Tax Returns: Accountant fees?

[JJy2k]

Does anyone know how much, generally speaking, a decent accountant would charge to complete my tax return?

[Skyline D]

How long is a piece of string?

It will depend how complicated your return is and where you are located geographically without doubt.

If it were very straightforward we'd probably charge you anything from �50 - �150 (plus VAT) depending on exactly how long it took and what level of staff were needed but we're in relatively rural Scotland. I'd imagine a city accountant in South England would charge considerably more.

[JJy2k]

Thanks for that. When you say complicated I take it that not having a seperate account for business would complicate things further?
Currently, any money recieved in payment goes from my paypal account into then my current account.
I only buy from one supplier, so at the moment thats the only money going out of my current account as far as the business expenditure goes.
Being a basic set up like that, could I get away with keeping it like that unitl / if my business grows, then move into a business account?
Really appreciate all your input, thanks.

[terambulan]

It would be adviseable to seek advice from ur local IR office. They're very helpful and will show you how to fill out your return.

If you have just started your business u have a year to get things sorted as the returns due now are up to April 08.

[Skyline D]

A tax return is quite literally a return of all income that is taxable having netted off allowable expenses. It needn't necessarily matter one jot to the accountant how you keep your books if you aren't asling him to do accounts for you as well (which isn't what you originally asked).

If you provide to an accountant a total of your taxable income and a note of your purchases and any appropriate allowable expenses then it takes about ten seconds to plug that into a tax return. By complicated I meant you may have things like income from Trusts, Overseas Interest, dividends galore from multiple shareholdings, etc. If you don't have any of that then a basic tax return with Schedule E earnings taxed under PAYE, a little self-employment income through dabbling in internet trading and some straightforward UK interest receipts will not cause your accountant any great difficulty and won't cost that much.

If you also want him to prepare business accounts from your records that's a further task and will cost more. Inevitably the quality of records kept will determine to an extent the fee for doing that. Keeping everything separate with a clear cashbook or using a computerised accounts programme will be much easier for him/her than if you mix everything up with personal finances and he/she has to pick things out for you.

[buildersmate]

And don't forget to check out those allowable expenses. Like claiming �3 per week for household expenses against the use of a room in your house for running your business. Oh, and then there's those trips down to the bank at 40p per mile. An accountant may well be able to save you his/her fee in expenses you can claim against tax (I'm not one)

[JJy2k]

Cheers guys very helpful, thanx!!

[jennifer12]

Normally, Fees of the accountant vary based on their experiences to do your tax returns. But as per my view, it is preferable to choose Certified Public Accountant Sanjiv Gupta to audit your tax because he helps me a lot to audit my risky tax return for the favorable cost.

[jennifer12]

Normally, Fees of the accountant vary based on their experiences to do your tax returns. But as per my view, it is preferable to choose Certified Public Accountant Sanjiv Gupta to audit your tax because he helps me a lot to audit my risky tax return for the favorable cost.