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Tax

joe34

Member
Messages
282
Just wondered who does there own ?I've been paying someone the 5 years to do it for me but am thinking about it my self I'm only a sole trader.

What stuff do you claim against your tax?

 
Your previous tax returns should provide a breakdown of income / expenditure categories.

E.g the end of year report that the accountant has previously provided.

Good luck with it.

 
I us d an accountant for years. Then last year I decided to do it myself.

The online forms are easy as anything.

I put down anything I have bought for work against tax.

Some people I know claim for their lunch and also their yearly holiday as they say it's a directors meeting while they are away. I'm sure that's not right but that's up to them.

I always go the more cautious route as I can't spare the time an investigation from HMRC would need to deal with it. Although the FSB will assist if I ever did get investigated

 
Thanks for your input
You're welcome. You asked for opinions and that's mine.

@Poles Apart, I also have business software and hence the paperwork I hand the accountant is a lot more organised than it would otherwise be. There was an extra £3k tax free on dividends last year I would have know nothing about. He also got us some married couples credits or something. I used to buy my own food when working away, now it all gets deducted.

Yoh wouldn't have considered half the **** I claim for, including electric and gas.

I pay my accountant £120 per month to handle our concerns and never need worry about a thing. A good accountant for a sole trader that's half capable will cost about £150 per year to do your books and you'll be surprised at what that gets you (saves you paying out)

If you serious about making and saving money get a decent accountant.

On top of our income from interests last year I made an additional £17k from sale of a round, declared it but did not have to pay tax on it.

Also my accountant comes with £500k of insurance so should HMRC want to audit me the hundreds of hours the accountant will have to put in are paid.

I'm not in this to top up my beer money I'm running a business and as I can't be arsed to deal with reading hours of tax rules and regulations I pay someone else to do it for me.

The last year that I did my own returns I paid over £4k in taxes. I have made more every year since but not paid any tax. Paying my guy £1440 per year is a lot more prefferable to paying £4 plus grand in taxes.

So @joe34 I apologize that my original comment was too brief for you liking and as I have now explained it in more depth as I said earlier pay an accountant!

Many on here seem to be on £300 plus per day but dont want to pay the equovical pittance to make sure there business complies with HMRC.

Baffles me.

 
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