End of year Tax Returns

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Abel
Abel Registered Posts: 46 Epic contributor 🐘
in Chat and off-topic discussion
I am a little bit mixed up into the following scenario:
I asked a family friend to take me in for some accounting experience since he owns a shop and has an accountant helping him out with documents. Then he asked me if I can complete End of year Tax Returns.

The problem is that I only have a basic ideea of what that is and i dont know too much details. Of course I never told him that but, could someone please explain what it is really made up of and what are the requirements for creating such a form. I am currently studying AAT LVL 2, I have passed my BA1 exam and i started BA2 this week. Could it be possible for me to complete that form for him at my level?:001_unsure:
Thanks in advance.

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  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Sounds like the friend currently pays an accountant, hears you are studying and wonders if he can give you the work to give you some experience/ save him some money.

    If you're only level 2, and you "only have a basic ideea of what that is and i dont know too much details" then I would tell them you'd be happy to help when you are a bit further along in the AAT, but that you really haven't got the knowledge or experience to do it all at the moment.

    What's involved may well be a full year's bookkeeping, VAT reconciliation, bank reconciliation, profit and loss account, balance sheet, tax adjustments and tax return. Whew!

    I would start getting experience with bookkeeping, and work up to tax returns in the future :)
  • Abel
    Abel Registered Posts: 46 Epic contributor 🐘
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    Ouch, truth hurts. Thank you, I guess I'm not ready for that just yet. I can do half the tasks u mentioned but, what if the other half drops in?. Would be a shame to look helpless at my first job:D.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Get some bookkeeping experience, as that is invaluable - he wants to give you some work, so go for it, as you will see off the forums, experience is hard to come by. I would say that after level 3, you are ready to look at doing final accounts and simple tax returns. You aren't ready, but don't let that put you off - grab with both hands what you can get, and what is within your ability, and work up to things :) Good luck - with the experience and the study!

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