💱Taxes Doing taxes yourself or hire a professional?
- Thread starter Spicy Nug
- Start date
You’re right, I need to think like an idiot to understand an idiot.Probably need a man to explain it
SilverClouds
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Hot Rod
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Yes, this is very typical with conservative men... They don't even let women to work. Then they're 'providers'. After they didn't let perfectly capable adults to work@TheVigilante doesn't believe women can do maths nor let's a woman touch his books by the sounds of it
Rightly so
.Plot twist... Then there are also these financially incapable men that leech on well off women that are working. Idk how then they are supposed to show how supposedly 'manly' they are if the woman is better at money than them. Hahaha.
Hey everyone the posts above were very funny but can we go back to the discussion topic I started? I’m fine with the posts that were already made but I would really like to see what others have to say about hiring vs DIY taxes.
Thanks everyone!
Thanks everyone!
I used a local H&R Block back in the day but have since switched to hiring a local tax pro as some call themselves.
I pay him a retainer monthly and send my income and expenses over to him along with any other info he requests. He takes care of the quarterly taxes and the yearly taxes so I don’t have to stress out about it. He’s an overall great guy to talk to also so that’s a plus.
I pay him a retainer monthly and send my income and expenses over to him along with any other info he requests. He takes care of the quarterly taxes and the yearly taxes so I don’t have to stress out about it. He’s an overall great guy to talk to also so that’s a plus.
t2van
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Terms of DIY would say with the MTD (Making Tax Digital) push in the UK you basically either have to do them your self or hire someone as they want quarterly returns for sole traders. It's already in force if you turn over I think 50k, next year upto 20k and from 2028 everyone is in it.
The fun twist is you can't submit it without signing up to a specific bit of software sage, Xero etc you can no longer do manual returns so there will never be a time again I dont think to do I earn X and pay Y.
It's a total cluster fuck and another thing to hit and hurt trade and small workers in the UK who taken the plunge to go all in on them selfs.
I get wanting to modernise but I don't think this is the way to do it hitting your average sole trader is going to be a total cluster fuck and it's going to mess up cash flow for ALOT of people when you start paying every 3 months.
It works out a bit like a job but your getting a larger tax bill. All you need is your van to go down and what profit you have set a side has gone on a tax bill leaving you without the funds to repair the van and thus go out to work.
It's supposed to be about transparency and they think will bring more tax in, I think it's going to have the opposite effect.
They’ve got h the same thing in the US with quarterly taxes for sole traders.
What’s rough about it is that you’re often over-paying on the taxes and after you file your yearly taxes in April they’ll send you a check or do a deposit for the overpaid amount. But often times that’s several thousand extra that you have to wait on to get back.
t2van
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Yeah kills cash flow and the chance for that business or trader to help boost the economy personally as a business owner I think it's the worst thing ever.
System was never needing fixing in the UK it needed overhauling it's reactive instead of proactive changes.
DIY unless you’ve got employees or a big ass business.
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