Hi. I've just been in business for my first year as a Ltd Co. and have been sent notice that my Corporation Tax return (form CT600) needs to be done. They've sent all my paperwork to my accountant. My question is this. My accounts are very simple. Just my salary coming in each month and the usual things going out each month (salary, expenses, dividend) plus a few company related bills. Can I do my Corporation Tax return myself or do I have to get my accountant (who likes to charge a lot) to do them?
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You can do them all yourself. The question is if you feck it up you carry the can. -
Fair commentThe question is if you feck it up you carry the can.
Wonder if I should get the accountant to show me his calculations once he's done it and do it next year if it looks easy.Last edited by mobwell; 25 March 2007, 00:03.Comment
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Not quite true - if your accountant fecks up - you carry the can anyway - The thing is do your homework and pay for a decent one that way he won't feck up.Comment
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A decent one should include this as part of the package. You should pay a straight monthly fee that will incorporate this kind of thing.
A good accountant will cost £60 - £100 pm, depending on what you want him to do (CT work should be included in the £60pm cost).
Any less than £60 - not sure how good they are; any more than £100 are probably* overcharging you.
*unless they are saving you more tax than they're charging...Last edited by cojak; 25 March 2007, 09:34."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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Accountants are a grey area as far as I am concerned. A good one can make a huge difference and save you tax but then may well charge you an arm and a leg. What is the cut off point?
I am more than happy with my accountant. He handles both my business and personal accounts for my wife and I. Over the years that I have used him he has typically ensured I get a tax refund every year by maximising my allowances, reliefs etc. - especially when I was a permie. He is on the ball and advises of changes in budgets, tax law etc that impact me and is currently advising us on IHT planning.
Key thing for me is why worry about trying to do everything myself - would rather pay a professional to do all that kind of stuff.
Bottom line: allows me to sleep at night and worth every penny!Comment
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Absolutely - same for me.Key thing for me is why worry about trying to do everything myself - would rather pay a professional to do all that kind of stuff.
Bottom line: allows me to sleep at night and worth every penny!
I know you can do it yourself but I don't want to."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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