Who Here Used To Or Currently Files Their Own Tax Returns And Is It Difficult?

[PetePreneur]

Hi,

So I'm about to launch an expensive product brand in the next few months that I'll only be making maybe 1 sale a day for at best in if it goes well and I'm thinking whether it's worth just filing my own tax returns to save money?

My previous business was a high volume low profit per item model that would have been very complicated to do, but this one is pretty straight forward.

I was spending £100 a month on an accountant to do what was a 2 hour job, so I feel it may be worth me just doing this at the start to save costs if it's easy.

Who here files their own Tax/VAT returns (if in the UK) and is it difficult to learn?

Thanks,
Pete

 

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[Monkeycom]

For $100, I'd def recommend you to outsource it. Spend the time on your business, it'll raise the value of your time much quicker than learning a new job.

 

[MJ DeMarco]

Handing my accountant a pile of papers 6 inches thick is the best money I've ever spent. Find yourself a good accountant!

 

[eliquid]

I could be different, but I view this as 2 jobs.

1. bookkeeper
2. CPA

Reason I break it out is I see you mentioned you were paying them for a 2 hour job every month. That sounds like bookkeeping.

Filing taxes though ( the thread title ), I leave to my CPA. Sure a bookkeeper can do it, but I feel better having a CPA do it.

My business is pretty simple. Few deductions and the income streams are consolidated. I can do the numbers monthly myself relatively easy. Other business I would probably hire a bookkeeper to do if my setup wasn't so simple.

But for filing taxes and catching any errors or changes in the law, I leave that to a CPA. I get to ask them a bunch of questions and I also get their help if I get audited later. I look at it like a second pair of eyes when I file.

 

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[CareCPA]

I file my own. It seems like the smart thing to do for me.

Do you have time to keep up with all the rules and changes? If not, I'd suggest paying someone. Not me though, I don't do VAT.