taunton-hobbit Posted January 13, 2018 Share Posted January 13, 2018 I had an accountant who charged for absolutely everything (not only that, they helped fook up a 180k house sale) I'm now with another outfit who advertised 'no charges for phone advice'. Seven years on, they are still good - and about 30% cheaper than the other mob. Quote Link to comment Share on other sites More sharing options...
Burns-bass Posted January 13, 2018 Share Posted January 13, 2018 A good accountant is absolutely vital when running a business. Mine is always available, happy to sort out problems and we always meet to chat in the pub. Hes careful to always give advice and then we discuss options so I understand what’s happening. It helps that he was a friend before we worked together I guess. Quote Link to comment Share on other sites More sharing options...
leftybassman392 Posted January 13, 2018 Share Posted January 13, 2018 5 minutes ago, Burns-bass said: A good accountant is absolutely vital when running a business. As a general principle I'd agree, but if you're good enough with numbers, make the effort to keep up with relevant legislation and are a sole trader with a fairly small annual turnover it's not beyond the wit of man to do it yourself. I can't speak to partnerships or companies of course, but I managed just fine for the the entire duration of my business after the first year. Quote Link to comment Share on other sites More sharing options...
Burns-bass Posted January 13, 2018 Share Posted January 13, 2018 Absolutely. I’m a Ltd company so I can’t do it, but agreed it’s simple enough if you’re self employed to have a go. Quote Link to comment Share on other sites More sharing options...
Guest McBass Posted January 13, 2018 Share Posted January 13, 2018 The good thing with an accountant is you can get them to represent you and prepare you're books if you get a tax investigation, and you can claim their fees back as an expense . Quote Link to comment Share on other sites More sharing options...
leftybassman392 Posted January 13, 2018 Share Posted January 13, 2018 (edited) 9 minutes ago, McBass said: The good thing with an accountant is you can get them to represent you and prepare you're books if you get a tax investigation, and you can claim their fees back as an expense . It's a fair point (as is Jack's point about liability cover if things go boobies up). What I would say though is that in 15 years or so of trading I never had one. If you do it anything like properly the likelihood of an audit for a sole trader with a small annual turnover (which will fit quite a few people reading this thread I would think) is extremely remote. Edited January 13, 2018 by leftybassman392 Additional content Quote Link to comment Share on other sites More sharing options...
Guest McBass Posted January 13, 2018 Share Posted January 13, 2018 My old man got investigated a couple of times....self employed taxi driver so i suppose the cash aspect flagged him up. Quote Link to comment Share on other sites More sharing options...
leftybassman392 Posted January 13, 2018 Share Posted January 13, 2018 Possibly. HMRC look for patterns of cashflow I think. If things look the way they should then normally you're fine. Others here will be able to speak to that one much better than I can though so don't take it as gospel: I'm only sharing my personal experience of running my own business. Quote Link to comment Share on other sites More sharing options...
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