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Post Info TOPIC: First potential self assessment client, yikes!
littlebookkeeper


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First potential self assessment client, yikes!
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Hi,

I have a meeting this evening with a potential client and this is the first SA tax return one I have since passing the ICB self assessment exam, so I am lacking in confidence a bit and don't want to look stupid!!!  

I just wanted to run this by you all and would be grateful if some of you could point out potential pitfalls and highlight any questions I should be asking.

They are a self employed taxi firm and they have 3 cabs, 2 of which they rent out to other taxi drivers for a fee, so there is rental income from this, not sure if there are other implications to this?

They also have an unfurnished property they rent out but that seems to be straight forward.

I know that the risky thing with tax drivers is that they record all their income including tips and obviously that they are licenced but would be grateful if anyone could flag up any other risks?

Thanks so much for reading,

Carole





-- Edited by littlebookkeeper on Thursday 7th of October 2010 12:40:20 PM

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RobH


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Hi Carole,

i think you will be fine from what you have written here. I'm assuming this isn't their first tax return? If it isn't who did it last time. You need to ask for previous accountant details so you can write for clearance and handover info.

Capital allowances, what new assets have they acquired in the year. Have they disposed of anything?

Other income? Interest from savings, dividends, pensions?

I don't see that there are any particular implications regarding hiring out the cabs, though if the cabs are new I think they would be allowed AIA (probably allowed anyway for a cab but I've not checked).

I'm sure others will add a few things, but this is a start"!

Rob

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Rob
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littlebookkeeper


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Thanks Rob,

unfortunately I didn't get to read this before I went but all went well.

They did have an accountant last year who are one of the bigger firms in our area and they were getting charged quite a bit of money for e-mails/phonecalls which they had no idea would be the case until they got a bill for it, quite shameful really.

Yes, I will need to write a professional clearance letter so if anyone has a good template they can pass on I would be most grateful.

Thanks again,

Carole




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