Any good guides on paying tax?

[telectrix]

a couple of tips.

1. don't bother saving all fuel, and vehicle receipts. you claim 40/mile against tax. note you mileage at start and end of year.

2. your wife/girlfriend/boyfriend is employed by you to do the paperwork and answer the phone when you're out. wages just below the threshold for tax& NI.

 

[IQ Electrical]

Thanks for all the really useful replies chaps, especially the bit about being able to claim for equipment bought before you became self employed, I have a Megger that fits into this category. The key seems to be claim for anything that can be associated with the business but don't go too mad so you attract their attention.

If time allows I might start a list of stuff for other newbies like me.

Russ

Take a look at this site: Business support, information and advice | Business Link

It really is a bible for anyone starting up or considering starting up a business, some excellent information on taxation.

 

[Geoffsd]

A good accountant is literally worth his/her weight,

GOOD being the operative word. I had one once who I think was working undercover for HMCR.

 

[pblec]

40p per mile is now 45p per mile i know it was just an example of what you can do.

i am not being picky or anything i am purely pointing that out just incase you was using 40p per mile as part of your pricing policy and could now justify a little increase. (last budget)

 

[Geordie Spark]

Dont forget about the allowance for washing your clothes.....it's not much but anything back off em is a result!!!

.......... and the carpet & furniture & the cleaning of the "spare" bedroom that you use as your office.

Every little helps - as the old lady said when she piddled in the sea.