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John Stumbles
August 5th 03, 11:15 PM
Subject says it all :-) September looming and I'm looking for an accountant
with experience of self employed tradespeople (I'm a plumber and general
jobber) who can advise me on doing my tax returns to best advantage wrt tax
etc. (I can and do DIY my accounts, it's the stuff like rolling over trading
losses from a start-up year to successive years that I'm looking for help
with.)

tia

--
John Stumbles
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Cannibalize Legalists

David
August 5th 03, 11:21 PM
The smaller the firm, the cheaper they'll be and the more experience they'll
have had with sole traders. Try and get a recommendation from other sole
traders in your area.

Like my plumber though, if he thinks you can pay, an accountant will find a
way to charge.

"John Stumbles" ]> wrote in message
...
> Subject says it all :-) September looming and I'm looking for an
accountant
> with experience of self employed tradespeople (I'm a plumber and general
> jobber) who can advise me on doing my tax returns to best advantage wrt
tax
> etc. (I can and do DIY my accounts, it's the stuff like rolling over
trading
> losses from a start-up year to successive years that I'm looking for help
> with.)
>
> tia
>
> --
> John Stumbles
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> -+
> Cannibalize Legalists
>
>
>

Ronald Raygun
August 6th 03, 09:56 PM
Duke of Url wrote:

>
> "Ronald Raygun" > wrote in message
> ...
>> John Stumbles wrote:
>>
>> > Subject says it all :-) September looming and I'm looking for an
>> > accountant with experience of self employed tradespeople (I'm a plumber
>> > and general jobber) who can advise me on doing my tax returns to best
>> > advantage wrt tax etc. (I can and do DIY my accounts, it's the stuff
> like
>> > rolling over trading losses from a start-up year to successive years
> that
>> > I'm looking for help with.)
>>
>> That's easy to DIY too. Presumably you've done the sensible thing
>> and made your accounting period end on 5th April. Your first year
>> was then a part year to 5/4/2003. You have a loss in that part
>> year, so you will put 0 into box 3.83 and the loss into box 3.84.
>>
>
> By concession, the IR allow a year-end of 31 March to be treated as 5
> April, to avoid dealing with the 5 day gap. However, depending on how the
> losses accrue, it can be advantageous to extend the accounting period.
> Although not as beneficial as under the pre SA regime, a year end of 30
> April gives you the longest time before accounts need be prepared and tax
> paid - e.g. 31 March 2004 means tax due by 31 January 2005, but 30 April
> 2004 means 31 January 2006. The IR will normally allow up to an 18 month
> accounting period for the first set of accounts, so 5 April could be a
> costly choice.
>
> Selection of year-end is not as simple as might appear.

I'm sure you're right, but at the end of the day it just boils
down to shuffling profit around into tax years in such a way
as not to waste unused allowances (if profit is low-marginal)
or so as to avoid exceeding unnecessary thresholds (if profit
is high-marginal), and if you hire an accountant to help you
make the choice, having already decided to save money by doing
the basic accounts yourself, it may well be that the accountant
will be more expensive because he has first to "sort out" the
"unsatisfactory" DIY acccounts.

And while choosing 30th or even 6th April as your accounting
date will give you a whole extra year in which to sort out
your accounts and pay your tax, in practice it means you will
spend a whole extra 12 months procrastinating before you end
up in a mad rush because the deadline is imminent. Far better
to get it out of the way when things are still fresh in your
mind. Ideally you should have all your data ready on 6th April
to transfer to the tax return form as soon as it arrives.

> IMHO, an accountant could be useful in these circumstances.

One would need to carry out a cost/benefit analysis.

In general, I guess it depends on whether you'd rather spend
a couple of evenings understanding the notes which accompany
the tax forms, or paying an accountant possibly more than his
advice will save you.

Maybe accountants should get into gimmick marketing along the
lines of no-win no-fee lawyers, so that punters cound hire them
with confidence that they won't cost them anything if they don't
save them anything.

