Anyone do their own accounts?

[el duder]

Is it fairly straightforward? Do you use any software packages? What if investigated by the Revenue?

yup. its called an EXCEL SPREADSHEET

[milanbenes]

I have to admin you did well to get that second one out so quick

Milan.

[Shimano105]

Milan, I'm always short of the old bish bash, mainly as a result of the little blighters.

Also, I am fed up with my accountant.

[Fleetwood]

A relative's ex-boss was investigated by the IR Gestapo AKA the "Special Compliance Unit". These guys won't go in unless they think they can get at least £250K out of you. Not a nice experience....

[BlasterBates]

Now the point is yes if ordinary Mr Hector is dealing with your form...fine, you'll get a few queries and he ain't going to do anything. If however you show up "red" i.e. genuinely dodgy, on the IR computer, they send the "heavies". Now these guys aren't your everyday Taxmam sorting out the day to day, they're out to jump on any anomolies, and yes you can appeal etc etc. But by the time they've finished with you, you'll just be glad its over. For them its a job, for you, its legal, accounting fees, telephone calls, writing letters with justification etc etc. Now they quickly sorted out the reason why he showed up red, but these guys have targets to satisfy.

[milanbenes]

Shim,

haven't you got enough on your plate with the kids, or are you short of the bish bash ?

Milan.

[TheMonkey]

The Inland Revenue aren't that bad. I cocked up my P35D owing them 75 quid and they said "yeah whatever - just stick it in the post sometime in the next couple of months"

They are only bastards if you do anything genuinely dodgy.

I do my own accounts with Sage Instant Accounts. It does the job. I can also read properly (the only requirement do to your own accounts).

[Lockhouse]

£1000 for each mistake over a 11 minor receipting errors? I take it he appealed?

[Mailman]

I know one person who did his own accounts, most years it was OK and then one year he made a silly mistake on the form. I think he put the figures in the wrong column.

It flagged up on the IR computer so they came round for an inspection.

Now when they come for an inspection, they'll always find something. They checked every single receipt and found 11 that could be questioned. For each one he paid a £1000 penalty.

So be warned.

I know someone who used an accountant year in year out until they made a silly mistake.

It flagged up on the IR computer so they came round for an inspection.

Ended up with a massive tax bill!

So be warned!

Mailman

[BlasterBates]

I know one person who did his own accounts, most years it was OK and then one year he made a silly mistake on the form. I think he put the figures in the wrong column.

It flagged up on the IR computer so they came round for an inspection.

Now when they come for an inspection, they'll always find something. They checked every single receipt and found 11 that could be questioned. For each one he paid a £1000 penalty.

So be warned.

[Mailman]

I did my own accounts...I mean why pay someone else over £1000 a year to do something you can do yourself in 10 minutes a month!

Mailman

[DaveB]

A few people here do, I don't.

The way I see it it's a reaonable expense in return for not having to deal with the tax system myself and insurance against cockups. If I get it wrong I've only myself to blame. If my accountant gets it wrong at least I know who to go round and kneecap afterwards ( Hi Simon! )

[Clog II The Avenger]

I start with the figure I can afford to pay tax on, then I work backwards with income and expenses until it looks convincing enough. The tax man is just grateful that he manages to get anything.

[Shimano105]

Is it fairly straightforward? Do you use any software packages? What if investigated by the Revenue?