For the self employed guys

[Guest125]

you gotta be joking mate £4800 a year???????

How many blokes you got working for you and whats your annual turnover

there are 7 of us and touching £500k this year.

 

[Octopus]

there are 7 of us and touching £500k this year.

And there was me thinking this was a discussion about SE . Not small businesses

 

[Welchyboy1]

I turn over around £130k per year, sole trader, occasionally using subbies when bigger jobs come in, we do quarterly vat returns and monthly cis ourselves, my accountant is chartered and is my brother

he charges me around £350 per year for the yearly self assessment accounts, he has recommended going ltd
this would put his bill at around £900 for the year, but would save on income tax at 40% instead lwith money eft in the company, so everyone would have to crunch their own numbers to see the benefits

if your not really in the 40% tax bracket and not dealing with large jobs or contracts, going limited doesnt really seem worth the extra hassle and cost

i additionally pay my missus a bit weekly for invoicing and book keeping

 

[Guest125]

And there was me thinking this was a discussion about SE . Not small businesses

If you read my earlier post you will see where Inwas coming from. I was SE for 7 years and then went to a LC so I coukd see it from both sides.

 

[cossie400]

If you read my earlier post you will see where Inwas coming from. I was SE for 7 years and then went to a LC so I coukd see it from both sides.

Its surprising what you can actually find out about someone from a forum user name! Fair play to you UKESRail! Do you still use sub- contractors or is it all in house now?

 

[Guest125]

Its surprising what you can actually find out about someone from a forum user name! Fair play to you UKESRail! Do you still use sub- contractors or is it all in house now?

Cheers man. I did not want to hide behind a name as I am proud of where we are currently.

I try to maintain a 80%/20% PAYE/subbie split. Principle contractors are becoming less likely to award jobs to companies who then sub it out themselves. plus I want my guys wearing our uniform in our vans. Looks proffesional.

 

[TJ Anderson]

Im sole trader, not VAT, not Ltd, Turnover approx 60k and I pay £350 per Year

 

[Essexboy7]

there are 7 of us and touching £500k this year.

oh thats completely different i thought you were a sole trader

 

[marc8]

We are 390 per month including vat, they do pay roll all vat & all bookkeeping, have support quarterly meetings all in & investigation insurance included.
Rolled over 6k last year to this year & a rebate last year just under 3k.
This year close 600-700k turnover & no change in price

 

[Deleted member 26818]

I use Excell.
I break my accounts into months starting with the begining of the Tax year.
I tell Excell to add up all the monthly outgoings, and income and get it to show the result at the bottom of each month.
At the end of the year, I tell Excell to add up all the monthly totals which will give me yearly totals.
I claim travel, substance, mobile phone computer and Internet, clothing and laundry, exams and cards, passport and tools.
I get Excell to place all the various costs into Cells labeled with the various expenses.
Because there's a limit to how many items can be added to one Cell, I put travel and substance down weekly.
I then file my return as soon as possible after the new tax year begins and claim at least a few thousand back each year. have to take into account that as I work mainly through Agencies, 20% tax is deducted at source.

 

[gnselectricals]

I use Excell.
I break my accounts into months starting with the begining of the Tax year.
I tell Excell to add up all the monthly outgoings, and income and get it to show the result at the bottom of each month.
At the end of the year, I tell Excell to add up all the monthly totals which will give me yearly totals.
I claim travel, substance, mobile phone computer and Internet, clothing and laundry, exams and cards, passport and tools.
I get Excell to place all the various costs into Cells labeled with the various expenses.
Because there's a limit to how many items can be added to one Cell, I put travel and substance down weekly.
I then file my return as soon as possible after the new tax year begins and claim at least a few thousand back each year. have to take into account that as I work mainly through Agencies, 20% tax is deducted at source.

That's exactly how I do it. Gave my accounts in tues just gone and looking around zero liability due to subby work paying cis which is fantastic. Just started putting the current years accounts in order now to ban over on the 7th April lol

 

[Risteard]

Principle contractors are becoming less likely to award jobs to companies who then sub it out themselves. plus I want my guys wearing our uniform in our vans. Looks proffesional.

Agreed, but speaking from experience often as a subby you are asked to wear the uniform of the company you are subbing to, and you may be in there van too although this is less usual.

 

[Deleted member 26818]

You should be getting a rebate, as I'm certain you have traveling expenses?

 

[Risteard]

You should be getting a rebate, as I'm certain you have traveling expenses?

I always get a big rebate (potentially several thousand) because, as you say, there can be a lot of travelling as well as other tax deductible expenses.

 

[Skimpy Wan]

I claim travel, substance, mobile phone computer and Internet, clothing and laundry, exams and cards, passport and tools.

Interesting, I'm Self Employed and I'm only eligible to claim for Travel expenses, (ie mileage), Mobile Phone (that relates to work), Clothing, Tools & Materials, Office Stationary (ie paper, ink, pens etc).

What are people's understanding on claiming subsistence, internet / office rates, laundry etc etc? I would be interested to know what I could possibly also be claiming for from advice received from accountants you use - I may then change accountants, if necessary.