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TAX RETURNS

(13 Posts)
LizG Tue 07-Jan-14 08:21:30

I am really lucky having married an accountant so he just gathers the information together and deals with it. Once a year, however, he can be heard cursing the computer and the Inland Revenue for their stupidity. The system is set up for simple situations but anything slightly out of the ordinary and it becomes complicated. You are spot on with your comments glassfortwo

incidentally I did the books for one company for several years and have been treasurer of WI so find 'numbers' very interesting.

BlueBelle Tue 07-Jan-14 07:58:05

I did it online for the first time last year and think I lost some money because I found it baffling but don't consider I earn enough to warrant paying a FA dreading it this year

FlicketyB Tue 07-Jan-14 07:33:49

For most of the last 40 years DH and.or myself have had to submit tax returns. I have a bckground in accountancy and economics and I am comfortable with figures so we have generally completed tax forms ourselves, but they can be difficult if you are not familiar with how tax works and the principles behind it.

When I sold a property I had rented out I employed an accountant to do my tax form that year as it included calculating capital gains tax and with a tax regime that had changed over the years and all the various allowances I was entitled to I didn't feel confident I could do it myself. I paid about £200 and The final tax bill was £000s less than I had originally calculated that it might be so it was money well spent.

Charleygirl Mon 06-Jan-14 22:34:03

I was very fortunate, when I had 3 part time jobs, my state and private pension, one of my neighbours, a tax accountant took over and I was so grateful. The IR made me (the accountant) do it on line for 3 years after I had stopped working and at the end of year 3 that was when my neighbour moved. It worked out perfectly for me. She did not charge me.

celebgran Mon 06-Jan-14 22:21:55

Ours charging 120 he was heren2 hours coming again next Monday and will do us forecast for next year too is complicated with oh still working, state pension and private ones we paid lots e tar last 2 years after did online so worth it to get proper advice.

Not difficult to do online just no one to ask if correct or not!

Granny23 Mon 06-Jan-14 21:31:55

When DH still had his business, I did his accounts to trial balance then his accountant 'topped and tailed' them and submitted them to tax office. The accountant only charged £100 a year as he had so little do. I also did all the estimates, invoices, Vat returns, etc. in my spare time. Since DH retired I have done his tax return online, in fact I completed and submitted last year's on Saturday and paid the back tax owing. It only took a couple of hours. I have no idea how DH would manage if I was no longer able to do this as he hasn't the slightest clue.

Just wondering what his bill would be if I charged him for the secretarial and accountancy services I have delivered over all these years hmm

glassortwo Mon 06-Jan-14 20:53:47

If your return is straight forward its easy done online, but an Accountant is essential if you have anything out of the ordinary and he will save you his fee.

Mishap Mon 06-Jan-14 20:44:39

I did it online for the first time this year and it all went very smoothly. I calculate that my lack of knowledge about possible things that I cold claim against tax probably increased the bill by about £50. The accountant used to cost me £360. I am happy with that net saving, and I found the process very simple.

celebgran Mon 06-Jan-14 17:35:10

Yeah I think will be help it did it last 2 years for oh but not easy to check helps have professional

goldengirl Mon 06-Jan-14 17:10:22

I've always used a professional as I'm not hot on numbers. It's been worth every penny not to have the worry and hassle.

sunseeker Mon 06-Jan-14 16:50:55

When DH was alive and ran his own business we used an accountant for the business and our private tax affairs.

Now I just have my pensions and some return on investments but I still use the same accountant. Last year he discovered the tax office were charging too much on one of my pensions and was able to reclaim enough to cover his costs and give me a small contribution towards filling the oil tank!

tanith Mon 06-Jan-14 16:40:29

I have never filled in a tax return in my life but I guess getting it done by a professional is the way to go.

celebgran Mon 06-Jan-14 16:33:16

WE Have enlisted accountant for first time, we do know him a neibor and he is more or less retired, but been here couple hours and coming next week will submit it charge about £120 in total think will be worth it.
Did it myself last 2 years but we always owe more be good to have some professional advice. poor husband slaughtered on private pensions.
any one else in this boat??