ive just become self employed- i know i can claim expenses for an accountant but i do i pay them..??
and keep the receipt and claim back at a later date or do i just sign something to waver the fees???????? why foxychick?
United Kingdom - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
they won't waive their fee. You pay as usual, keep the receipt or cancelled check and claim it on your taxes.
Answer 2 :
You have to pay them, they still expect their fee Its revenue you'll be claiming back from & you wouldnt be gettin the whole lot back either.
Answer 3 :
You can claim your accountant's fee on your expenses on your Tax Return. The financial benefit to you will be at your top rate of tax. If you pay 22%, you benefit by £22 for every £100 you pay your accountant, if 40%, you benefit at £40 for every £100 charged. You do not get all your fees back. Keep your receipt in case HMRC ask for your papers/accounts. You won't benefit by a lump sum, or get the fee paid for you, your tax bill will be reduced.
Answer 4 :
Try buying an up to date book or CD -Rom on tax practices. Accountants have a bad habit habit of letting bills accumulate and one year runs into another. Better if you read a bit before committing yourself to an unknown. Try the Internet. Post a Question to the experts. It will cost little but get a printout.
Answer 5 :
In order to claim any expensives you should have actually paid or acrued them first. Any cost you incur to operate your as business can potentially be considered as expenses. You don't "claim back" expenses as such, they still have to be paid out, but can offset them against your income so you'll pay less tax. The tax benefit is you won't be liable for tax on that amount of your earnings. If you engage an accountant they will expect to be paid for their services and the fees will be a business expense. If you don't pay an accountant you can't (legally) claim accountancy as an expense.
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