Keeping up with tax / regulatory / accounting changes

[LondonManc]

I have an accountant but there are some here who choose not to, you'll have to ask them their reasons.

I was more interested in how they keep up with the communication of change from year to year, and where their main sources of information on tax and process changes. It seems to me that there are a lot of regulatory changes each year, so I was curious (without berating them for not getting an accountant) as to how they keep up with the changes.

Fair enough. You're probably in the wrong place to expect anything but guesswork. Those without accountants probably know everything anyway.

[chopper]

I think majority of this would come from hearing other contractors speaking about said changes. Whether on this forum or at the place of contract.

Actually, I suspect the majority live in blissful ignorance of the rules, probably not filing correctly, probably not paying the correct tax (I imagine many not paying any tax at all, keeping their head in the sand).

It is reasonable to assume the majority of limited company contractors in the PS are unaware of what is coming their way in a couple of months.

And when the taxman cometh, or when their April fees are massively lower than March, they will google frantically, come here, and ask for free advice with a situation far more complex than can be answered on a public internet forum.

And then, as sure as apples are apples, they wont like the answer and we'll all be called unprofessional for telling it like it is.

THAT is the approach that most limited company contractors without (and some with) accountants take. ;-)

[Michael at BI Accountancy]

It sort of assumes, though, that they would have an idea of what to ask for, which implies that they have had some form of communication that might trigger that they need to find out more.

I think majority of this would come from hearing other contractors speaking about said changes. Whether on this forum or at the place of contract.

[meridian]

It's not a bad place to start to be fair. If the info isn't there there's more often then not enough people willing to sign post to it.

It sort of assumes, though, that they would have an idea of what to ask for, which implies that they have had some form of communication that might trigger that they need to find out more.

[Alan @ BroomeAffinity]

The few I know on here without them ask on here. 13000 accountants for free..

It's not a bad place to start to be fair. If the info isn't there there's more often then not enough people willing to sign post to it.

[northernladuk]

The few I know on here without them ask on here. 13000 accountants for free..

[meridian]

Why wouldn't you use an accountant? For the amount you pay them, it can easily be recouped back by benefitting from their knowledge.

I have an accountant but there are some here who choose not to, you'll have to ask them their reasons.

I was more interested in how they keep up with the communication of change from year to year, and where their main sources of information on tax and process changes. It seems to me that there are a lot of regulatory changes each year, so I was curious (without berating them for not getting an accountant) as to how they keep up with the changes.

[LondonManc]

I suppose for some, spending 0.8% of their annual turnover on an accountant is just too much to bear.

May as well join a scheme then. Just make sure it's QC approved and you'll be able to take home up to 109.32% of your revenue.

[chopper]

Why wouldn't you use an accountant? For the amount you pay them, it can easily be recouped back by benefitting from their knowledge.

I suppose for some, spending 0.8% of their annual turnover on an accountant is just too much to bear.

[LondonManc]

Why wouldn't you use an accountant? For the amount you pay them, it can easily be recouped back by benefitting from their knowledge.

[meridian]

For those of you who do not use an accountant, how do you keep up with the various changes in tax / dividends, other expense changes, etc? Tolleys? Accountingweb?