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?
Not sure about the £10000 bit. Last I heard, the low profit exemption had been abolished! Incidentally, the tax threshold before becoming taxable is only £7475 for 2011/12 and will rise to £8105 from 6th April 2012.
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?
Permission to stick my head out of my box and just say…
Obviously, the Colonel wuld have made a far better job of it if he had the benefit of you correcting him. Never mind though, our only difference seems to be that I admit to being ‘thick oaf’ whereas you seem to take the more comvoluted route of proving it by your comments.
Get back under your bridge, there will be a billy goat along soon.
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?
Permission to stick my head out of my box and just say…
Obviously, the Colonel wuld have made a far better job of it if he had the benefit of you correcting him. Never mind though, our only difference seems to be that I admit to being ‘thick oaf’ whereas you seem to take the more comvoluted route of proving it by your comments.
Get back under your bridge, there will be a billy goat along soon.
Ha! Nice one Alan.
I think hes just one of those thoroughly unpleasant people that crop up on forums from time to time. Im fairly sure its the circles he mixes in that helps form his low opinions of drivers!
Ive found folk on here to be on the whole quite knowledgeable and helpful, but theres always the nasty/rude/ill mannered/poorly raised element.
What you need is to go to DIYACCOUNTING.CO.UK. Their product costs only about £15 and I`ve found it brilliant.
It gives a Profit/loss summary and prepares a tax return, which you only need to copy over to the HMRC one.
I need to go on there and buy a new one for the new tax year. It was someone on here, (not Grogan)! that recommended it.
Ive just had a look at DIYACCOUNTING.CO.UK. and the 2012-13 product is not yet available. Theyre holding it back until the last week of March in case of budget surprises.
I’ll have my Ops Director look into this bridge you speak of, it seems there may be an acquisition opportunity we missed.
My low opinion of drivers stems from having the misfortune to have employed some of the laziest, misdirected and generally useless creatures ever to wear the moniker. Then again, I also count myself lucky to employ some of the best, though sadly they are in the distinct minority.
As for the circles I mix in, wouldn’t you like to know, but then I doubt you ever will!
Gogan:
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.
I’m not seeing that. Phils original post …
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.
rings pretty much correct. He may be wrong however over whether the acountant is tax deductable, i’ve no idea. A few seem to think he is. But that is the basics.
Gogan:
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.
Which he’s doing he’s asked here for a start. There must be loads of people in the same boat who can/have offer advice?
Gogan:
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.
I’m sure its true. But you’re an average truck driver, right?
Mike-C:
I’m sure its true. But you’re an average truck driver, right?
Nope, sorry, can’t claim to be a truck driver let alone as good as an average one. I’m a corporate recovery consultant, who by coincedence happens to be the majority shareholder in a haulage firm among other things. I only got an HGV licence in order to drive my race transporter to Spain and back twice a year!
Mike-C:
I’m sure its true. But you’re an average truck driver, right?
Nope, sorry, can’t claim to be a truck driver let alone as good as an average one.
Oh, ok. So when you say…
We all profess to be professional drivers
In my experience Thermo King units seem to be more reliable than Carrier, though the Carrier is quieter
My nephew has been with me a few times, including a trip to Italy a couple of years ago
I assume you’re a truck driver. But you’re not, you’re a…
Gogan:
I’m a corporate recovery consultant, who by coincedence happens to be the majority shareholder in a haulage firm among other things. I only got an HGV licence in order to drive my race transporter to Spain and back twice a year!
Looks to me like you’re not telling the truth. You’re right, the place is full of bullshitters. Identifying them is the hard part. I’m not a truck driver myself, i’m an investment banker. I just post on here to see how my cash is doing . Anyway, you’re advice is still crap like your attitude.
Sorry to come back on, but this is so funny.
Make no mistake this fellas not only a lorry driver and a frustrated wannabe, but hes an RDC dweller. A dreamer. Lying in wait for the next poor sod wholl have to listen to his tales of corporate takeovers and adventures on the road to Spain. Plus how hes been dealt a bad hand and now has to drive lorries.
Still, this time next year Rodders…we`ll be millionaires!!
cheekymonkey:
Sorry to come back on, but this is so funny.
Make no mistake this fellas not only a lorry driver and a frustrated wannabe, but hes an RDC dweller. A dreamer. Lying in wait for the next poor sod wholl have to listen to his tales of corporate takeovers and adventures on the road to Spain. Plus how hes been dealt a bad hand and now has to drive lorries.
Still, this time next year Rodders…we`ll be millionaires!!
Whilst you would like to think your comments have proved your point, your seemingly clever use of context reversion has only added to fuel to my fire. You see I planted some bulbs at the foot of my mothers headstone earlier in the year, but that doesn’t make me a gardner. I changed the damaged double socket in the conservatory at the weekend too, but I’m not an electrician either. I changed the turbo on a truck last September but I’m not a diesel fitter, and this weekend I’m going to paint the fairings on one of my bikes, but I’m not an automotive paint-sprayer. It’s all in the context.
I’m touched that you’re so keen to delve into my private life, which in fairness is not exactly all that private, and I can only apologise that my lack of concern for what you think clearly doesn’t match the effort you put into your spoils. Tough luck though!
Incidentally, anyone who would like to meet me is more than welcome! I’ll happily discuss anything face to face, if it helps to grease the wheels a little, even if it would spoil the fun I’m having getting a reaction out of you all.
Gogan:
Whilst you would like to think your comments have proved your point, your seemingly clever use of context reversion has only added to fuel to my fire. You see I planted some bulbs at the foot of my mothers headstone earlier in the year, but that doesn’t make me a gardner. I changed the damaged double socket in the conservatory at the weekend too, but I’m not an electrician either. I changed the turbo on a truck last September but I’m not a diesel fitter, and this weekend I’m going to paint the fairings on one of my bikes, but I’m not an automotive paint-sprayer. It’s all in the context.
I’m touched that you’re so keen to delve into my private life, which in fairness is not exactly all that private, and I can only apologise that my lack of concern for what you think clearly doesn’t match the effort you put into your spoils. Tough luck though!
Incidentally, anyone who would like to meet me is more than welcome! I’ll happily discuss anything face to face, if it helps to grease the wheels a little, even if it would spoil the fun I’m having getting a reaction out of you all.
To much to read mate, i’ve not got that long . The guy wants help over self employed accounting, not a jousting contest between members or the notion everyone is talking ■■■■■■■■. If you’ve any constructive advice to offer besides ‘listen to no one’ then offer it, we’re all ears.
Hi Charliebear
Get a small business accounts book from W.H.Smiths, the one I use cost £14.95 is white and yellow for none VAT registered accounts or the blue and white is for VAT registered business. Keep it up to date weekly as it makes it easier to cross reference it when checking back what you have earnt to what you have spent. Keep all receipts from fuel to meals when away from home, to clothing for work or tools, The book I or should I say the wife uses shows you in the front of the book how to use it correctly, after the 5th of April, finalise the years accounts and take it to an accountant. Fill it in in pencil first then at the end of the year go over the pencil with a pen as they do not like them in pencil.
Make sure you keep you N.I. stamps up to date.
