Tax returns?

Just wondering if I can complete them for people now?
I passed the tax exam June, and will hopefully be AAT qualified after December but a friend has asked if I would take on his tax return? He currently pays £300 to have it done and im sure A few more friends would follow suite
I work in management accounts so dont have tax experience from work but did enjoy (sad I know) the personal tax unit, and would like to eventually take on private jobs.
Is this wise??? and what is a sensible price to charge?? :confused1:
HELP/Comments welcome!! :thumbup:
I passed the tax exam June, and will hopefully be AAT qualified after December but a friend has asked if I would take on his tax return? He currently pays £300 to have it done and im sure A few more friends would follow suite
I work in management accounts so dont have tax experience from work but did enjoy (sad I know) the personal tax unit, and would like to eventually take on private jobs.
Is this wise??? and what is a sensible price to charge?? :confused1:
HELP/Comments welcome!! :thumbup:
0
Comments
Are you comfortable with basis periods, loss relief and capital allowances? That might make it easier but you would not get a licence from AAT to do it until you have experience and full qualification so that could be a good guide.
I suppose you can offer to help them with their own tax returns, on the basis that you don't charge, you are gaining experience by helping and they realise that they are fully responsible for checking and signing their own Tax Return, with no comeback to you if (god forbid) HMRC decide to carry out any investigations!
I had my own Tax Return investigated a few years back, before I started AAT training and had the knowledge that I have now. It was a bit worrying at the time, even though my income had dropped as a result of having a baby and I had done nothing untoward! They can and do just investigate what they choose.
Whatever you do, think carefully and make sure your friend fully understands the position. As long as you don't charge him for your services then there isn't a deemed contract in your obligations. (Although I may be wrong!!!)
Anna
Thanks for your comments, I think I will help out free of charge to start with and use it as experience until I am qualified/happy and have the relevant experience necessary!! I hope to change to practice in the near future and gain more there!!