Trying to move away from using an accountant, and handle my own tax return.

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  • Trying to move away from using an accountant, and handle my own tax return.

    Dear all,
    I'm a landlord with one property.

    I'm paying an accountant about £600 p/a to take care of my self-assessment tax return. I would like to do it myself and save some cash.

    I'm sure I could get most of it right, but I'm anxious not to draw the gaze of inland revenue if I made a mistake. Not because I'm trying to avoid tax, but the cost and hassle of dealing with an inspection.

    So I can take the plunge. But I'd like to get some training, or get someone trained to review what I've done before I hand in my homework.

    Needless to say, my accountant doesn't like to answer questions. Especially when he senses that I'm trying to take work away from him.

    Apart from the property business, my tax situation is fairly simple. I have a small pension and some other minor income.

    Has anyone else out there tackled this ? and how did you get on ?

    thank you

  • Gordon999
    replied
    I would recommend that you use a separate bank ( current ) account for receiving your rental income and paying out all maintenance expenses.
    The 12 months statements will produce the total rental income and total expense figures for reporting on the tax return for 2018-2019.

    If you kept a copy of your last year's tax return, then you will know what form ( SA200 ? ) to expect for next time .

    Leave a comment:


  • BobbosHandle
    replied
    Thanks for all the advice so far. Book ordered. Considering the course.
    I'd be grateful for more opinions.
    Cheers all.

    Leave a comment:


  • jpkeates
    replied
    Lots and lots of landlords do their own tax return.
    HMRC are usually focussed on people who arent' paying tax, not on those who are and may make the odd mistake from time to time.

    I don't do my own return, and pay an accountant a similar amount to you.
    The costs are allowed against tax (even if they shouldn't be) and the peace of mind (and 20 minute discussion of my tax affairs each year) is worth the cost to me.

    Leave a comment:


  • theartfullodger
    replied
    Been doing my own for more than 10 years since my accountant (almost until I checked) was about to submit return and lose me £ks...

    re
    but I'm anxious not to draw the gaze of inland revenue if I made a mistake.
    You won't be in the clear if the accountant makes a mistake.

    Advice? By a book on property tax (there are more than 10 a landlord may pay..) e.g.
    https://www.amazon.co.uk/How-Save-Pr.../dp/1911020331

    & do a course from RLA or NLA e.g.
    https://www.rla.org.uk/landlord/cour...x_course.shtml

    - then see if you can do your own accounts and try almost getting to the end point with HMRC SA: Then ask your accountant to take a look and tell you what he'd suggest/save you.

    Leave a comment:

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