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One last freelance Question- Cheers Strat :)
Do you have to hire an accountant to sort out your tax returns at the end of the year or is it easy enough to sort out yourself?
Actually one other quick one, when i went through some of the pages on the HMRC website it seems to suggest that you can basically offset some of your tax from expenses like car miles, or a computer etc. Is that something you do or is it more for larger companies.
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3/23/2010 12:57:42 PM (last edit: 3/23/2010 12:57:42 PM)
You can do it yourself, but if you can find a good accountant, you'll save yourself a ton of hassle.
As kb said previously, a good accountant can make you money because they know what can & cannot be offset against tax, etc.
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3/23/2010 1:08:50 PM (last edit: 3/23/2010 1:10:32 PM)
You can do your own tax its easy enough.
Its a bit more complicated what you can and can't legitimetly claim for.
And there are things like expenses are different from capital allowances (the latter which is more for equipment you keep/use)
www.simonreeves.com - VFX Artist & Blog
www.analogstudio.co.uk <-- I work here
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3/23/2010 1:08:59 PM (last edit: 3/23/2010 1:08:59 PM)
hire a book keeper... (a lighter version of an accountant)... mine does all my tax/VAT returns and PAYE... i started doing it myself, then found it more cost effective to hire someone... roughly £500/year and you dont have to worry about it...
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3/23/2010 2:27:13 PM (last edit: 3/23/2010 2:27:13 PM)
i do it myself. but then i'm a tight bastard.
if you intend to run a small business then hire one in. it'll certainly pay. he'll take the hassle out of everything. but for a few 'extra' freelancing jobs above your normal full time job then do it yourself.
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3/23/2010 3:11:36 PM (last edit: 3/23/2010 3:11:36 PM)
Thanks for the advice guys, very helpful.
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3/23/2010 3:26:38 PM (last edit: 3/23/2010 3:26:38 PM)
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