I’m new to this self-employed agency driving business i was wondering if anyone who is doing this could give me any kind of advice of what kind of bookkeeping I need to do i.e. records how much stuff do I need to record i know there are various books on the market for accounts and stuff does anyone have any recommendations
oneleg:
…,does anyone have any recommendations
Get an accountant. Preferably a dodgy one that is prepared to bend the truth.
SmashedCrabFace:
Get an accountant. Preferably a dodgy one that is prepared to bend the truth.
Sadly all the real good ones are at her majesty’s pleasure 
keep all your receipts for everything you buy connected to work,record all mileage and any other costs.Don’t just go to an account with a plie of paper and leave him to sort it you will pay a fortune,go on exel keep a list print it and take that to him.You can fill in a tax from online and do it yourself but they no all the little things to get tax down.
i use a company called gain advantage they pay your tax for you plus you can calm all of your expenses back weekly all it cost’s in£10 per week
madmanjay:
i use a company called gain advantage they pay your tax for you plus you can calm all of your expenses back weekly all it cost’s in£10 per week
That’s £520 a year an account would do it for £100-£200’no wonder they are called gain advantage they do gain
mac12:
madmanjay:
i use a company called gain advantage they pay your tax for you plus you can calm all of your expenses back weekly all it cost’s in£10 per weekThat’s £520 a year an account would do it for £100-£200’no wonder they are called gain advantage they do gain
bloody for £100/200 a year you must more or less give it to him on a plate done and dusted. my accountant is around the £450/550 mark and seems ok.
I do,all he needs to do is check it and let me no if anything new i can claim for.
madmanjay:
i use a company called gain advantage they pay your tax for you plus you can calm all of your expenses back weekly all it cost’s in£10 per week
i,ve got a 3 grand tax bill due in january ,so if i give them a tenner a week they will pay it for me?
Let the accountants go bust, do it yourself.
Keep records of what you do obviously.
- how did you much you receive this tax year?
- less any legitimate expenses.
- less the amount you earn before tax. currently about £7475 ish.
- You`re left with a figure on which you must pay tax and N.I.
Thats the basics.
I assume also that you`ve set up a direct debit to pay the £2.50 per week N.I. basic payment.
Stick with it. Good luck. Its new to me as well. My wife sorted my stuff out a few years ago when I was s/e in the motor trade, I wish I`d paid more attention now!
oneleg:
I’m new to this self-employed agency driving business i was wondering if anyone who is doing this could give me any kind of advice of what kind of bookkeeping I need to do i.e. records how much stuff do I need to record i know there are various books on the market for accounts and stuff does anyone have any recommendations
get online & get yourself a software package that will do it all for you,then download the HMRC PAYE as software package & that will do all your wages & NI & tax deductions for you for NOTHING!!!
you send the money off as & when HMRC tell you to & then there’s even less for the accountant to do…it’s pretty easy
diyaccounting.co.uk/ 1 of the packages on here will do for your business,£12.99 + VAT
then the HMRC payroll package which is free
hmrc.gov.uk/paye/payroll/day … ulator.htm
that lot should help keep your running costs down
All I ever did was keep a challenge duplicate book and write in everything I spent, daily or weekly, then staple the receipts into the book. I used to mark them A, B, C D etc, and then list them in the book.
When it came to doing VAT everything I needed was in that book. I was shown that after turning up at an accountant with a shoe box 
Accountants are good if you get a tax investigation, but generally you can do it yourself, even then I carried on working whily my finances were being scrutinised in court
Wheel Nut:
All I ever did was keep a challenge duplicate book and write in everything I spent, daily or weekly, then staple the receipts into the book. I used to mark them A, B, C D etc, and then list them in the book.When it came to doing VAT everything I needed was in that book. I was shown that after turning up at an accountant with a shoe box
Accountants are good if you get a tax investigation, but generally you can do it yourself, even then I carried on working whily my finances were being scrutinised in court
Lol - we had a good time in prison though eh■■? 
cheekymonkey:
Let the accountants go bust, do it yourself.Keep records of what you do obviously.
