Who attempts their tax returns themselves, and who hires an accountant?
Originally I was going to do them but wussed out at the first hurdle and called my accountant friend. Think it's definitely a lot safer in the hands of a professional!
do it myself (now doing the last bits actually)... and I'm aiming to get myself ahead for next years return as well....
Mind you my accounts are probably a bit easier than some as it's literally what I get paid and what I spend on hardware/software/stationary etc for business. I'm not buying and selling stuff or dealing with things like hosting for other people so my accounts are fairly simple.
Well, because I've only been freelancing for a year I haven't had to do any of it yet. He advised me to register my start date for being self employed after the 6th April so that I don't have to do anything for the upcoming deadline. I will let you know how it goes after the first episode with HMRC.... lol.
Excel spreadsheets, yeah I do
Got it all set up so that I put data into a 'tab' relating to income/expenditure/capital expenditure etc which is then automatically linked to a 'summary' page for easy reading
thats about advanced as I go with excel lol, it does sound harder than it actually is though.
Next thing on my agenda is an access database file with all my work references and descriptions etc for easy reference as I'm trying to go as paperless as possible but I've got to figure out how exactly I'm going to set this one up
Combined with a new website and 'documents', plus a possible switch to windows 8, it sounds like I'm going for a complete overhaul from scratch lol
You could use something like sage or another accounting software, some like ms money for example...personally thats just more expense to me when excel can do what I need using a few simple formulas
My bank, barclays, even had some software too but found out when I got home that it cost money per month (funny how they skip that bit at the bank) and so that went back sharpish when it 'didn't work on my pc'