15 {{ upvoteCount | shortNum }}
15 {{ upvoteCount | shortNum }}

UK Warriors - Finding An Accountant

by Snow_Predator
12 replies
Hey folks

Since I'm earning enough to pay taxes now, I need to find an accountant. Do I need to find one who specializes in internet marketing? Or will any bogstandard accountant do?

What's the best way to find one and how much should I be looking to pay him/her? I want to of course, avoid paying taxes as much as possible.

Any tips would be appreciated.

Thanks
#accountant #finding #warriors
  • Profile picture of the author philhunter
    I just use a normal one to do the books and returns, I found out most of the 'tax saving stuff myself' here are a few things I found (you may know them you may not)

    1. Set up a ltd company first then you will only pay 20% corporation tax (as long as you keep it under a certain amount £300k I think it is)

    2. Set yourself up a PAYE scheme and pay yourself the minimum amount without getting taxed (something like £9000 now)

    3. Pay yourself the rest as a dividend (you can pay youself an additional £42,000 I think it is and pay £0 tax on it).

    I tried finding a lot of tax savings/loopsholes etc but it seems there are none unless you are making millions each year and want to move to another country etc, the ones above are the most obvious but a lot of accountants won't even tell you those for free.
    Signature
    **Brand New Hot New Clickbank Launch** Earn Over $108 Per Sale + Rebills - Click HERE For All The Details!
    {{ DiscussionBoard.errors[6062526].message }}
    • Profile picture of the author Snow_Predator
      Hi Phil, thanks a lot for the advice. I'll look into setting up a limited company.
      {{ DiscussionBoard.errors[6064432].message }}
  • Profile picture of the author John Coates
    As an ex tax officer in the UK (granted, a few years ago), ex Company Secretary for a number of small business and now an Internet Marketer and service provider, my advice is to get yourself a local accountant.

    For one of the companies I worked with, I remember asking for a quote from half a dozen accountants - and I received one from all six.

    Explain your current situation, share what information you have gathered so far, choose one and then develop a close working relationship with them.

    Whatever you pay for their services, you will save and more as your tax liability is reduced.

    Good luck.
    Signature
    John
    {{ DiscussionBoard.errors[6064618].message }}
  • Profile picture of the author pam2011
    Contact Business Link. They may have alist of accountants in your area that can offer you a free consultation and tell you how much you can expect to pay and even give you some free advice on your taxes.
    Signature
    {{ DiscussionBoard.errors[6064643].message }}
  • Profile picture of the author Romeo90
    The simplest way is to register as self employed.

    Keep all receipts for expenses. Keep a record of all sales. Tot them up each month, and fill in the online tax forms.

    If you do enough research, you don't really need an accountant IMO. I have found, for free, all the info I need online. For example, if you are self employed, and work from home, did you know a legitimate expense is a percentage of the mortgage on your interest? Percentages on all home bills, such as phone, broadband, electricity - all can be claimed as an expense.

    Unless you are earning 100s of thousands a year, I just dont think it is worthwhile if you do your research. Good luck in finding a sloution. And remember: Tax doesnt have to be taxing :-)
    Signature


    {{ DiscussionBoard.errors[6064724].message }}
    • Profile picture of the author jasonTBA
      Originally Posted by Romeo90 View Post

      For example, if you are self employed, and work from home, did you know a legitimate expense is a percentage of the mortgage on your interest? Percentages on all home bills, such as phone, broadband, electricity - all can be claimed as an expense.
      Be careful when doing this as it may come back and bite you in the ass when you go to sell your home.
      {{ DiscussionBoard.errors[6065578].message }}
      • Profile picture of the author Daniel Evans
        Originally Posted by jasonTBA View Post

        Be careful when doing this as it may come back and bite you in the ass when you go to sell your home.

        It's a given that a percentage of utility bills can be counted in as an expense if a person works from home.

        How does it have effect a person when they sell their home?
        {{ DiscussionBoard.errors[6065780].message }}
        • Profile picture of the author Jeff Henshaw
          Another option is (in the UK) a Limited Liability Partnership (LLP). This is, without going into detail, something between a partnership and a full Limited Company.

          Of course, if you are a sole trader, then this is not applicable, but if you have a business partner (ah..em wife, husband, partner!) this might be worth looking into.

          Google it and do your own research.

          Just my thoughts,

          Jeff.
          {{ DiscussionBoard.errors[6066040].message }}
  • Profile picture of the author mbitsol
    why hiring a account just to pay taxes ? you can look for a income tax Consultant (lawyer)!
    Signature
    MbitSol - Digital Marketing Agency providing SEO Services UK
    Free online Jobs
    {{ DiscussionBoard.errors[6064916].message }}
    • Profile picture of the author wizzard74
      Originally Posted by mbitsol View Post

      why hiring a account just to pay taxes ? you can look for a income tax Consultant (lawyer)!
      Because they can advise in so many other ways than just saving tax and also they'll ensure you file your tax returns on time and accurately.
      Signature

      You don't want to click here --> Richard Arblaster

      {{ DiscussionBoard.errors[6065128].message }}
  • Profile picture of the author tgpros
    I would highly recommend using an accountant to be honest. As other people have said, setting up a Limited company is definitely the way to go. If you register as a sole trader you'll be paying through the nose on tax.

    Most accountants will setup a Limited company for you and only charge you the incorporation fee. I know people who tried doing it themselves and made a hash of it - so I was happy to have an accountant do it instead, someone who knew exactly what they were doing.

    Most accountants offer a free consultation anyway - so pop into a few different ones to see what they can do for you. You might be surprised how cheap they are. Certainly I use an accountant and find it much easier - they take care of everything from my personal tax returns to my company pay slips and also my VAT returns.

    I know people who've been on the wrong side of the taxman and it's not somewhere I'd want to be. I can sleep easy knowing I have an accountant sorting my books out for me, which leaves me all day every day to focus on building more sites, and making more money.
    Signature
    Last month I turned over $57,646 on one of my Shopify web stores. Read my honest "warts n' all" review of the Shopify platform click here now!
    {{ DiscussionBoard.errors[6065077].message }}
  • Profile picture of the author Green Moon
    I'm not in the UK but I echo the posts that say to hire a local accountant and let him talk to you about how to structure your business to save taxes. You can get a lot of completely contradicting advice in a forum like this, but it takes someone who really understands the nuances to decide which will work best for you.
    Signature
    Find an Accountant | Tax Help
    {{ DiscussionBoard.errors[6066944].message }}

Trending Topics