Dave Plowman
August 6th 03, 10:35 PM
In article >,
David > wrote:
> Like my plumber though, if he thinks you can pay, an accountant will
> find a way to charge.

Hmm. Isn't the whole idea of an accountant that he knows your finances?

--
*If your feet smell and your nose runs, you're built upside down.

Dave Plowman London SW 12
RIP Acorn

John Stumbles
August 7th 03, 12:11 AM
"Ronald Raygun" > wrote in message
...
> Duke of Url wrote:
>
> >
> > "Ronald Raygun" > wrote in message
> > ...
> >> John Stumbles wrote:
> >>
> >> > Subject says it all :-) September looming and I'm looking for an
> >> > accountant with experience of self employed tradespeople (I'm a
plumber
> >> > and general jobber) who can advise me on doing my tax returns to best
> >> > advantage wrt tax etc. (I can and do DIY my accounts, it's the stuff
> > like
> >> > rolling over trading losses from a start-up year to successive years
> > that
> >> > I'm looking for help with.)

---8<-- snipped lots of stuff I'm still trying to get my head around ;-)

> In general, I guess it depends on whether you'd rather spend
> a couple of evenings understanding the notes which accompany
> the tax forms, or paying an accountant possibly more than his
> advice will save you.
>
> Maybe accountants should get into gimmick marketing along the
> lines of no-win no-fee lawyers, so that punters cound hire them
> with confidence that they won't cost them anything if they don't
> save them anything.

Hear hear! :-)


This is all slightly complicated as I want to get a more flexible mortgage
(ideally a current account mortgage - any suggestions? I asked BOS but they
won't touch me until I've been trading 3 or 4 years) and I think I'll need
my accounts audited for this; so if I'm going to have to pay an accountant
to go through my accounts I'd guess getting advice on saving tax (and
possibly also getting them to do the tax return) should be less expensive
than if this were my sole business with them.

--
John Stumbles
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Women always generalise

Andrew
August 7th 03, 11:08 AM
"John Stumbles" ]> wrote in message >...
>
> This is all slightly complicated as I want to get a more flexible mortgage
> (ideally a current account mortgage - any suggestions? I asked BOS but they

Don't know about self employed but the VirginOne account is excellent.
No problems whatsoever transferring from our old current account. It's
a true current account mortgage rather than a "flexible" mortgage and
so is completely flexible with regard to underpayments/overpayments.

The letter saying they passed on the recent interest rate cut (in
full) arrived within two business days of the cut being announced
(compare that with the likes of Abbey National, etc., who
procrastinate for weeks or months and then only pass on 0.1%).

No connection other than being a well pleased customer.

Andrew

N. Thornton
August 7th 03, 08:43 PM
(Andrew) wrote in message >...
> "John Stumbles" ]> wrote in message >...
> >
> > This is all slightly complicated as I want to get a more flexible mortgage
> > (ideally a current account mortgage - any suggestions? I asked BOS but they

> Don't know about self employed but the VirginOne account is excellent.
> No problems whatsoever transferring from our old current account. It's
> a true current account mortgage rather than a "flexible" mortgage and
> so is completely flexible with regard to underpayments/overpayments.
>
> The letter saying they passed on the recent interest rate cut (in
> full) arrived within two business days of the cut being announced
> (compare that with the likes of Abbey National, etc., who
> procrastinate for weeks or months and then only pass on 0.1%).
>
> No connection other than being a well pleased customer.
>
> Andrew


Hi

This is very minor. Its when the **** hits the fan that you get to
find out if your mortgager is good or bad.

Regards, NT

John Stumbles
August 7th 03, 11:42 PM
"N. Thornton" > wrote in message
om...

> ... Its when the **** hits the fan that you get to
> find out if your mortgager is good or bad.

- which is why I want to change away from the Halifax.

That Shylock chap wasn't so bad really :-)


--
John Stumbles
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Women always generalise