expenses and taxman

[salisbury spark]

Anybody know of good website showing what u can claim as expenses.
(or what u or your 'friends' have put through as 'expenses'). Promise im a sparky and not the taxman.....cheers

 

[ian.settle1]

Anybody know of good website showing what u can claim as expenses.
(or what u or your 'friends' have put through as 'expenses'). Promise im a sparky and not the taxman.....cheers

I would get an accountant as they know what and what not youcan claim.

Bloke next door to me works for himself as a clerk of works charging £27 an hour he was telling me that after he paid his accountant approx £500 he only paid something like £700-800 tax for the year

 

[sparkyork]

i keep receipts for everything slightly work related, as ian says a good accountant will keep you right.

 

[heathelect]

yep i agree, always use an accountant he will save you a fortune in tax over 12 months, try and find a small one man band accountant working from home, else youll be paying for fancy offices and computer systems etc, mine works from home and isnt even vat registered but he knows his stuff, hope that helps dave

 

[spark-doctor]

As Sparkyork says keep receipts for EVERYTHING. Bought a new kettle for home last week but it might be used in the office

My accountant has his office in his conservatory and i don't think he has seen a bar of soap this year but damm he is good.

 

[salisbury spark]

just trying to save some money by doing my own accounts

I agree accountant should save money

Wife has had expensive one who made mistakes and cheap one who was just as useless. - shame when u have to tell the accountant how to do his job....

So might be better of doing it myself...

Thanks guys

 

[ian.settle1]

just trying to save some money by doing my own accounts

I agree accountant should save money

Wife has had expensive one who made mistakes and cheap one who was just as useless. - shame when u have to tell the accountant how to do his job....

So might be better of doing it myself...

Thanks guys

Other one is that the accountant may also be able to class his time doing work for you as a tax expense for as well

 

[Spudmiester]

I have had expensive dealings with Mr Taxman (or woman as it was in my case).

Keep reciepts for the lot.

Get a book keeper. I used to do my own books and I hated it, was crap at it, and b*lloxed it up.

Book keeper now does books, VAT, the lot, then it goes to the accountant at the year end. Keep good records or it will come back to bite you on the arse, take it from someone who knows !

If you need anymore help just ask !!

 

[elmer phud]

I have a book keeper for VAT/sub contractors. Accountant for tax returns. I know a few lads who pay very little tax. I would rather sleep easy. Don't take the p**s with the tax man!. If you wish to live in this GREAT country and you don't mind working 7 full days a week to pay for lazy scum sucking leeches, ................ I can feel a rant developing

Keep all reciepts, mileage etc. Don't try to claim tax relief for daft things like a Mcdonalds meal etc.

Get a good accountant. One who you can trust with your life!

 

[Spudmiester]

Be carefull how much undeclared cash jobs you do.

If you get inspected they go through your personal bank statements and work out how much you are spending. They dont tell you this of course, and then you have to fill out a form detailing your lifestyle expenditure. They then put the two together and if your lifestyle cost is more than you have drawn out of the bank in a year they then confront you with this and ask you where the rest of your money is coming from.

At this point you have painted yourself into a corner and there is no way out other than the costly one.

Tax inspections can happen to any self-employed person at any time, they can go back seven years and it can drag on for months (18 months in my case).

It's a absolute effing nightmare !

 

[ian.settle1]

Be carefull how much undeclared cash jobs you do.

If you get inspected they go through your personal bank statements and work out how much you are spending. They dont tell you this of course, and then you have to fill out a form detailing your lifestyle expenditure. They then put the two together and if your lifestyle cost is more than you have drawn out of the bank in a year they then confront you with this and ask you where the rest of your money is coming from.

At this point you have painted yourself into a corner and there is no way out other than the costly one.

Tax inspections can happen to any self-employed person at any time, they can go back seven years and it can drag on for months (18 months in my case).

It's a absolute effing nightmare !

I believe they can go back even further than this, it is only you who can claim any tax etc back from seven years onwards

 

[wattsup]

A good accountant is worth 9-months in prison -

 

[salisbury spark]

Yeah met bloke who was paid cash for most jobs - he said he cant let it show anywhere so just spent the money on women,women,women....- was a very happy guy...

Also Most business people i meet have 2 books - 1 for the taxman and the other the real figures. - Seems best idea, at last if taxman comes and says we think you owe us this much you have the other books to refer too and come clean(unless better off not coming clean).

Most customers pay me cash and are quite suprised to get a receipt with my details on it and what was done...

Not to clear what u can claim for eg. workwear. - hence this thread.

 

[robbie_98]

Your local tax office should offer free courses to clarify what you can and can not claim back.

 

[professional]

Other one is that the accountant may also be able to class his time doing work for you as a tax expense for as well

No he can`t - you do not have to have an accountant so you can`t claim for his pound of flesh!

Also - remember YOU (not the bean counter) are responsible for your books accuracy!