Tax Return Help...

Options
Name: Sean
Name: Sean Registered Posts: 18 New contributor 🐸
in Tax
Hello,

I thought I'd give my parents tax returns a go this year for some good practice and to save them some money! They have a few things going on:

My dad is in partnership with his mother and they run a plastering business (hardly take on any work now, though).

My dad was a sole trader, owner of a barn dance agency (now the main business) and my mum worked part time for him until half way through the financial year when he decided to go in to partnership with her.

My mum also does part time work for a local nursing home - she is not on their books, she invoices them.

First question - do I need to do a tax return for my gran, my dad and my mum each? Do I need to do a tax return for each of the businesses also?

Sorry if these questions seem a bit simplistic to some, but this is the first time I have ever done a tax return and I want to make sure I get it right. I will be submitting electronically so I have plenty of time to make sure it's right or tell them to get their accountant to do it!

Thanks in advance.

No doubt more questions to follow!

:)

Comments

  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    Hi Sean,

    They'll need a partnership return and a self assessment return each, however if it's not something you have experience in I would let their accountant do them.
  • Name: Sean
    Name: Sean Registered Posts: 18 New contributor 🐸
    Options
    Thanks, Jilt.

    I've not declared myself as their agent or anything so the option is still there of using their usual accountant. I was planning on giving it a go just out of pure curiosity and I also work part-time for a chartered accountant and tax specialist at the weekends who can help me with any questions. She said I can show her the work I have done as long as it's before her busy period starts. She makes plenty of money out of me at the weekends so she is more than willing to help!
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    As long as your family are in agreement then I would take it in if she is willing to go through it with you, it will be a great learning curve for you, but just be sure she's reviews the final computations and returns before filing. Out of interest what duties to you perform for the chartered accountant?
  • Name: Sean
    Name: Sean Registered Posts: 18 New contributor 🐸
    Options
    Bookkeeping and VAT Returns mainly. She has walked me through a couple of simple tax returns too. Why do you ask?
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    Sorry just being nosey really, maybe she'll continue to let you help her with tax returns etc, if that's the area you'd like to progress into of course.
  • Name: Sean
    Name: Sean Registered Posts: 18 New contributor 🐸
    Options
    Yes, I plan to get my own clients to do bookkeeping for and then sub-contract tax returns to her and learn whilst I go along.
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    Good idea, is she aware of this though? Sorry I don't wish to put a damper on things but if she's already offering book keeping services herself she may not be happy for her employee to do so. Just something to bear in mind.
  • Name: Sean
    Name: Sean Registered Posts: 18 New contributor 🐸
    Options
    It's fine, I appreciate the constructive criticism! Better than rushing in to things and making uninformed decisions. I know it's not the traditional way of starting a career in accountancy. I'm trying to make a solid career for myself that fits with my current circumstances.

    She is aware that I plan to do bookkeeping, though - she has plenty of her own clients to keep her busy anyway!

    I'm quite lucky that I have my parents accounts to have a go at so I can get some real world experience with their (well, my dad's) messy record keeping! It also helps me find out (if I am to go it alone eventually) how much help is available such as the accountant I know and using the AAT forum.
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    That's good, you obviously have a boss as good as mine. I used to work for him full time, at present I work 3 days and the other two I spend running my own small practice.

    He knew what I was planning from the beginning, I've never hidden the fact. Mind you it isn't an accountancy practice it's a wholesale book seller and a distribution services company, I look after all the finances for both companies as well as his and his wife's personal tax returns etc.

    Good luck to you Sean, I'm sure you'll do well.

Categories

Privacy Policy