Help with Tax return

[adamangler]

Hi, not asking for legal advice just some tips on doing tax return myself, i did my own last year as only do a few grand of work.

Im using simplified expenses/cash basis

Got all receipts and online trasactions for expenses.

Got all bank statements for income paid online

What i want to know is how do you guys keep records of mileage for van, does it have to be specififc as writing i did 7 mile this day, 16 mile this day. or do you just estimate it over the year?

also for income payments from custies do you have to document it like this

5/4/14 mrs soandso 45 brrom lane £!5 cash

6/4/14 mrs gdfgd etc etc £16 online

17/4/14 nblah blah £16 cheque

etc???

also i what do you do about cash payments that have no receipt?

i.e if im doing a commercial job i will give them a receipt which i will keep for my records

but residential customers i dont give reciepts

Are you SUPPOSED to write down cash recieved on what day from whom and for what?

 

[Green Pro Clean Ltd]

DO yourself a big favor, go see an accountant, they will give you a free 30 minute consultation and should you use them most are only about £150 per year to do your returns for you, I can earn more than that in the time it would take me to sort out the tax return myself.

 

[adamangler]

i will when im full time mate, this year im going to do my own, i only did about 5k last year, maybe ill do 10-15k this tax year.

Its basically Record all income, record all expenses, van mileage, home use etc im just not sure how detailed it has to be. like did 10k in van, estimated 8k business use or like did 8 jobs today it was exactly 3.2 miles to here, 6 miles to there etc

ill do what i do with everything lol Google the **** out of it

 

[RealKidJoker]

I've got an excel spreadsheet made up with formulas @adamangler for the mileage records if you want me to send you a copy?

Basically it's got the date, start location, destination, job description, start mileage, end mileage and it works it all out for you. Easy.

In one of the cells you put in the rate which is £0.45 for the first 10,000 miles then £0.25 there after. It keeps a total for each day and also a cumulative total too.

 

[adamangler]

Yes please @RealKidJoker . You really do this for every job though? If u had 15 custies a day you have to put went from number 3 tree street to number 6 monkey road 0.7miles ? Surely thats not feasible?

Also when you take payments for Window cleaning do you just record the amounts taken or the name and address of each custie?

My email is [email protected]

Thanks

 

[RealKidJoker]

No, just every day. Jump in the car and take note of the start mileage. For example say the start mileage was 50000, i'd write that down. I went to Town A, Town X & Town Z for all the jobs that day so i'd write that in the location column and then what my mileage was when i got back home. You'll understand it when you see it. I'll just send it just now for you.

 

[shazzy692002]

My accountant has never asked for my mileage In the over 3 years I have been self employed.

Also he gives me £600 a year off for my phone. which I don't put thro my business account. Plus £ for using my house etc

 

[adamangler]

Youre probably not using simplified expenses shazzy you can use a flat rate for mileage rather than working out insurance, repairs, servicing etc

Cheers realkidjoker think ive found the same one online

 

[Green Pro Clean Ltd]

Adam, you can claim 45p per mile for the first 10'000 miles then 25 pence per mile there after, this covers servicing, fuel, mot, road tax etc.

To calculate mileage, my accountant figures out each round say Round 1 is 10 miles I get £4.50 allowance for that but he times it by 3 as I have to go back and collect so I get £13.50 allowances for that day so then that times that by 12 months and so on.

Mileage is quite simple once you done you round calculation.

The bonus of an accountant is he will find every last penny for all sorts of things you dont allow for.

 

[adamangler]

ok but i dont really have a set round yet, do a lot of one off jobs and leafletting etc.

i will just do a print out for van and log start of day mileage/end of day mileage with a brief note of where/what for, thanks

 

[monkeyman]

I just put vehicle expenses through. It works out better that way if your not doing a lot of mileage. That's what my accountant advised.

 

[SolarPanelCleaning]

Just zero odometer for milage

 

[adamangler]

Odometer doesnt work, nor the heater and none of the doors have handles. Maybe on my next van lol.

 

[SolarPanelCleaning]

I used to have a book for mileage, think I bought from whsmith. This was to record business mileage and personal mileage, assuming your vehicle is used not just for work.

Did my 2014/2015 tax return last night!

Joyous.

 

[dave_m141]

im in same boat as you. ionly started out and gone slowly whilst working around another job. earnt about 5/6k . got receipts for everything but done about 8400 miles as work is all over the place, works out flat rate as £3780 .

that as well as other expenses such as equipment, would i get that all back?

 

[Gavin]

I just put vehicle expenses through. It works out better that way if your not doing a lot of mileage. That's what my accountant advised.

This is what I used to do. Didn't think of or know about putting milliage through I just thought each time I get fuel, have a service, mot etc I put those in as expenses.