baker p

Been self employed for 8 year now and always leave the paper work to my accountant.
This year however i would like to try and calculate things myself to get a rough idea of the figures before i hand over my stuff.
Is there any websites i can do this on?
I pay 20% tax. Is it true that the tax should be higher (Unsure of the percentage), but lets say 25% so at the end of the year i owe 5% of my annual gross earnings?
And i then put my expenses against it ? So say i owe 5k tax and i had 6k of expenses, i would get 1k back?????

Help

Moonstone Steve.

iTrader: (2)

You can file your return on there website or take your paperwork to the tax office and they will do it for you, i think paying my accountant 250 a year is money well spent when set against money saved and hassle.

Steve

fuzzy

£100 is average for roughly about a £1G rebate. best to pay the guys that know what theyre doing to do it right as i tried to do mine and ended up getting caught doing some creative accountancy. but its true you owe them money to make up to notmal tax rates its up to the accountant to offset this against your 'expenses' and get you a rebate.

baker p

yes, my accountant will be doing the return i just want to roughly calculate it myself to see if i owe or i am owed

fuzzy

in that case you give him your earnings figures and tell him roughly how much a rebate you want and he will massage the figures accordingly to achieve that using all your 'expenses'
as long as you dont get greedy its all good.but it works roughly how you have it in your o/p
allegedly.
you should never owe them money on cis4 but they dont like giving out huge rebates.

foreverwhite

i had a phone shop for 2.5 years. being the intelligent cunt i am i told the tax man that for 2 years i was actually making a loss. pocketing a couple of hundred quid per day.

then a competitor grassed me up and i got investigated, and flogged the shop on to a joe raki (pah-key) as quick as possible and he got nailed with the bill PMSL

on a serious note, i laugh at the way the tax man says "yeah, come and speak to us, we'll help you!"

yeah! course you will! help to pay the absolute MAXIMUM amount of tax possible!

"in this week i had 5 shits and 17 pisses"
"ok sir...we'll tax you £200 for that...did you have any crafty toilet wanks?.."
"yes, WHILST having a shit..."
"lets round that up to £300. Now, did you fart at all?..."
"once or twice...why?.."
"...lets call it £400."

etc etc.

or possibly...

"Mr Tax Man, am i allowed any expenses?..."

baker p

waaahhhtttt i paid 800 last year... wtfs going on there then? be having words i will

Moonstone Steve.

iTrader: (2)

As Fuzzy said just get your accontant to massage the figures but dont get greedy, fail in that buy a new van and you will be quids in.

Steve

Moonstone Steve.

iTrader: (2)

800 for your accountant................

Steve

fuzzy

ive and nobody i know have ever had to pay anything. apart from the year i got caught being greedy. and about £700 - £1100 is an average rebate.every thing you buy over the course of the year ,tools,workwear,homephone use,van,fuel even every single little thing you buy for your own house right down to a tube of silicone get a receipt whacked in.

Moonstone Steve.

iTrader: (2)

Fully agree with the above.

Steve

Lee Ivatt

iTrader: (1)

haha my wifes one, mine get done for free!!!!

mate, just get a bookkeeper to spend a few hours a month/ week who uses something like sage line50. she (he) should be able to do everything an accountant does righ up to the tax return. will be loads cheaper.

My misses says all acountants do is pretend there nice to you buy "saving you X amount of money in tax, then just charge the difference to you in their expenses!!!"

self assesment ....tax doesnt have to be taxing. lol

foreverwhite

you can even blag that you use one room at your house for work purposes (like an office). they tell you to divide the COMPLETE (mortgage, bills, heating, internet, water, gas etc etc) of the house into rooms and the cost of the room you use can be counted as a cost aswell.

i was once a self employed telesales worker. being you and foolish i didnt pay tax for 3 years, then got stung with a bill. because i played dumb i got a nice lady 'counsellor' at the tax information help desk to talk me through the limits of each thing you can claim for LMAO! big lesson in life that was, well, until i messed with the tax man at the shop and got stung at the phone shop PMSL...well i didnt, but the poor bastard par-key who bought it did!