anyone got a list of contracting allowables ?

[cojak]

I meet with my accountants at the beginning of every year (I'll be meeting them later this month) and they do it for less than 100GBP pm.

I do my own bookkeeping, mind (remarkably easy with Quickbooks).

I pay them for their tax knowledge, they taught me how to use QB and review and audit my books.

I'm happy and so are they...

[ASB]

Now if you want them to be proactive you need to be paying them that and then a percentage of the amount that they save. I guarantee it'll be proactive then.

What I think you need to do is engage them for other services. The normal ToE only allows them to asess whether the transaction you have undertaken are OK. Not whether you could have done anything else. There are, I think, also rules from the institue of chartered accountants which govern their behavious in this area for general day to day work.

[boredsenseless]

IME accountants these days are more like bookkeepers in that they only process information after the fact rather than invite you in for a friendly chat to discuss all your circumstances and prepare you for the year ahead rather than the year already passed, when it's (usually) too late to do anything.

I'd recommend either:

1. Be proactive and actually ask to see your accountant. It'll cost a small sum, but they should be able to answer all your questions and tailor a strategy that suits your circumstances;

2. Buy the Zurich Tax Handbook (I think only the 2005-06 one is available now, not the 2006-07) and read it cover to cover, highlighting any possible areas you want to cover with your accountant.

I'd agree but what do you expect for 100 GBP a month?

Now if you want them to be proactive you need to be paying them that and then a percentage of the amount that they save. I guarantee it'll be proactive then.

But its the age old adage if you pay peanuts you get monkeys if you pay top dollar you get excellence. Most of the guys out there charging 100 a month could easily do the other stuff but would you design and architect a whole new network for your client if they are only paying for you to test the current wiring?

[meridian]

IME accountants these days are more like bookkeepers in that they only process information after the fact rather than invite you in for a friendly chat to discuss all your circumstances and prepare you for the year ahead rather than the year already passed, when it's (usually) too late to do anything.

I'd recommend either:

1. Be proactive and actually ask to see your accountant. It'll cost a small sum, but they should be able to answer all your questions and tailor a strategy that suits your circumstances;

2. Buy the Zurich Tax Handbook (I think only the 2005-06 one is available now, not the 2006-07) and read it cover to cover, highlighting any possible areas you want to cover with your accountant.

[ASB]

i want to know about renting out my spare room

I can tell you now that cost me a large sum in an investigation in '95.

What I assume you want to do is claim the rent a room allowance for 4125. I suggest you look very carefully at the rules on the HMRC website. The decide if your renting it from yourself as an office is covered.

If you feel it is then claim it. But be prepared for disagreement (of course the rules may have changed in recent years and it may be allowable now).

[sugsy]

i want to know about renting out my spare room

[boredsenseless]

Sound of dull thudding as Malvolio's head hits the wall...

That wall must have a lot of holes in it by now...

But in answer to the other guy.

Accountants are trained to know what to claim, they are also trained to assess risk. If you are happy to play riskier (with a much greater chance of a rule bend getting you into trouble) they will be able to suggest ways. If you choose to take them however its your responsibility.

Other accountants see it as their role to keep you out of trouble and save you from yourself.

I'd prefer the latter type myself as left to my own devices I'd be in serious dog poo!

[MrsGoof]

I can't handle the suspense,

what expenses are you claiming?

[malvolio]

Sound of dull thudding as Malvolio's head hits the wall...

[sugsy]

I am going to see my accountant tomorrow cos i reckon he is not claiming enough back for me. so much i hear about i dont do.

has anyone got a link or a list for a list of legal allowables ?