Is getting an accountant...worth it?

diarystuff

Hello,

I will be coming up to VAT registering soon (no avoiding it!) and I would like to have some opinions on accountants. I am a sole trader. Is it worthwhile financially to get an account to do returns and VAT? as in do you end up getting back what it costs. Or is it better to do VAT your self and just get account to do returns at year end. I do my accounts in an accounting software.

Any idea of costs and is the time saved doing VAT yourself worth the money?

Thanks!

jimmii

Only you can really answer whether you can do the returns yourself as it really depends on if you have the time and are good with numbers. I started up about a year ago and have always done my own returns as long as you keep all your records in good order its a pretty straight forward job filing the return through ROS. Perhaps get an accountant initially and get them to go through it with you and then see if you think you will be able to do it yourself in the future.

Gloomtastic!

Depends on how good your accounts are kept at the moment. It can be done very simply in Excel.
A cheaper option to an accountant, and just as effective, would be a bookkeeper.....

terryhobdell

Well I suppose if all you are doing is filing a tax return no you don't If you have a business which is going to develop and expand I would use an accountant not for his ability to save you a few bob but to advise you going forward so select with care