tmcassett:
I’ve spoke to a number of drivers who do the same thing i.e claim for food they don’t actually buy and various other expenses they are not entitled to be claiming. In my case I don’t actually claim a lot to be honest in that regard, fuel, the odd bit of clothing I have to replace once in a blue moon and little things like stationary. I don’t bother with food myself as I bring a packed lunch and the ingredients cost me under a tenner a week so its not worth it, I also don’t bother with things like mobile phone as I don’t actually use it for business use other than being texted my start times or the small % you are entitled to claim from your fuel bills for the home office. Thankfully my accountant is very good and not one of those who pushes me to claim everything including the kitchen sink - His attitude is if its not a genuine business expense, not worth while for the hassle you may get and what you will save subsequently or you have no receipt its not going through the books.
Maybe I’m under claiming from some people’s points of view but my attitude is I want to do things that I believe are right and proper in how I run my Ltd Company and only claim for things that have genuinely incurred a cost to myself from a business point of view. Bottom line again it comes down to interpretation about self employment or employee.
The scary thing I find is the number of drivers I speak to who set themselves up as a Ltd Co. because the agency told them too - they actually have no idea what operating as a Ltd Co. entails and how or why in their individual circumstances they are/aren’t better off than PAYE.
Is there much more paper work to do as a ltd company or do you just get your account to do it all
Thanks for any info
taz1972:
tmcassett:
I’ve spoke to a number of drivers who do the same thing i.e claim for food they don’t actually buy and various other expenses they are not entitled to be claiming. In my case I don’t actually claim a lot to be honest in that regard, fuel, the odd bit of clothing I have to replace once in a blue moon and little things like stationary. I don’t bother with food myself as I bring a packed lunch and the ingredients cost me under a tenner a week so its not worth it, I also don’t bother with things like mobile phone as I don’t actually use it for business use other than being texted my start times or the small % you are entitled to claim from your fuel bills for the home office. Thankfully my accountant is very good and not one of those who pushes me to claim everything including the kitchen sink - His attitude is if its not a genuine business expense, not worth while for the hassle you may get and what you will save subsequently or you have no receipt its not going through the books.
Maybe I’m under claiming from some people’s points of view but my attitude is I want to do things that I believe are right and proper in how I run my Ltd Company and only claim for things that have genuinely incurred a cost to myself from a business point of view. Bottom line again it comes down to interpretation about self employment or employee.
The scary thing I find is the number of drivers I speak to who set themselves up as a Ltd Co. because the agency told them too - they actually have no idea what operating as a Ltd Co. entails and how or why in their individual circumstances they are/aren’t better off than PAYE.
Is there much more paper work to do as a ltd company or do you just get your account to do it all
Thanks for any info
No not if your organised, basically it takes me 15 - 30 minutes at the end of the week or on a Saturday to knock up an invoice for the hours worked, email said invoice to whichever agency or company it needs to go to, update income/expenditure spreadsheet and file any receipts (if any). I have an invoice template for every agency/company I work for so all I have to do is put the relevant info for that week e.g date, hours worked and invoice amount.
I pay my accountant £600 a year and for this he does everything else for me as far as filing reports goes, I could save a bit and do some of it myself but to be honest I’m happy paying the £600 and not having to do anything more myself.
All I have to do other than what I have listed in the first paragraph is drop my books (folder) off at my accountants once every 3 months then he works out my VAT contributions (I’m on the flat rate scheme) and email’s me what I owe and upon what date HMRC will take the payment via direct debit. Also do the same once a year for my end of year accounts and that’s it - it really is as simple as that, just make sure you keep your books (folder) organised for the benefit of your accountant. I have a plastic wallet for each month with that months invoices and any receipts.
The more I have looked in to the ltd company route the more I think it’s to much hassle so if I can just invoice as I would when I do other jobs for company’s I will just work as paye and for the people asking for self employed ltd company drivers don’t no what they are talking about !!!