Tax Accountant vs HMRC

[inkey$]

I’m PAYE but self-assess every year, which is fine as I’ve done it for at least the last 10 years. However, due to salary changes, bonus payments etc, I’m not convinced I’ve been on the right tax code for a while now (every time I fill out an online tax calculator its telling me that anyway!)

I could call HMRC to talk it through with them, which I may well do - but out of interest, can anyone recommend a good tax accountant? When I look online all I can find are services to complete your self assessment on your behalf, not actually investigate your tax codes retrospectively alongside current numbers.

Any advice gratefully received

[Pondrew]

TBH the HMRC will know (and it's free). Problem is whenever anyone I know has called the HMRC for 'advice' it has always got complicated and cost them money, one way or another.

Been self-employed for more years than I can remember and I avoid talking to HMRC at all costs, unless they are giving me a refund!

The simple answer to the question is 'yes' I know a good tax accountant, but 'no' I wouldn't recommend him because he is stupid expensive and I don't like him one bit!

[pvr]

First consultation / meeting is free and you should get the idea whether it is going to be worth while. You should get a quote for the specific work you want them to do.

Not sure about recommendation as both my current and previous accountants drive a 911

[TitanTim]

You can always try the HMRC Community Forum, post a question and hopefully should get a reply back from a HMRC representatative.

https://community.hmrc.gov.uk/

I posted on there recently re self assessment and a taxation query and they replied back in a day or so and were helpful.

Tim.

[inkey$]

Thanks both, TBH it cant cost me any more money that I think it already is, but I just want to get my head around the deductions I’m paying out for as they really don't seem right, and haven’t for a year or so - hence the need for a pro to review it all for me.

No worries, I’ll keep looking and may well just call HMRC for a chat.

[inkey$]

You can always try the HMRC Community Forum, post a question and hopefully should get a reply back from a HMRC representatative.

https://community.hmrc.gov.uk/

I posted on there recently re self assessment and a taxation query and they replied back in a day or so and were helpful.

Tim.

Very useful, Tim. I’ll do that

[Pondrew]

Not sure about recommendation as both my current and previous accountants drive a 911

So do you, so they are doing something right!

[Zedebee]

What’s the concern Inkey$? Your self assessment should correct any errors in your tax code. If you’ve overpaid tax you will get a refund, if you’ve underpaid you will have to pay the difference. If you prefer not to have a big adjustment at the end of the year, you can change the components of your tax code (e.g. adjust salary to include bonus) in your on-line tax account.

[inkey$]

What’s the concern Inkey$? Your self assessment should correct any errors in your tax code. If you’ve overpaid tax you will get a refund, if you’ve underpaid you will have to pay the difference. If you prefer not to have a big adjustment at the end of the year, you can change the components of your tax code (e.g. adjust salary to include bonus) in your on-line tax account.

My salary fluctuates due to annual bonus, which I update when its paid out. But whenever I’ve done one of those online tax calculators and input all my deductions, pension payments etc, it always shows the net monthly pay as being quite a bit higher than I’m actually being paid.

When I do my self assessment online, and my predicted earnings for the financial year, I usually try to account for bonus if i think its going to be paid out (company and personal performance related), so I’m usually pretty close with my estimate, but its still doesn't feel right. A few years back I used to over estimate my overall earnings a little, so I’d get a nice little refund whenever I’d do my self assessment, but more recently I’ve tried to be accurate in an effort to bring down the tax I’m paying.

[Nanu]

You can always try the HMRC Community Forum, post a question and hopefully should get a reply back from a HMRC representatative.

https://community.hmrc.gov.uk/

I posted on there recently re self assessment and a taxation query and they replied back in a day or so and were helpful.

Tim.

Definitely worth a shout. I tried a similar forum for DWP re pension overpayments, got a response from the DWP within 24 hrs.