Personal fee for doing your own self assessment

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Earning property income aside from a day job requires me to complete a self assessment. If I hired an accountant to comeplete this for me, the fee would be deductible as an allowable expense.

I am an accountant and would be completing my own self-assessment. In this regard would it be allowable to deduct a reasonable market value fee for doing this and all the book keeping that comes along with this extra income?

Any guidance appreciated! 

Replies (32)

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JCACE
By jcace
24th Mar 2024 17:06

Would you then also declare the same amount as income received from accountancy and bookkeeping?
Where would it stop?

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Replying to jcace:
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By User deleted
24th Mar 2024 17:11

Good point!!

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By David Ex
24th Mar 2024 17:10

It's a dangerous route to take. if you start claiming a deduction for expenses you don't incur, HMRC might decide to tax you on income you haven't received.

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Replying to David Ex:
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By User deleted
24th Mar 2024 17:24

agree - thanks

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Replying to David Ex:
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By Tax Dragon
24th Mar 2024 20:58

Loads of examples of this - ToAA, settlements legislation, ERS, IR35, Justin's favourite (Pt 7A), https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim33630

Accountants get let off - first numbered bullet.

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By Paul Crowley
24th Mar 2024 17:13

No sensible 'accountant' would consider that a viable option.

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Replying to Paul Crowley:
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By User deleted
24th Mar 2024 17:23

good to know :)

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By Leywood
24th Mar 2024 17:29

Its not April 1st yet is it?!!!!!!

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By DKB-Sheffield
24th Mar 2024 17:37

There are some questions you shouldn't ask...

There are some questions you wouldn't ask...

There are some questions you know you shouldn't ask, that you ordinarily wouldn't ask, but you ask them anyway.

I am certain this is the latter and that you asked the question without thinking it through first! We've all been there - not necesarily on AWeb, but we've all been there!

If however, with the benefit of hindsight, this is not a known shouldn't/ wouldn't question... or you are uncertain why it shouldn't/ wouldn't be asked... that's a different matter.

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Replying to DKB-Sheffield:
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By User deleted
24th Mar 2024 17:59

It is the latter ...when you're starting out, it's nice to have the guidance of Aweb contributors ...although sometimes the answers are a little snarky lol!

Once the question is out there ...it's like yeah oh sh*t of course!

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DougScott
By Dougscott
24th Mar 2024 17:47

Well you could if your property business or your accountancy business was a seperate legal entity such as a limited company. Then there could be a legitimate reason to do so.

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By I'msorryIhaven'taclue
24th Mar 2024 18:01

Don't forget to AML-check yourself!

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Replying to I'msorryIhaven'taclue:
RLI
By lionofludesch
24th Mar 2024 20:39

I'msorryIhaven'taclue wrote:

Don't forget to AML-check yourself!

[chuckle]

Though you should always check yourself.

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By AdamJones82
24th Mar 2024 20:48

I do hope you don't give advice to clients to invoice their own business for time spent....

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Replying to AdamJones82:
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By User deleted
24th Mar 2024 21:12

I thought the point of this forum was to seek and receive guidance, not snarky comments.

I asked seeking guidance as I’m sure most people from various backgrounds and experience do on this forum.

The arrogance is really unnecessary.

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Replying to User deleted:
RLI
By lionofludesch
24th Mar 2024 21:33

aishaparpia wrote:

I thought the point of this forum was to seek and receive guidance, not snarky comments.

What guidance and assistance have you given to others over the past six years?

I'm seeing only a sense of entitlement.

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Replying to AdamJones82:
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By Cylhia66
25th Mar 2024 07:44

AdamJones82 wrote:

I do hope you don't give advice to clients to invoice their own business for time spent....

Surely not. She's an accountant.

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By johnthegood
25th Mar 2024 06:45

reminds me of a client that applied for a loan so he could "pay himself an hourly rate for renovating his own home" - there is a certain logic in there somewhere.....

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Replying to johnthegood:
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By Cylhia66
25th Mar 2024 07:55

Where do people get those ideas from? I wonder....

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By Justin Bryant
25th Mar 2024 09:53

Legally, you cannot contract with yourself, so it's a non-starter.

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Replying to Justin Bryant:
paddle steamer
By DJKL
25th Mar 2024 10:17

If you are schizophrenic?

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Replying to DJKL:
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By Justin Bryant
25th Mar 2024 10:38

Roses are red
Violets are blue
I'm schizophrenic
And so am I.

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Replying to DJKL:
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By Truthsayer
26th Mar 2024 08:38

Contrary to popular belief, schizophrenics don't have two personalities, just one that can't cope.

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By JCresswellTax
25th Mar 2024 10:04

Replies scared him/her so much he/she deleted!

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Replying to JCresswellTax:
DougScott
By Dougscott
25th Mar 2024 12:07

Perhaps she's just realised she's not an accountant after all.

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By AdamJones82
25th Mar 2024 13:22

User deleted. There goes another happy customer. Can’t believe they thought my reply above was “sarky”. They obviously didn’t visit the forums often as my reply was very mild compared to what I often see!

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By AlgernonB
25th Mar 2024 14:59

You do the work with your accountant's hat on, then pay your bill with it off? It's a basic tenet of taxation that you can't contract with yourself. It follows that you can't charge yourself for work you have done on your own behalf.

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By Truthsayer
26th Mar 2024 08:42

'I am an accountant'.....who apparently thinks things that only a non-accountant could possibly think.

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By Kosher
26th Mar 2024 10:18

Wow, been self employed for 36 years and I must have missed this little bit of knowledge. Wonder what HMRC would say if I claimed for 36 years of fees, I think maybe I might be under investigation. You are a tad to early with your April fool's joke!

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Replying to Kosher:
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By Truthsayer
31st Mar 2024 08:40

You can say that again.

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By Kosher
26th Mar 2024 10:18

Wow, been self employed for 36 years and I must have missed this little bit of knowledge. Wonder what HMRC would say if I claimed for 36 years of fees, I think maybe I might be under investigation. You are a tad to early with your April fool's joke!

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By Kosher
26th Mar 2024 10:18

Wow, been self employed for 36 years and I must have missed this little bit of knowledge. Wonder what HMRC would say if I claimed for 36 years of fees, I think maybe I might be under investigation. You are a tad to early with your April fool's joke!

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