Self assessment......

[RDTiling]

Morning all.

Do any of you use any software for working out your end of year tax returns etc? If so do you have any recommendations on whether one is better than the other?

im currently keeping track of my earnings in excel but I've heard that some software pretty much works everything out for you meaning you only need to submit the 'bottom line' numbers to HMRC.

I wasn't quite sure where to post this, so apologies if this is in the wrong forum.

Thanks,
Rich

 

[Mr Tiler]

isn't it excel that calculates as you input?

 

[RDTiling]

I've heard that there are some that calculates correct tax amounts to give you your net earnings.

 

[CJ]

Accountant...........decent one should save you more in the long run.

 

[Chalker]

I'm a sole trader.
i used to get all stressed doing all the book work myself , including the vat.
i now pay £50 a month, £ 80 at a vat quarter and £200 year end. Takes all the stress away.
all I do is quoting, billing and on the 20th of every month put all relevant paperwork, invoices amd receipts in a folder and drop off.

the vat alone used to take a full day every quarter.

most on here would say don't let builders do tiling. Then don't delegate the accounts to a professional!

 

[Gazzer]

Accountant for me, no stress.

 

[Mr Tiler]

in my first year I should be fine as I don't expect much to come in... will have to see how year 2 goes lol

 

[Chalker]

in my first year I should be fine as I don't expect much to come in... will have to see how year 2 goes lol

Unfortunatly mate, you will still have to submit self assessment.
Dont worry about not making enough to pay tax.if you don't ,make much you won't pay any, but if you have made a bit, you will have some expenditure to offset this.Having accounts in the future will make it easier to raise finance if you need it when you start properly.

 

[Mr Tiler]

Unfortunatly mate, you will still have to submit self assessment.
Dont worry about not making enough to pay tax.if you don't ,make much you won't pay any, but if you have made a bit, you will have some expenditure to offset this.Having accounts in the future will make it easier to raise finance if you need it when you start properly.

no I understand that mate sorry what I should of said was I wont be needing an accountant any time soon lol. cheers

 

[nakhodka2002]

Hi. I use Invoice2go for my quotes and invoices. My accountant have access to all my data. Very easy and useful app

 

[John Benton]

An accountant is the best tool you should invest in, and should save you more money than they cost you.

 

[Chalker]

Hi. I use Invoice2go for my quotes and invoices. My accountant have access to all my data. Very easy and useful app

I use it too.its very good.

 

[Diggy]

I use excel , did a very simple spreadsheet by myself - and i'm a computer idiot - then input the totals at SA online , doddle.

All you need to track is:

1. What you spent
2. What your total income is
3. What you you were stopped in tax.
4. