Tax Rules???!!!!

[rocker]

Yep, you are an extension of the company (assuming you've regsitered as a sole trader), you aren't an emloyee and you don't have any employees. anything you have left over AFTER anything you have paid for work-wise is taxable at about 20%.

If you registered as a limited company then, well, get an accountant!

 

[lloyd1980]

call me a moron... lol but i still dont get it

Say (and these are made up figs folks so dont get excited haha) I turned over 50k - 30k of that is expenses and expendature, stuff i have receipts for etc that leaves 20k .....now do i keep say 20% of 20k back for tax - 4k that leaves me with 16k now am i free to take this 16k roll around the bed throwing it up in the air shouting up your alister darling its mine all mine!!!! before spending it on a few bottles of champagne, some hookers and a party hat or do i newed to keep a percentage of what i draw for darling and his hawks at the revenue?
sorry again guys for being a pleb when it comes to this, im a great spark but im no accountant haha

 

[bugsy]

Your about right but dont forget to take into account the money youve been drawing, that will come out of the champange and hooker fund!

if you can get a reciept for office services you might try to get a tax break on the hookers

Don't forget your N.I.

 

[Graeme Harrold]

Forget working it all out. Get an accountant and let them do the lot.

1. It will be done quicker
2. More accurately
3. They can shift everything round to maximise on tax breaks etc
4. They know all of the stuff you can claim for that may not be mentioned here
5. and a GOOD accountant shouldnt cost you anything, plus its TAX deductable

What do you do.....spend the time saved:

1. Earning more money!!
2. Feet up and drink beer
3. Just chill out...

 

[Graeme Harrold]

call me a moron... lol but i still dont get it

Say (and these are made up figs folks so dont get excited haha) I turned over 50k - 30k of that is expenses and expendature, stuff i have receipts for etc that leaves 20k .....now do i keep say 20% of 20k back for tax - 4k that leaves me with 16k now am i free to take this 16k roll around the bed throwing it up in the air shouting up your alister darling its mine all mine!!!! before spending it on a few bottles of champagne, some hookers and a party hat or do i newed to keep a percentage of what i draw for darling and his hawks at the revenue?
sorry again guys for being a pleb when it comes to this, im a great spark but im no accountant haha

Dont forget your tax free allowance, so £15K or so is taxable.............so thats £1K on champers, hookers etc

 

[Notsosmart]

call me a moron... lol but i still dont get it

Say (and these are made up figs folks so dont get excited haha) I turned over 50k - 30k of that is expenses and expendature, stuff i have receipts for etc that leaves 20k .....now do i keep say 20% of 20k back for tax - 4k that leaves me with 16k now am i free to take this 16k roll around the bed throwing it up in the air shouting up your alister darling its mine all mine!!!! before spending it on a few bottles of champagne, some hookers and a party hat or do i newed to keep a percentage of what i draw for darling and his hawks at the revenue?
sorry again guys for being a pleb when it comes to this, im a great spark but im no accountant haha

As Bugsy has said don't forget the 11% NI (lets face it you will need the NHS to sort your bubbling liver and the festering STI's ~ unless £10K is for a high class hooker)

 

[lloyd1980]

may just buy the part hat, its cheaper and times are tough