Getting ready for Mr Taxman

[oldtimer]

Wonder if he's been paying his class 2 NIC??

Na bang goes is state pension Ahh buts thats another story

 

[adamroche144]

Also OP do you realise that your were meant to register self employment status with HMRC within 3 months of starting up so if not me thinks it is an automatic fine

Yes thats all been registered, Every thing is organised and more or less in order, just wondering how to lay it all out to give to the accountant really, eg income in pile, out going pile, costs, bla bla bla

 

[Octopus]

Yes thats all been registered, Every thing is organised and more or less in order, just wondering how to lay it all out to give to the accountant really, eg income in pile, out going pile, costs, bla bla bla

Have you read post #7?

 

[Essexboy7]

Well I thought I heard all the daft ideas but this one takes the biscuit when you register they ask you if you are a sole trader and then ask what is the business name so fine call yourself a builder but when you start a website plus business cards etc and all they have to do is google you then you get hauled in

I know a fair few sparks who do it.If you are just registering for CIS you are not going to have a website or be giving out business cards.If you are only submitting low earnings and then one year a larger amount it just looks like you have had a good year.If you are regularly submitting 35 grand a year and then have a bad year and only submit twenty grand that is more likely to get you hauled in.The taxman is not interested in stories of recession/rates dropping/lack of work or foreigners taking all the work.If he see a sizeable drop in your declared income he thinks you are trying to pull a fast one.I know that from my own experience.2 years ago i was called in for a 2 day grilling and they didnt believe that a tradesman living in the london area couldnt get work with all the olympics taking place

 

[oldtimer]

And this being an open forum do you think tax man cannot work a mouse ? anybody doing a dodge think they are unique but HMRC have seen it all before like the Chinese carry out who played the one for you one for me trick sounded good then got a visit where the taxman said so you sold XXXX meals last year yes said the reply well how com you bought XXXX x2 containers then ?

 

[guest119]

Start with a book/jotter for outgoing money, weekly with a line drawn and total each month.
Ditto incoming.
Speak to an accountant about haviing a short first year in order to line up your business year with the tax year, ie April to April, saves a lot of heartache.