esperanza2
Registered User
- Messages
- 51
You need to talk to an accountant.
I actually manage my own accounts as I'm trained in that. Would an accountant give me the above information free of charge over the phone?
LOL. I have an accountant who I pay to do my returns. And from time to time I ring him with a query and he answers it free of charge. But I wouldnt expect any professional to answer a query from someone they didnt already have a working relationship with for free- and even at that professionals don't like giving advice over the phone because they won't have all the relevant information.
Well, some of us can't afford accountants to do things as easy as profit and loss accounts. Come to think of it, my cousin's an accountant: he's sure to give me advice for free.
Free advice is always worth exactly what you pay for it.
Why need to ask anyone, your earlier post said "I actually manage my own accounts as I'm trained in that."
I think theThanks anyway for your helpful advice... not!
bit confused some people.Does the bank have the right to look at my bank statements?
I don't mean to be offensive but in my experience the worst cases I have to deal with is people who have done their own accounts. Your questions already indicate a lack of knowledge. Their are approximately 3,500 sections in the taxes acts. The revenue like people who do their own accounts because in general people do not claim all of the expenses that they are entitled to. Most reviews I have done in these cases show errors - mostly where tax is over paid however the worst cases is where tax has been massively underpaid. The client then has to pay the underdeclaration, penalties and interest at outrageous rates - often leading to massive settlements. Knowing how to 'do accounts' is only an initial step. There is other knowledge needed that in general an 'interested' qualified accountant can provide. This would include types of expenses that you can or cannot claim, tax planning opportunities, pension planning, tax efficient investments, leasing/purchase decisions, estate planning and business/strategic planning. I say 'interested' accountant as unfortunately there are too many out there that will just take the money and give you a very basic service and won't go that extra bit where your affairs are planned and in order.
I actually manage my own accounts as I'm trained in that.
I didn't think there were outrageous rates for undeclaration, penalties and interest.
The only penalties I see mentioned here are for late submissions.
[broken link removed]
Perhaps some one can point me in the direction of a another link that may help. Thanks.
I know how to do a profit and loss account and am aware that expenses purely related to the business may be deducted (in my case, phone, Internet, a part of my rent, business trips to meet clients in person, stationary, printer ink, computer maintenance, academic resources, pension).
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