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  • Tax

    Are accountants worth the money or DIY?

    Hi all.

    What do the majority of you do when it comes to tax.

    Do you submit your own tax returns?

    Do you use an accountant to submit them?

    Or do you use a specialist property accountant who knows the ins and outs of the rental/property market? Are they worth the money you save on tax.

    Thanks very much

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    I have done my own s/a for many years as the hard bit is the book keeping rather than inserting figures in the boxes.  due to s.24 I have wasted a fair amount of time and money on a 'specialist property accountant' getting wrong advice and poor service.  

    They wouldn't then do my returns because I missed THEIR deadlines even though I submitted the accounts early jan. 2018! i.e. 3 months before hmrc deadline.  

    I have since discovered that are not chartered accountants!  they belong to some body my new accountant says she has never heard of!  make sure they are chartered if you do go down the accountant route and double check with the professional body that they really are full members; my old accountants were listed as members on the ACCA website and still are even though ACCA insist they aren't!!!!!!!  go figure.

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    Hi Joe, what were you filing with them? Was this your personal return? If so the deadline is 31/1/18 not April? There are very rare times it is April but this would be unusual. Happy to help if you need any.

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    yes, sorry I meant to say 31st jan. for s/a.

    I have new accountant who im happy with but thanks for offer.

    ive complained to IFA and ACCA about my old accountants (optimise).  ACCA list them on their website as a member firm, but say they are not.  However many months after pointing out this error this wrong info is still on the ACCA website as pasted below.  if I were an ACCA member I would be rather annoyed!

    Find an ACCA accountancy firm

    United Kingdom

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    Displaying 1 - 1 of 1

    NameContact details
    Optimise Accountants Limited
    2D Derby Road

    Nottingham

    United Kingdom
    NG10 5HS

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    Glad you are sorted. He has a registration number and says in a blog post he qualified in 2003 but his own website very vague. It could be that he is qualified but his company isn't registered. This is optional and not as important. I have a friend who has all sorts of deadlines for paperwork after which it's refusal or price hikes  I've never gone down that road myself

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    yes, Simon Misiweicz is a member of acca but as he is a minority owner of optimise accountants, acca say the company is not an acca registered firm, even though their website says it is!

    I understand that his wife Louise Misiweicz, a chartered PROCURER (!) is the main owner of optimise...very strange.  as my complaints mainly concerns Louise Misiweicz, acca cant investigate her or the company optimise.  So it is quite important that the person giving advice and/ or the company are members.  

    the complaints are being considered by IFA (who are not a chartered body) but do seem so far to be a more competent body than acca.

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    Hi, I have three properties and live outside the UK which makes it somewhat problematic to submit tax returns etc...

    For 160 GBP per year, I have a very good general accounting firm do everything, with the confidence and peace of mind that it's done correctly. With constant changes in the tax regime and various ways to mitigate tax, I find an accountant normally saves you more than you pay them.

    Unless you have a large portfolio or exceptionally complex return, I don't see the need for a specialist accountant.

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    Hi MBW,

    Would you recommend your accounting firm?


    Regards

    T

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    Hi T,

    Yes, absolutely, I have been using them since 2015... https://www.pclg.co.uk/our-team


    Thanks,


    M

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    I own a High Street Accountants myself. My honest answer is that a 'general' accountant can probably adequately deal with 90% of the work for 90% of the people. The issue is that some people don't know what they don't know and anyone can call themselves an accountant. We deal with virtually all property cases that come to us but they tend to be small time local people with one to three properties and nothing out of the ordinary. The minute we get anything that is not our bread and butter I put it over to a property tax specialist who we trade work with. I would add that I am a qualified accountant with 35 years experience. There are more and more people springing up who are data entry people using cloud software who dont know a debit from a credit. Check the credentials. Anyone who is not ACA/ACMA/ACCA or FCA/FCMA/FCCA could be great but you have know proof. Anyone who is a member of those groups or CTA should at least have to have insurance and be monitored by a professional body.

    As for if people can do it themselves, in the same way we can all paint a lounge, some are more pre disposed to to it than others. If people know the rules and are computer literate with an eye for what is needed by what date then it is not too onerous. If people are likely to forget to file and get fines or make mistakes resulting in penalties they are probably better off spending under £200 and spending their time on something more useful.

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