Newbie book keeping / taxes

[Matt Cook]

Hi guys

I'm a newbie starting off WFP in a VW caddy with an x-line 350ltr Di set up and some basic trad gear. But the part of this game that baffles me the most is the paper work. I work full time and I'm gonna filter the Windows in and drop away my full time job as the business grows but how do you deal with the paper work??? Do you have to keep every receipt for everything or do you just keep records of all in and out the submit it and they can ask for proof if needed??? Etc

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[Part Timer]

Basically anything you spend relating to your business you need to keep a receipt for it. If you have items that you use for personal and business, car, mobile etc, you will need a receipt and claim a percentage for the business side only. 

As for what you earn then your records are strictly up to you. I suggest you ring up HMRC and register as self employed and ask them, they're actually a helpful and friendly bunch if you speak to them correctly. Good luck 

 

[Matt Cook]

Basically anything you spend relating to your business you need to keep a receipt for it. If you have items that you use for personal and business, car, mobile etc, you will need a receipt and claim a percentage for the business side only. 
As for what you earn then your records are strictly up to you. I suggest you ring up HMRC and register as self employed and ask them, they're actually a helpful and friendly bunch if you speak to them correctly. Good luck 

Cheers Part timer I'll give HMRC a call


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[Part Timer]

Initially chat with them but would also have a chat with an Accountant for your first years tax return. I know everyone hates spending money but a good Accountant will pay for themselves. 

 

[dmw]

I visited my new accountant yesterday, my previous one passed away about seven years


ago and I've done my own books ever since. However having recently bought a new

van and equipment I wasn't to sure of the Capital Expenditure element of things.

So I bit the bullet and got an accountant and realised in seven years however the tax

structure has changed, and this company has just saved me a sizeable amount.

You may pay between £200-£300 but it's more than worth it, and this is deductible too.

 

[Iron Giant]

Far better to have a accountant otherwise if you are not aware of any changes HMRC make that may affect you then you can be fined, I provide my accountant with everything relating to my business and he sorts it all out without me having to worry about it. 

As for percentages of certain things and allowable expenses I have no clue so would rather pay my chartered accountant so I don't make any mistakes, And years ago they changed things with the tax return which I didn't understand and the tax office were useless as their systems were outdated.