Self Employed Tax Question

[rhaichard]

Hello,

my husband just started being self employed ( as in 1st time ) , he wants to know if he really needs to get accountant or he can do his own tax return ?

any help and advice will be great !!!!

thanks

[Ako Si Jamie]

He can do his own tax return but ask around your area if there are any good reputable accountants because they can save you a lot of money.

[Ako Si Jamie]

If he's just started he won't have to pay any tax till Jan 2015 I think, but check up on that to make sure.

[Terpe]

Hello,

my husband just started being self employed ( as in 1st time ) , he wants to know if he really needs to get accountant or he can do his own tax return ?

any help and advice will be great !!!!

thanks

Does your hubby know anything about what's taxable and whats not?
If not then is he prepared and confident to learn something?

The HMRC website contains all the information he needs, if he's prepared/interested to research. If not, then an accountant will be invaluable for him.
By the way, are you here on legacy (old rules) or new?
The reason I ask is because if you're under new rules you'll need to submit another 30 month FLR(M) then you'll need to show taxable income at or above income threshold, means increased taxable income.
If under old legacy rules then your hubby should be sure to avail of minimum taxable income. (ie optimised tax breaks)

Hope that makes sense

[fred]

My wife did my accounts for the last 4 years I worked.. The online tax return system was a doddle she says!!
That saved me 500 a year on accountancy fees.

[Terpe]

My wife did my accounts for the last 4 years I worked.. The online tax return system was a doddle she says!!
That saved me 500 a year on accountancy fees.

I'd agree that the 'mechanics' are pretty straightforward. Should be within the capability of most folks.
One of the benefits that some ad-hoc help from a good accountant is related to understanding how to optimise those tax-breaks to your own needs.
Knowing how or why to vary taxable income in any specific tax year.

In connection with spouse visa applications, the self-employed position relating to the income thresholds can easily be misunderstood.

[rhaichard]

thanks guys for the help ... he just starting it yesterday so there's a lot to think about ..

[Ako Si Jamie]

He needs to declare himself self-employed as well. Not sure what the time limit is now to do it in.

[Terpe]

thanks guys for the help ... he just starting it yesterday so there's a lot to think about ..

Have you husband take a look at this important link - First steps to register as self-employed

[rhaichard]

Have you husband take a look at this important link - First steps to register as self-employed

thanks terpe ...

[rhaichard]

thanks for answering also jamiexxxmaria