CIOT: The self-employed should seek accounting advice

Date: 7th April 2008

Business owners should take advice when dealing with their accounts, in order to avoid mistakes, according to the Chartered Institute of Taxation (CIOT).

John Whiting, chairman of the CIOT's management of taxes sub-committee, says that self-employed people have a "significant responsibility" when it comes to tax returns and suggests that business owners "get an adviser" to prevent mistakes.

It's far easier for them [the self-employed] to make mistakes, and far easier to get it wrong. When you are self-employed, you are not only supporting yourself and your loved ones, you are also supporting the tax man. It's not easy," he comments.

Mr Whiting says that business owners should take an "enlightened interest" in their tax affairs and adds that many self-employed people "grumble" about the burden of taxation.

A number of tax changes came into effect yesterday, including a two per cent reduction in the basic rate of income tax.