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I'm about to buy a 1 bed flat and I'd like to get your thoughts on whether its cost effective to pay a few hundred pounds for a tax advisor fees per year, for just a 1 bed flat?
Does anyone do their tax return themselves and if so are there any apps/software that make the recording and submission easier?Thanks in advance
really depends on your abilities...if are a complete dollard then get help!
ive been doing our returns for decades using xl spreadsheets.
Do it yourself
It is easy - just record every income and expense - you can categorise them if you like but I just put them under one expense category on my tax return.
Save all receipts/invoices into an envelope. New envelope each tax year
I rented my house out for 12 months and as I am retired I decided to do my own self assessment on the .gov web site. If you use this site you can fill in the forms and see what your tax will be before you submit your return. I only have a small pension and the rent from the house so was expecting to pay a small amount in extra tax. On the first time of filling in the forms it said I owed them £348 this didn't sound right so I filled the forms in again this time it said I owed them £120 so I asked an accountant to do it for me ( I gave him my login and password) He is a relative of mine so that seemed OK. he filled the same forms in with the same information and it came back they owed me £68 so I would say YES get an accountant to do it for you. I think some of the questions seem ambiguous so it's difficult to know what they want. You can try filling the forms in yourself and see what comes back then get help if needed. (it comes straight back within a few seconds so you can see straight away how much you would pay then submit it if it's OK. Hope this helps the site is quite good but you know our government they don't make anything easy.
There's a difference between a tax adviser and an accountant. The first should give you advice on structuring your property investments, but is unlikely to process and enter your ongoing figures for you; the second will do the financial admin for you but won't necessarily advise on the best way to structure your business!
I swear by the book 'How To Avoid Property Tax' by Carl Bailey, which would give you a thorough understanding of the ins and outs even if you do then decide to pay an accountant.
I do my own tax return, my record keeping is my own Excel workbook, organised by categories of expenses that correspond with those to be entered on the HMRC online form.
Guys, great advice from you all here- thanks to you all.
I think I'll have a go at recording all my income and expenses via a spreadsheet during the year and do the assessment myself online. If it proves too insurmountable/suspect I'll get an accountant on board at that stage to help. I'm a contractor so I have a decent baseline familiarity with annual returns. I'll have a look at that book on amazon too Andrew!
The circumstances look like one might be required. What if future ambition. More properties.?
If you know what you can claim and what you can't then I would say yes. Depends on depth of knowledge and time.
I have had accountants in the past and question the knowledge and abilities and find
Saving £200 in tax to pay them £200 is zero.
But that's just me. We live in an age where you can find out online most info for free and government does not hide it.
15 years ago you had no choice but to pay out as information was not readily available, Remember you are ultimately responsible for what's in the return.
If tax becomes Digital then I suspect accountants will suddenly realise they are in a profession that is being extinguished except for ultra rich.
Most accountants including Tax assist do a free initial consultation, try it then decide.
On Hiatus till further notice........
Don't let anybody tell you what you can or can't achieve. Every problem has a solution , and somebody else's solution may not fit your circumstances.
Good points here, I will certainly take them into account. Many thanks
Fresh out of uni in 1999, i did not have clue.
Over a period of one week i read every page financial times tax guide which i borrowed from library (make sure up to date). Since that time period i have watched most budgets and kept a close monitor on changes.
Financial literacy is one key ingredient for better future.
My friends were TESSA , PEP, ISA and now im sadly too old for a LISA.
MIRAS left before i got a chance to say hello.
I have an accountant do my accounts, then check his results against mine. Every year each of us has gone wrong somewhere. For a single simple property it is probably not necessary, but it might be worth paying for one year to see what to do.
Tax advice is a different matter, but again paying for it one year might well be worth it.