- how did you much you receive this tax year?
- less any legitimate expenses.
- less the amount you earn before tax. currently about £7475 ish.
- You`re left with a figure on which you must pay tax and N.I.
Thats the basics.
I assume also that you`ve set up a direct debit to pay the £2.50 per week N.I. basic payment.Stick with it. Good luck. Its new to me as well. My wife sorted my stuff out a few years ago when I was s/e in the motor trade, I wish I`d paid more attention now!
AFAIK most S/E drivers especially those on agency or running casuallly for someone will be “limited Co” part of the attraction of someone being Ltd Co is that it’s not nessesary to pay NI etc as its the “company” that receives the income the driver earns, they just take “drawings” on the annual profit.
The OP being new to this would do themselves a favour and look up HMRC’s business education unit. As they run free 1/2 day courses on various subjects from setting up your company, becoming VAT registered, they teach you how to use the HMRC web site in respect of filing various returns, run though the aspects of your obligations to them when your S/E.
Being able to use EXEL spreadsheets is another handy thing to learn, you don’t have to know much, as a little EXEL knowledge goes a long way. That way you won’t have to rely on someone else to do the mundane tasks of inputting records. This is where the umbrella Co’s make their money from the laziness of those that can’t won’t do thief own books
Another vote for contacting HMRC direct.
I did and found them brilliant, the guy I spoke to said that they are not out to screw you and will help you with everything.
The main thing to remember is keep every reciept.
HMRC are good but I always think asking them feels a little like asking King Herod to babysit.
They are helpful but they won’t help you avoid as much tax as a good accountant can.
you can try HMRC but i’ve put my faith in gain advantage,i personally think im getting a good deal plus there is no worrys of the tax man knocking on the door,for instance employed drivers where im working at minute are on £8.75 straight thro where i get £9.75 then i can claim the following which they cant £10-£15 meal allowance depending on what hours ive worked £4.40 a day laundry £24 a night out plus petrol at 45 pence per mile to and from work plus if i work a friday,saturday or sunday i get a £35 attendance bonus,all you do is send your expenses to gain advantage and they reduce your tax from your expenses better to be safe than sorry
YOU CAN’T BEAT THE TAX MAN
madmanjay:
you can try HMRC but i’ve put my faith in gain advantage,i personally think im getting a good deal plus there is no worrys of the tax man knocking on the door_,for instance employed drivers where im working at minute are on £8.75 straight thro where i get £9.75_ then i can claim the following which they cant £10-£15 meal allowance depending on what hours ive worked £4.40 a day laundry £24 a night out plus petrol at 45 pence per mile to and from work plus if i work a friday,saturday or sunday i get a £35 attendance bonus,all you do is send your expenses to gain advantage and they reduce your tax from your expenses better to be safe than sorryYOU CAN’T BEAT THE TAX MAN
are you for real 
madmanjay:
plus if i work a friday,saturday or sunday i get a £35 attendance bonus
Is that from the company you work for, HMRC or Gain Advantage?
The answer should be interesting!
Stan
peirre:
The OP being new to this would do themselves a favour and look up HMRC’s business education unit. As they run free 1/2 day courses on various subjects from setting up your company, becoming VAT registered, they teach you how to use the HMRC web site in respect of filing various returns, run though the aspects of your obligations to them when your S/E.
Good advice 
Being able to use EXEL spreadsheets is another handy thing to learn, you don’t have to know much, as a little EXEL knowledge goes a long way. That way you won’t have to rely on someone else to do the mundane tasks of inputting records. This is where the umbrella Co’s make their money from the laziness of those that can’t won’t do thief own books
I use Open Office for my accounts. Link all income and expenditure into PL and Balance Sheet. Takes me 10 minutes every week and a hour at the end of the financial year to complete the accounts.
Had a visit from the VAT man 3 years ago and a visit from HMRC this year - no problems, carry on as you are.
All it takes is a bit of thought.
Stan