Will accountant really save money?

[BolshieBastard]

I have to smile at threads like this (will an accountant save me money or anyone recommend the cheapest accountant).

The obvious retort is, if your rate wasnt in the toilet, you wouldnt be asking such questions. But, more importantly for me, at least, is, my time is too precious. I dont want to spend time keeping up to date with the latest HMRC bulletins or whatever to make sure Im claiming what I can and not claiming what I cannot. Neither do I want to spend time doing arduous paperwork and bookkeeping to save a couple of hundred quid a year. Oh, and I nearly forgot, I dont want the hassle of dealing with HMRC.

So thanks but no thanks, I'll continue to pay an accountant.

[d000hg]

I don't think it's necessarily true using an accountant will mean your tax bills are reduced by more than their fees compared to you doing it yourself. There are not hundreds of crazy loopholes they can use for a contractor so you can learn the basics yourself.

The value is primarily in saving you the time and giving you the peace of mind that you haven't totally messed it up.

[ContrataxLtd]

I don't think it's necessarily true using an accountant will mean your tax bills are reduced by more than their fees compared to you doing it yourself. There are not hundreds of crazy loopholes they can use for a contractor so you can learn the basics yourself.

The value is primarily in saving you the time and giving you the peace of mind that you haven't totally messed it up.

I completely agree with this. In theory, if you had the time to sit down and read up on all the relevant legislation etc. then anyone could do it themselves but most people don't want to/don't have the time/inclination to do so, so they pay an accountant instead.

[diseasex]

I have to smile at threads like this (will an accountant save me money or anyone recommend the cheapest accountant).

The obvious retort is, if your rate wasnt in the toilet, you wouldnt be asking such questions. But, more importantly for me, at least, is, my time is too precious. I dont want to spend time keeping up to date with the latest HMRC bulletins or whatever to make sure Im claiming what I can and not claiming what I cannot. Neither do I want to spend time doing arduous paperwork and bookkeeping to save a couple of hundred quid a year. Oh, and I nearly forgot, I dont want the hassle of dealing with HMRC.

So thanks but no thanks, I'll continue to pay an accountant.

well if 110 more a month isn't worth anything to you then a) you're rich (im not,yet), b) you don't care (I do) c) you didn't read kyosaki (I did)
compound interest b**ch!

[Bozwell]

well if 110 more a month isn't worth anything to you then a) you're rich (im not,yet), b) you don't care (I do) c) you didn't read kyosaki (I did)
compound interest b**ch!

£110 a month isn't nothing but how long is it going to take to earn you that, and is that time less than you'll spend doing your own accounts?

[d000hg]

£110 a month isn't nothing but how long is it going to take to earn you that, and is that time less than you'll spend doing your own accounts?

Do you do your accounts during the working day?

[TheFaQQer]

£110 a month isn't nothing but how long is it going to take to earn you that, and is that time less than you'll spend doing your own accounts?

It's all about opportunity cost and risk.

I could do my own accounts, but I know that (a) I hate accountancy; (b) I'm not very good at accountancy; (c) I don't want to do it; and (d) if I get something wrong then I only have myself to blame for my costly mistakes.

My appetite for risk, coupled with my loathing of accountancy and my knowledge of my limitations means that I'm quite happy to pay for an accountant to do it for me.

[diseasex]

It's all about opportunity cost and risk.

I could do my own accounts, but I know that (a) I hate accountancy; (b) I'm not very good at accountancy; (c) I don't want to do it; and (d) if I get something wrong then I only have myself to blame for my costly mistakes.

My appetite for risk, coupled with my loathing of accountancy and my knowledge of my limitations means that I'm quite happy to pay for an accountant to do it for me.

To sum that up , it wont save money for a typical contractor but it will save a lot of hassle

[northernladuk]

To sum that up , it wont save money for a typical contractor but it will save a lot of hassle

Sadly in this day an age you have to assume a typical contractor doesn't have a clue what they should be doing so will need an accountant to save them money.

A better phrase might be
It won't save money for people that take contracting seriously but will... Etc etc

😁

[TheFaQQer]

To sum that up , it wont save money for a typical contractor but it will save a lot of hassle

Assuming that you won't make any mistakes, and know the law, and know the ins and outs of what you can do, then yes.

If any of those assumptions aren't true, then that's not what I said.

HTH BIVMDI