I’ve recently gone self employed with a few agencies in my area, got most of it sorted out but was looking for a spreadsheet template where I can put in all expenses, mileage (if possible) and income so that it would make it a bit easier when it comes to doing my tax returns/assessment. Was wondering if anyone had any links to a site where I could download one, or if they have created one themselves that they wouldn’t mind sharing as I’m not good at creating spreadsheets! Only ones I can find so far seem to be aimed at Americans which would be great if I was working over there. Even some ideas of how I can lay out the spreadsheet would be handy, as then I could ask someone to help make one up for me.
Reason I’ve gone self employed is that one of the agencies I have joined only use s/e drivers (I have a family friend who runs the transport side of the agency and has sorted me out with bucket loads of work), plus I can then do casual work for a few local firms that know me, who don’t like to use agencies 
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i can’t help you with a link. but you don’t have to keep accounts for the tax man as self employed.
i always found a diary did the job, just jotted down daily expenses, then made a note of the turnover.
for the tax man, all you have to do is fill out a very straight forward tax return.
you may find starting a ltd company a better option. you won’t have to pay any tax on your first £18500, it could be more after the budget.
Thanks Phil. Seems the easiest way of doing it. I won’t start a ltd company up yet as hopefully I won’t have to be s/e for too long, ultimate aim is to get a full time job.
Just out of interest, I guess that things like CPC training and Cat C+E training can be put down as expenses, or is that wrong? Would be nice if I could.
charliebear:
Thanks Phil. Seems the easiest way of doing it. I won’t start a ltd company up yet as hopefully I won’t have to be s/e for too long, ultimate aim is to get a full time job.
Just out of interest, I guess that things like CPC training and Cat C+E training can be put down as expenses, or is that wrong? Would be nice if I could.
you’re not wrong, claim for everything. the thing with self assesment is you simply write down turnover, expenses, and then show your profit/loss. everything you buy is deducted. it may sound daft to claim for toothpaste, but as i was told many years ago when you had to itemise everything. “you can’t go to a job with gammy teeth”. the man was just using that as a way to make a point.
they did call me in once for a £6000 shortfall, but i walked out with a little rebate. 
charliebear:
… things like CPC training and Cat C+E training can be put down as expenses, or is that wrong? Would be nice if I could.
Yep
I claimed for all my training even though I was working as a consultant, don’t forget air fresheners, boots, license costs, insurance, car mileage too and from work (45p a mile) and loads of other stuff…
Cheers
Paul
Get an accountant in at the end of every year. A good accountant should be able to save you at least what your paying for him. You basically get piece of mind for free.
Derf:
Get an accountant in at the end of every year. A good accountant should be able to save you at least what your paying for him. You basically get piece of mind for free.
i’ll just point out. accountancy fees arn’t tax deductable.
Derf:
Get an accountant in at the end of every year. A good accountant should be able to save you at least what your paying for him. You basically get piece of mind for free.
^ +1
My accountant charges me £100 for completing the tax return from the accounts I provide. I think it is £100 well spent for my return to be done on-line by a ‘professional accountant’.
In the event of queries he also deals with the tax office for me. Last year he got me a £319 refund, so that’s his bill covered for the next three years.
limeyphil:
i’ll just point out. accountancy fees arn’t tax deductable.
as a Ltd Co. they are an expense item.
limeyphil:
i’ll just point out. accountancy fees arn’t tax deductable.
I think you will find they are - deductable as business accounts management fees. It’s just the part of the fees for completing the return that aren’t deductable.
Almost every single post in this thread has been a load of arse-■■■■ so far. Especially phils pearls of wisdom. Follow the advice in this thread and you will end up bankrupt when the tax man finally catches up with you.
Either do the research online yourself as to what you are/aren’t allowed to claim against your taxable income, or let a good accountant do it for you. Do not listen to truck drivers regarding business matters, especially legally obligated taxation matters, as at the end of the day your average truck driver is a thick oaf who tells lies for fun, harsh but true. 
There are several HMCR courses you can do for self employed / tax / vat all free it may be worth doing some of them may help
Gogan:
Almost every single post in this thread has been a load of arse-■■■■ so far……as at the end of the day your average truck driver is a thick oaf who tells lies for fun, harsh but true.
