Accounting/Book Keeping

[lethologica]

My boyfriend is classed as a self employed used car salesman, he began working at 16.

He's just had his accountant (recommended to him by his father) bill for this year which reached just over �200.  An astonishing figure considering the year before it was about �80...

I'm covering basic accounting within my degree and could sort out a basic profit and loss and balance sheet for him which seems to be basically what would be entailed to do his accounting for him.

What exactly needs to be produced each year for the Inland Revenue?  Are there any other skills required!?  Anyone recommend an "Idiots guide to..." or similar in order that I can save him �200 a year!?

[Didwot]

All the taxman needs are profit and loss accounts, and a completed self assessment tax form each year, but that will take a little while to produce, and �200.00 does not sound at all expensive. The accountnt probably has to put a few hours work into it, and has to pay all his overheads.. Phone up a chartered accoiuntant and for �200 you will get "Good Morning". Phone up a lawyer and you will get "G..."

[kags]

I agree �200 sounds cheap if the accountant is submitting the tax return as well as preparing accounts.

If turnover is less than �15,000 the Revenue only require basic details of gross income less expenses. Other than that they will need a balance sheet as well as a P & L. Depending on the number of transactions you might need to keep a cash day book, but you will have to do this anyway, whoever is preparing the accounts. You can do the Tax return online which is pretty straight-forward, but you would need a basic knowledge of how the payment on account system works. Have you considered the VAT implications?