004
Posts: 364
Location: Bristol

Posted: Fri Feb 16, 07 6:17 pm Post subject:
Actually forgot to say how it will benefit downsizer, well I will need to mention references and source and no doubt this site will feature

thos

Joined: 08 Mar 2005
Posts: 1139
Location: Jauche, Duchy of Brabant (Bourgogne-ci) and Charolles, Duchy of Burgundy (Bourgogne-ça)

Posted: Mon Feb 19, 07 9:14 am Post subject:

Anyone can set themselves up as an accountant. However, I would urge you to use a member of one of the 'proper' bodies i.e. Chartered or Certified.

https://www.icaew.co.uk/index.cfm?route=109945

If you keep your records tidy, you can minimise the accountant's chargeable hours and therefore the costs.

Not that I'm biased or anything. This July I will have been a Chartered Accountant for 25 years!

Chartered Accountants do it by double entry.

thos

Joined: 08 Mar 2005
Posts: 1139
Location: Jauche, Duchy of Brabant (Bourgogne-ci) and Charolles, Duchy of Burgundy (Bourgogne-ça)

Posted: Mon Feb 19, 07 9:16 am Post subject:

selfsufficientish wrote:

Ok, I can now come clean with the goings on We (myself and my brother Dave) have signed up with Hodder and Stoughton to write a book called the Selfsufficientish Bible a massive 150 000 page book. Well actually we have signed up for a two book deal the second is to be announced.

I hope you mean 150,000 words!

selfsufficientish

Joined: 28 Oct 2004
Posts: 364
Location: Bristol

Posted: Mon Feb 19, 07 10:57 am Post subject:
ahem, yes I meant words thanks for the link.

MarkS

Joined: 01 Aug 2006
Posts: 2626

Posted: Mon Feb 19, 07 1:34 pm Post subject:
congrats. have you ever thought of moving to Ireland? I understand that authors and artists dont pay tax there. Anyone know ? In the uk there is an averaging scheme whereby authors can even out their income over several years.

dpack

Joined: 02 Jul 2005
Posts: 46192
Location: yes

Posted: Mon Feb 19, 07 5:39 pm Post subject:
or somewhere with no (or minimal )tax sounds good a good acc is a profit not a charge can your pubs recommend from experience ?

chez

Joined: 13 Aug 2006
Posts: 35935
Location: The Hive of the Uberbee, Quantock Hills, Somerset

Posted: Mon Feb 19, 07 6:18 pm Post subject:

Our accountant lets us pay a set amount every month to cover an agreed amount of services - he's well worth it and he does save us money. He's also really happy for me to ring up and ask him daft questions regularly. This works much better for us than an annual bill

.

I do think it's important to get someone who understands your line of work, as other people have said. And I also think it's a good idea to go for someone certified or chartered (ours is Scottish chartered, which is apparently different again (but equally good, she adds, hastily!)), because then at least they have some accountability. Although I've also know one or two people who have had terrible experiences with very well thought of accountants - I think as with all business dealings, getting someone you like well enough to work with and take your issues to is very important.

selfsufficientish

Joined: 28 Oct 2004
Posts: 364
Location: Bristol

Posted: Mon Feb 19, 07 7:59 pm Post subject:

I am talking with a friend about this later in the week. We have been recomded acc that deal with writers and artists but with the website as well and perhaps future 'green' non profit projects that I want to get involved in this is perhaps not the best option.

I have found an account who works with only ethical people and works for a handful of start up companies for free. - before you ask, no they are not taking on new clients

I like the sound of them and will meet up with them soon and find out if they are for me. Good to know that even your accountant is ethical.

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