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morning, I thought that it would be good to use an accountant this year as we are working as a partnership and it all gets abit complicated. We went to see him last night , well what a shock we have to pay £4000 tax and NI , we are not happy and it looks like he hasn't taken off any for wear and tear which makes a big difference. Thats me waving goodbye to a drive and a porch gutted!
Kiddleywinks
26-07-2012, 06:58 AM
If he hasn't taken off the wear and tear what else hasn't he done?!
Sorry, but I'd be having serious words about the differences for childminders and getting him to read up about it before submitting my return.
Have you got the time to do your own rough version to see what differences you have? - I know it's kinda defeating the object of having an accountant, but if it saves you money surely it'd be worth it longer term....
Edit
I was in partnership years ago, different business, but it's really not that complicated. Income, less business expenses, equals profit, divided between the partners share (50/50, 60/40, or however you've decided to split it) less each personal allowance = amount to be taxed
wendywu
26-07-2012, 07:52 AM
I use an accountant but still fill in my accounts book in , add up receipts and take off expenses and wear and tear.
My accountant just double checks it all and takes off some of my pension etc.
Ask him to adjust it for you :mad:
QualityCare
26-07-2012, 08:24 AM
I use an accountant but still fill in my accounts book in , add up receipts and take off expenses and wear and tear.
My accountant just double checks it all and takes off some of my pension etc.
Ask him to adjust it for you :mad:
I do the same, she works out my car usage and a few other bits.
MrAnchovy
26-07-2012, 05:34 PM
Where did you find the accountant? Did you ask them if they have any experience with childminder accounts? Did you check whether they are members of a professional body and ask to see their Professional Indemnity Insurance certificate? Did they provide you with an engagement letter or other form of contract and details of their complaints procedure (this is a requirement of all the reputable professional bodies in the UK)?
If all the above are OK, there may be a communication problem - perhaps your accountant assumed you included the 10% wear and tear in your expenses?
Chatterbox Childcare
26-07-2012, 06:17 PM
morning, I thought that it would be good to use an accountant this year as we are working as a partnership and it all gets abit complicated. We went to see him last night , well what a shock we have to pay £4000 tax and NI , we are not happy and it looks like he hasn't taken off any for wear and tear which makes a big difference. Thats me waving goodbye to a drive and a porch gutted!
I know what you mean - is this the first year that you have had to pay on account for the next tax year and this is a killer too...
The accountant was recommended to us and has his own business it was all very official and abit scary when we met to be honest.He did say that he has done accounts for childminders before. He rang today to say that he hadn't taken off the wear and tear so he will have to resubmit. we are going for another meeting on Sat and I will be cheacking his figures thorougly.The plan was that he would save us money not for us to pay more. The bill was for tax in advance for my daughter but not me.
Chatterbox Childcare
27-07-2012, 06:48 PM
The accountant was recommended to us and has his own business it was all very official and abit scary when we met to be honest.He did say that he has done accounts for childminders before. He rang today to say that he hadn't taken off the wear and tear so he will have to resubmit. we are going for another meeting on Sat and I will be cheacking his figures thorougly.The plan was that he would save us money not for us to pay more. The bill was for tax in advance for my daughter but not me.
If it is in advance for only one party then your tax bill personally will be lower