Self Employed DS - Saving for your tax bill

This section is to discuss anything related to the Security Industry

Moderators: Bulldog, Big Paul, karlbee, hippy, Door Bitch, Boz

Self Employed DS - Saving for your tax bill

Postby PlatformAccounting » 01 Sep 2009, 16:01

Afternoon all and a big hi to those of you who don't already know us.

A quick question if I may:

We know how difficult it is for anybody to save money on a regular basis, even if you do have a seperate savings account set-up it's still all too easy to dip into. Now, if you're just saving for your summer holidays etc I suppose it's not the end of the world but if it's your end of year bill from the Revenue you're supposed to be savings towards it's a totally different ball game obviously.

So, my question to you is: would you guys find it useful if your accountant offered you a way to save with them on a regular basis instead of doing it yourself?

Thanks in advance!

Kev
Platform

PS I deal with tax, not technology so I've got absolutely no idea how to set-up a proper 'poll' like everybody else has done! Ha, sorry...
Platform Accounting Ltd
e: info@platformaccounting.com
t: 07850 881086
fb: facebook.com/platformaccounting
User avatar
PlatformAccounting
Site Sponsor
 
Posts: 211
Joined: 01 Sep 2009, 12:02
Location: West Midlands

Re: Self Employed DS - Saving for your tax bill

Postby karlbee » 02 Sep 2009, 09:22

Hi Kev,welcome.I would recomend that you put a intro about yourself and company in the introduction section,you might get more responce to your posts,any talk of the Inland revenue from an unknown source can get the defences up.As to your question about giving money to an accountant to save towards your tax bill,personaly I wouldnt,mainly because of the trust and the fact that banks offer a better way of saving.
Any fool can make money,a clever man knows how to keep it. Turnover is vanity, profit is sanity.
karlbee
Moderator
 
Posts: 4147
Joined: 26 Sep 2008, 08:00
Location: North Yorkshire, home of Yorkshire lager

Re: Self Employed DS - Saving for your tax bill

Postby Luke » 02 Sep 2009, 09:28

What interest rate would you offer? :) lol
Luke
WTD Head Door Supervisor
 
Posts: 696
Joined: 15 Oct 2008, 23:17
Location: Nottinghamshire

Re: Self Employed DS - Saving for your tax bill

Postby PlatformAccounting » 02 Sep 2009, 12:05

Hi Karlbee - intro was next on my list and thanks for the feedback.

Luke - always one smart arse eh?! Ha! ;-)

Like I say, it's only an initial thought not even in the planning stage yet. I wanted to get a bit of feedback from the ppl it would maybe appeal to before putting anything into motion. Obviously it would be far too time consuming to be working out everybody's 2 pence worth of interest so we'd probably make sure it was a non-interest bearing account just to avoid the argument in the first place. As for trust etc, I guess that comes with time. I know our existing clients hold us in very high regard however, I appreciate that in a nut-shell various other so called 'accountants' linked to the security industry have given this field a bad reputation. If it was something that proved a popular idea I would possibly speak to our lawyers to see how we could offer some form of protection for the clients money.

Just thinking out loud at present....

Kev
Platform
Platform Accounting Ltd
e: info@platformaccounting.com
t: 07850 881086
fb: facebook.com/platformaccounting
User avatar
PlatformAccounting
Site Sponsor
 
Posts: 211
Joined: 01 Sep 2009, 12:02
Location: West Midlands

Re: Self Employed DS - Saving for your tax bill

Postby Luke » 02 Sep 2009, 12:19

If not interest ... how about discount on your fees?
Luke
WTD Head Door Supervisor
 
Posts: 696
Joined: 15 Oct 2008, 23:17
Location: Nottinghamshire

Re: Self Employed DS - Saving for your tax bill

Postby PlatformAccounting » 02 Sep 2009, 12:21

Jeese, i'd have thought providing an extra service like that for free would've been enough - you can tell you're training to become an accountant!!!
Platform Accounting Ltd
e: info@platformaccounting.com
t: 07850 881086
fb: facebook.com/platformaccounting
User avatar
PlatformAccounting
Site Sponsor
 
Posts: 211
Joined: 01 Sep 2009, 12:02
Location: West Midlands

Re: Self Employed DS - Saving for your tax bill

Postby Luke » 02 Sep 2009, 12:23

But you have to look at it from the DS way ... they can have their own bank account, which earns interest, or giving it to you and earning nothing extra? lol.

Its not the service i'm contemplating, its the extra money :)
Luke
WTD Head Door Supervisor
 
Posts: 696
Joined: 15 Oct 2008, 23:17
Location: Nottinghamshire

Re: Self Employed DS - Saving for your tax bill

Postby PlatformAccounting » 02 Sep 2009, 12:41

I always try to look at everything from the client's point of view. As I say, customer service means everything to me.

It's very easy for people like us to get into the habit of sitting back, watching your standing orders roll in month by month and then just contacting you at the end of the year when we're ready for your paperwork - and probably moaning when it doesn't reach us quick enough. But believe it or not I actually like working for my money, to the point where some people would argue I'm slitting my own throat! I think it's all about going that extra mile so if I find myself with a spare 15 mins (which is very rare I must add) I put pen to paper and try to put my new ideas out to the people it matters to so I can hear their thoughts.

As for this particular idea, yeah there are positives & negatives obviously - nothing's perfect. Would you get paid interest, at this point i'd say probably not (but i'd make sure we didn't benefit either) but would you be willing to forgo that 50p of interest per year that you'd probably accumulate with your Bank in the knowledge that your tax bill was safely being 'paid' in advance as the months went by? I'm not saying it's a fab idea, that's why I'm here - for your opinions! ;-)

Better stop ranting now....


Kev
Platform
Platform Accounting Ltd
e: info@platformaccounting.com
t: 07850 881086
fb: facebook.com/platformaccounting
User avatar
PlatformAccounting
Site Sponsor
 
Posts: 211
Joined: 01 Sep 2009, 12:02
Location: West Midlands

Re: Self Employed DS - Saving for your tax bill

Postby Gepard » 02 Sep 2009, 13:32

The major flaw in your idea is believing DS actually pay tax ;-)

I have multiple bank accounts so just pay into one of those with a standing order. My concern with giving it to you would be me having access to it......Lost interest wouldn't really bother me really as liek you said its only a tuppence as interest rates are so low.
DS are like Santas........only the best have presence.
Gepard
The Guvnor
 
Posts: 3024
Joined: 17 Mar 2008, 21:27

Re: Self Employed DS - Saving for your tax bill

Postby PlatformAccounting » 02 Sep 2009, 13:46

Ha, very good point!!!

It obviously goes without saying that access would be there if or when required. I would just hope it would possibly make you think twice before spending your savings if you had to phone your accountant to do so instead of just nipping to the nearest cash machine etc etc.

Kev
Platform Accounting Ltd
e: info@platformaccounting.com
t: 07850 881086
fb: facebook.com/platformaccounting
User avatar
PlatformAccounting
Site Sponsor
 
Posts: 211
Joined: 01 Sep 2009, 12:02
Location: West Midlands


Return to Security Related Discussion

Who is online

Users browsing this forum: Google [Bot] and 1 guest