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Accounts
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Author:  LeonElport [ Thu Apr 06, 2006 10:12 pm ]
Post subject:  Accounts
Hi, just wondering whats the best way to go about sorting my accounts out when i start my p/h owner driver taxi job. Do i need an accountant or is it pretty easy enough to keep track with everything myself? what does everyone else do ?
Author:  Sussex [ Thu Apr 06, 2006 10:30 pm ]
Post subject:  Re: Accounts
LeonElport wrote:
Hi, just wondering whats the best way to go about sorting my accounts out when i start my p/h owner driver taxi job. Do i need an accountant or is it pretty easy enough to keep track with everything myself? what does everyone else do ?

I think to start with it's best to use an accountant.

Ask the lads on the ranks who they use. Go with the one that's recommended by the folks with the decent motors, and blank those used by the folks with the sheds.

After a while you could try doing it yourself, but not at the beggining. :wink:
Author:  steveo [ Fri Apr 07, 2006 12:38 pm ]
Post subject:  Re: Accounts
Sussex wrote:
LeonElport wrote:
Hi, just wondering whats the best way to go about sorting my accounts out when i start my p/h owner driver taxi job. Do i need an accountant or is it pretty easy enough to keep track with everything myself? what does everyone else do ?

I think to start with it's best to use an accountant.

Ask the lads on the ranks who they use. Go with the one that's recommended by the folks with the decent motors, and blank those used by the folks with the sheds.

After a while you could try doing it yourself, but not at the beggining. :wink:


i'd agree with that. it's not rocket science, but you need to know at least a little about accounts before you attempt to do it yourself. but even then a half decent accountant could save you X10 what they cost to use.
Author:  TDO [ Fri Apr 07, 2006 3:29 pm ]
Post subject:  Re: Accounts
LeonElport wrote:
Hi, just wondering whats the best way to go about sorting my accounts out when i start my p/h owner driver taxi job. Do i need an accountant or is it pretty easy enough to keep track with everything myself? what does everyone else do ?


It's not difficult to keep books for a one-man taxi business, but it's probably best to employ an accountant to do the tricky taxation bits. And I think the revenue give you more of a help in computing your figures if you lodge your return before 30 November.

But the best advice is really just to keep good up to date records and keep everything neat and tidy - not a mish mash of receipts in any old order and figures scribled on a scrap of notepaper.

That makes it easier for your accountant to sort out the figures, because really you don't want to pay him for something that you should be able to do yourself.
Author:  TDO [ Fri Apr 07, 2006 3:32 pm ]
Post subject: 
And as Sussex implies, a lot of the drivers will go to the same accountant, who will thus know the trade a bit better than most accountants and will thus be able to do a more cost-effective job for you.

And don't go the the big flash firms like Price Waterhouse Coopers and Delloite and Touche :lol:
Author:  LeonElport [ Mon Apr 10, 2006 12:02 pm ]
Post subject: 
ok thanks, any idea how much they can cost ?
Author:  Stinky Pete [ Mon Apr 10, 2006 1:08 pm ]
Post subject: 
LeonElport wrote:
ok thanks, any idea how much they can cost ?


Not sure wot Price Waterhouse Coopers charge, but my accountant charges me around 275 quid, but bet your top dollar it up again this year with inflation
Author:  TDO [ Mon Apr 10, 2006 1:26 pm ]
Post subject: 
That's probably around the hourly charge out rate for a provincial PwC partner in the provinces.

In London you're probably looking at at least £500.

But as regards the average owner driver, I suspect that the services of an accountant will cost around £200 - £400 a year.
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