Hi, currently I’m on PAYE and want to go self employed.
Lads that I work with are on roughly £150-200 more a week and claim loads back through expenses .
Is it worth getting an accountant and does anyone have any experience filling out tax returns .
Also, is there a list online of what is allowed to be claimed as expenses ?
Sorry if this has already been asked on here, really starting to frustrate me though.
Cheers
The accountant fees would be tax deductible so may as well use it plus a decent one should save you money.
However beware as hmrc are clamping down on people claiming to be self employed when they are not
kr79:
The accountant fees would be tax deductible so may as well use it plus a decent one should save you money.
However beware as hmrc are clamping down on people claiming to be self employed when they are not
Ok thanks mate.
I will be self employed though won’t I ? I’ll be sub contracting . Someone said I should set my own limited company up , others said just get a UTR ?
Should’ve listened in school more
It’s a bit like ,a man who defends him self has a fool for a client , don’t bother just get an accountant .
You’d be better off setting up a limited company and paying yourself through that, rather than going self employed. A good accountant is more than worth his fees.
Harry Monk:
You’d be better off setting up a limited company and paying yourself through that, rather than going self employed. A good accountant is more than worth his fees.
Absolutely correct…
My accountant (when I was Ltd some time ago now) showed me so many ways to save money from the tax man and produced a company report every year that was never disputed by HMRC for the decade+ I was on my own.
Don’t rush into going Ltd, it is worthwhile if you get it right but, you really do need to do the groundwork first and pinpoint where you can make the biggest gains.
A good accountant will make/save you money.
Thanks for the replies
+1 on the getting your own accountant, takes the hassle out of it and allows you to focus on earning.
As said an accountant will save you more in the long run.
I made the mistake of doing my own accounts, got audited by tax man, had to supply 3 years of accounts and 1 mistake on my part saw me receive a 3 grand fine, could have been 6 with the 100% penalty but I was very submissive.
Learn from my mistakes, get yourself an accountant and go Ltd when possible and practical to do so.