Well I have only been a truck driver for about 20 minutes but I had no idea I was entering such an elite club. Proud to be a ‘thick oaf’ though. I will try to live up to your expactations by forgetting the 25 years of experience I have from running my own businesses.
OnlyAlan:
I will try to live up to your expactations by forgetting the 25 years of experience I have from running my own businesses.
Unless you were a consultant to HMRC then I fail to see what relevance that has. Colonel Gaddafi ran Libya for over 40 years, but that doesn’t mean he was well placed to be teaching anyone about the principles of democracy. 
Any more silly comments to make or are you getting back in your box now?
Well I’m taking all the comments with a pinch of salt anyway, though getting some idea of how it all works. Just that I properly got myself in a muddle looking through the HMRC website earlier, but have had a few helpful items sent to me via pm (thanks to those that have, much appreciated), was just after a simple system of keeping record of things as to be honest, im useless at that kind of thing. Everyone has to start somewhere, and hopefully this won’t be long term.
It’s dead simple, all you need is a simple double-entry accounts book. Costs less than a fiver from W H Smiths.
Everything that comes in goes on the left-hand page, everything that goes out goes on the right-hand page.
Keep receipts for everything, numbered so they tally up with your book.
Claim every reasonable thing you can against tax. For example, you might buy a ladder, climb up it to change a bulb on your truck, and then the ladder might spend the next 20 years being used to lop trees and clear gutters at your house. It’s still a business expense.
Your accountant will prepare your accounts for the Inland Revenue and bash them into a presentable form, but the less paperwork you need him to do, the less he will charge, and the better you keep your books, the less tax you will pay, all entirely legally.
I’ll have to keep books if my O licence is granted, but I have had two spells of being a taxi owner-driver, and book-keeping for a taxi driver is far more complicated than for a truck driver since you have to record every fare and every tip* which comes to several hundred transactions a week, whereas you and I will only have one or two customers.
- Well, you’re supposed to, anyway.
HMRC do some pretty helpful webinars. You just sign up and then go online at the appropriate time. They last about half an hour.
You’ll find the info via google. Google HMRC Webinars. I’ve done a few and they are useful
Pete
limeyphil:
i can’t help you with a link. but you don’t have to keep accounts for the tax man as self employed.
i always found a diary did the job, just jotted down daily expenses, then made a note of the turnover.
for the tax man, all you have to do is fill out a very straight forward tax return.
you may find starting a ltd company a better option. you won’t have to pay any tax on your first £18500, it could be more after the budget.
I’m not too sure of limeyphils advice here! He has obviously never been through a tax investigation! I’m sure if you check out HMRC’s website, you will find details of the accounting records you should keep and I don’t recall anywhere where it says 'jot things down in a diary!
I’d also like to know where this figure of £18500 comes from!
OnlyAlan:
limeyphil:
i’ll just point out. accountancy fees arn’t tax deductable.I think you will find they are - deductable as business accounts management fees. It’s just the part of the fees for completing the return that aren’t deductable.
OnlyAlan is correct. And any half decent accountant won’t give a breakdown of their bill! Or if they do, they will make the fee for completing the tax return minimal, thus making the majority of the bill tax deductible.
killsville:
limeyphil:
i can’t help you with a link. but you don’t have to keep accounts for the tax man as self employed.
i always found a diary did the job, just jotted down daily expenses, then made a note of the turnover.
for the tax man, all you have to do is fill out a very straight forward tax return.
you may find starting a ltd company a better option. you won’t have to pay any tax on your first £18500, it could be more after the budget.I’m not too sure of limeyphils advice here! He has obviously never been through a tax investigation! I’m sure if you check out HMRC’s website, you will find details of the accounting records you should keep and I don’t recall anywhere where it says 'jot things down in a diary!
I’d also like to know where this figure of £18500 comes from!
paye £8500 before you pay tax. £10,000 before a company pays tax. then there are dividends. but that’s something else.
there is a difference between ltd company accounts, and self employed accounts. you don’t need any for the latter.
but what do i know, i’ve only owned a few businesses. i’ve been investigated only once in 20 years. you only show them what you want them to see, and what they think they need to see. why would anyone pay for accountancy fees unless they were employing several people? turnover-expenses=profit/loss. who needs an accountant for that?