Accountant for tax returns - worth it?

[EvilRob]

Anyone use an accountant for their SA tax returns?

I've been doing my own for the past 6 or 7 years. My return isn't very complicated - just a couple of income sources. Wondering if an accountant would find creative ways to reduce my tax bill or if I'd just be providing them all the information to then fill in exactly what I do.

 

[rumple9]

An accountant will cost you more than any tax saving, unless you're a multi-millionaire.

 

[TOW]

An accountant will cost you more than any tax saving, unless you're a multi-millionaire.

Depends on the income sources and how they relate to expenses to generate that income - don't have to be earning quite that much for it to more than pay for itself, but it's situational.

@EvilRob - if you're curious - best bet would be to pay for an initial consultation with a reputable accountant - try to get some detail & just be a little careful about sales tactics.

 

[Efour]

Yeah... Just pay for s meeting and find out...
It's not rocket science.
You don't wanna dump any information on here in public.

 

[NVP]

Not many loopholes left, unfortunately.

 

[dlockers]

Depends, what number do you want?

 

[SPG]

An accountant will cost you more than any tax saving, unless you're a multi-millionaire.

This is not true.

It pays for itself 9/10 with extra going into your pocket.

 

[Martynt74]

I would probably say it depends on the levels of income. If you're saying a few small income sources being things like rental income/small side business i'd suggest probably not. Most will just be doing what you're doing anyway.

 

[200sols]

This is not true.

It pays for itself 9/10 with extra going into your pocket.

They dont do anything you cant research yourself.

 

[Maccy]

They dont do anything you cant research yourself.

Pretty much this. I have one as I work through a limited company and wouldn't want to deal with company accounts, but I could probs do my own SA now. Only things that help to reduce it are allowable expenses, pension contributions, charity donations and utilities/WFH allowance (if you're eligible).

 

[VincentHanna]

Pretty much this. I have one as I work through a limited company and wouldn't want to deal with company accounts, but I could probs do my own SA now. Only things that help to reduce it are allowable expenses, pension contributions, charity donations and utilities/WFH allowance (if you're eligible).

Agreed

My accountant does our payroll, my own tax returns and the quarterly VAT, but crucially they also do our annual accounts.

And they are always there at the end of a phone for advice.

 

[Maccy]

Ah yes, and VAT - good shout @VincentHanna.

 

[alexakasloth]

They dont do anything you cant research yourself.

Seems to be a load of calculators on the gov website to work out which method of accounting works best for SA. Need to do one myself next year and it seems quite straightforward.

 

[bm_999]

I would think if its VAT related aswell def get an accountant if it like you say few income soruces etc.. than just stick with yourself

 

[Chris Wilson]

If you are self employed in a trade HMRC consider dodgy, like me in the motor trade, the gravitas added to your tax return from a REPUTABLE firm of accountants adds an immeasurable amount of protection from investigations compared to DIY.

The accountants also suggest ways to minimize tax and warnings that you are trying to claim allowances for things you should not be. Plus the fact I detest paperwork and would rather delegate and pay for the privilege

 

[kindai]

Depends on the accountant.

For my personal tax returns I do it all myself. For my companies, I have an accountant who is very very good. Hes saved me a substantial amount over the years and most importantly he is available at the end of a phone call for any issues or queries.

 

[SPG]

They dont do anything you cant research yourself.

True, but i have better things to do with my time. I.E earn more money in what i do rather than spending a spare 3 hrs in evening understanding my accounts to the level a accountant gives me.

(Its amazing what you can write off for a christmas party, and you really need a 75" TV for training purposes etc etc)

 

[Terminal_Boy]

I use an accountant now I’m self-employed and the French system is very different.

 

[Freakbro]

As an accountant that does peoples tax returns, yes I'd say it was worth it

 

[Mr Jack]

Anyone use an accountant for their SA tax returns?

I've been doing my own for the past 6 or 7 years. My return isn't very complicated - just a couple of income sources. Wondering if an accountant would find creative ways to reduce my tax bill or if I'd just be providing them all the information to then fill in exactly what I do.

I had an accountant to deal with my Limited Company back when I was contracting in the UK, and she saved me more than I paid her - although it wasn't anything I couldn't have figured out myself. If you've been doing it for a while and paying attention I doubt they'll be able to make much difference but they should also be fairly cheap if you've already got your books in order.

Honestly though, it was mostly worth it to me for the lack of hassle and not having to spend all that time learning about and keeping up to date with something I don't care about. Having an extra set of eyes on the books helped too.