Do accountants hate people...

[8ob]

A good one is worth their weight, though.

The problem is they are not worth their weight, if your accounts package is all in order they are not doing anything for you that you couldn’t do yourself. They are also a very poor choice for tax or financial advice, burn them all I say

Bob

 

[Cato]

The problem is they are not worth their weight, if your accounts package is all in order they are not doing anything for you that you couldn’t do yourself. They are also a very poor choice for tax or financial advice, burn them all I say

Bob

I've used the same accountant firm for twenty years or more. Sole trader, contractor, Ltd Co they have saved me way more than I've paid them. Their bill this year was £3.5k for example, and on a rough calc of the time involved for the monthly stuff, VAT and year end it would have cost me more in my (chargeable) time than that to do it. That's before the actual savings on the tax.

It's no different to me than sub-contracting something like spray painting. You engage a professional to do the job properly and in less time than you could. Or, you 'have a go yourself' and it's OK at best.

 

[MattF]

The problem is they are not worth their weight, if your accounts package is all in order they are not doing anything for you that you couldn’t do yourself. They are also a very poor choice for tax or financial advice, burn them all I say

Bob

You're overlooking the fact that a lot of people just aren't cut out for book-keeping. For those, they're worth their weight.

 

[James1979]

I’ve a new accountant this year and he seems much better than the last lot. Time will tell…

I use an online accounts / stock / invoice package so they have very little to do bar check my work.

The big thing is though, through them I have insurance against an investigation. That’s worth the fee on its own. My mates dad didn’t and it nearly bankrupted him for them to find nothing wrong. At all. They are like HSE (I think) where you can’t reclaim any of the costs if you’re investigated.

 

[Cato]

I’ve a new accountant this year and he seems much better than the last lot. Time will tell…

I use an online accounts / stock / invoice package so they have very little to do bar check my work.

The big thing is though, through them I have insurance against an investigation. That’s worth the fee on its own. My mates dad didn’t and it nearly bankrupted him for them to find nothing wrong. At all. They are like HSE (I think) where you can’t reclaim any of the costs if you’re investigated.

I have the same, and based on a similar tale of someone losing their business through an investigation which found no wrong doing.

 

[Cato]

You're overlooking the fact that a lot of people just aren't cut out for book-keeping. For those, they're worth their weight.

There's also people like me (and I'm sure there are many) who could do it, but have way better things to use the time on.

 

[cheb]

I do my own, and much sooner than near the deadline, it's not like HMRC don't send out reminders.

I worked for a bank for a several years, and I used to be a debt collector so I hate each and everyone one of you personally.

 

[northwest]

Knew a Postmaster who was investigated, turned up on his doorstep one morning, a small village Post Office, On day two he pleaded with them to tell him what they were looking for and as they couldn't find it they relented, they were looking for evidence of his employee: Mrs Kidds. He carefully pointed out that that reference was to his monthly child support to his ex The Mrs and Kids. Stormed out apparently.
I have other tales too, a couple of them of "Life Lesson" magnitude.

 

[ukracer]

Don't be bitter... MTD is coming!

It is time for you to retrain now. Embrace it.

I am a car mechanic - EV's are coming - I am going to have to embrace a different type of vehicle repair.

What's mtd?

 

[addjunkie]

..who leave it until January to get the previous year tax assessment stuff in before the end date?

I've done it 3 years running... well apart from last January... because I hadn't made any money SE the previous year...

I've actually got my stuff together for the 2020 tax year though

And yes I could do non VAT self-assessment myself, but it simultanously sends me to sleep, and makes me angry

No they are used to it, and work over the holiday season charging double the going rate!

 

[Revs1972]

What's mtd?

Making Tax Digital

 

[JMS1972]

But making refunds really slow you have to log back in to claim a refund now and provide details from two forms of ID e.g. drivers license and passport. Then you might get your money back within 2 to 4 weeks....

 

[roofman]

Going on whats due from me in Jan 2023 i might as well be employing the local window cleaner to do my accounts...she is getting sacked come spring as this is now the 3rd consecutive year that monies owed have increased but my earnings have gone down.

 

[Nomad]

Thanks for posting about this. I'd heard about MTD a couple of years ago but didn't know the current situation, I've just searched for info - to save anyone else looking for updates :

MTD = Making Tax Digital ( a new way to report your earnings to HMRC)
For anyone earning £10k or more ( wages + any other income ie from rental properties) MTD will apply to you from April 2023.
For anyone earning less than £10k the existing self-assessment system will continue, no need to use MTD.
More info https://www.hbaccountants.co.uk/wha...or-sole-traders-from-2023-mtd-for-income-tax/

Best check for yourself but I hope this helps explain things

 

[Craig-SM]

Thanks for posting about this. I'd heard about MTD a couple of years ago but didn't know the current situation, I've just searched for info - to save anyone else looking for updates :

MTD = Making Tax Digital ( a new way to report your earnings to HMRC)
For anyone earning £10k or more ( wages + any other income ie from rental properties) MTD will apply to you from April 2023.
For anyone earning less than £10k the existing self-assessment system will continue, no need to use MTD.
More info https://www.hbaccountants.co.uk/wha...or-sole-traders-from-2023-mtd-for-income-tax/

Best check for yourself but I hope this helps explain things

that info is out of date and was postponed until April 2024 but this week was announced a further delay until 2026

Government announces phased mandation of Making Tax Digital for ITSA

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022).

www.gov.uk

 

[Nomad]

@Craig-SM thanks for the update - I had a quick look but didn't notice anything about it being postponed.
I'll be retired before they implement it at this rate !

Apologies for any confusion

 

[Pigeon_Droppings2]

What I've learned...keep scans of everything you give your accountant as backup. If they fail to answer the phone/email then start preparing to move as this is the first warning sign...the next sign will be missed filing deadlines and fines.

My first accountant was terrible...if it was possible to get something wrong he'd mess it up! Ended up switching...he made things as difficult as he could for me but luckily I'd kept backups of everything.

People I'm with now aren't cheap but I now have zero stress....worth every penny.

 

[roblane65]

No stress for me , as said before my sister is my accountant mind I havn't sent her them yet !

 

[knighty]

No stress for me , as said before my sister is my accountant

same here

she used to just do end of year stuff but since payroll etc/ all has to be submitted online too etc. she's doing everything for me

comes over weekly or fortnightly and does a bunch of admin/accounts/etc.

it's made my life a whole lot easier... charges me full whack but well worth it


she always brings cookies/food/sandwiches/fruit etc. because she thinks I don't look after myself

it was months before I realise she was taking the cash to cover it all!

 

[roblane65]

same here

she used to just do end of year stuff but since payroll etc/ all has to be submitted online too etc. she's doing everyhting for me

comes over weekly or fortnightly and does a bunch of admin/accounts/etc.

it's made my line a whole lot easier... charges me full whack but well worth it


she always brings cookies/food/sandwiches/fruit etc. because she thinks I don't look after myself

it was months before I realise she was taking the cash to cover it all!

Not quite the same , just a sole trader and I keep the paperwork well ,No 1 son spread sheets it and she /checks / does all the pootering ( I'm a techphobe ) and submits
she charges me nowt ! I think she feels sorry for me . she and hubby both accountants although she is more qualified then him and lets him know it I did look after well when she was young .