Forum

• # 70411
• Mon 25 Apr 2011 07:11 PM

Hello,

I am in the progress of starting a bookkeeping practice and owing to being new to this area I would like to know if I need the services of a lawyer, an accountant or both?

Kind regards

David Rosario

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• # 70418
• Tue 26 Apr 2011 09:14 AM

Have I missed something?

Much as I love to get paid for filling in tax returns - and I do (and am qualified to do so) you don't have  to have any qualification to do your own tax return.

Indeed one of the sites that I use to get business frequently has postings from self employed people looking for someone to do their SA - and an equal number of postings from those who do their own saying how easy it is.

I am not saying that those who do are getting it right, its not my problem and it is their choice but to suggest that you need the Diploma to do your own tax return is, in my opinion, stretching the imagination somewhat.

And if you get someone else to do it then you may have recourse if they get it wrong but ultimately whoever does it the responsibility is yours.

Of course if you wan to pay someone to do your return David please feel free to get in touch.

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• # 70422
• Tue 26 Apr 2011 09:41 AM

Yes James I did see the word "ideally".

But I think the implication  sends out the wrong message to members who are in or intending to be in practice.

Many have posted that they are struggling to get business and also their concerns about the cost of starting up and further qualification.

Put simply - members need to be aware of what they can do for others but do not have to have any particular qualification to carry out their own work. I do my own tax return, and have done so for many years prior to membership. I am also a director of a company - my qualification level only allows me to prepare draft accounts for others but my statutory reeuirement allows me to sign off accounts on my own company.

In both cases the onus is mine entirely. But what I do have is contacts who are approrpiately qualified to advise me on issues which may arise, thankfully these are few and far between - which turns the forum full circle to one of the first postings "qualification v experience".

PS - HMRC are sending out many letters telling people that they owe money (you may be on the list yet!), simple fact is that a major proportion don't owe any money and alleged liabilities and penalties are getting written off and cancelled.



Edited at 26 Apr 2011 09:44 AM GMT

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• # 70423
• Tue 26 Apr 2011 10:06 AM

Hi All 

If you do your own tax return, then only you are responsible for want you do.

   However if you do a clients tax return and you make a mistake through lack of professional knowledge as an agent for the HMRC  that costs them money, they they can take you to court for the costs.  If they are found to be reasonable

To be clear I am not talking about a client not giving you information as that is their responsibility .   You will also find that if the mistake is on your part and you are not qualified to do the return as an agent or under your licence most Insurance companies will not insure you again.  

In most cases when you are doing a tax return you are also preparing a final set of books for the client to base their figures on.

Hope this helps 

• Sarah Douglas C.FICB

  HouseTree Business Ltd 

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• # 70496
• Thu 28 Apr 2011 07:39 PM

Thanks for this relevant information. I will use this for future reference.

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• # 70497
• Thu 28 Apr 2011 08:00 PM

Thank you to everyone who has given me advice. Your advice has been most helpful and I will use this for future reference.

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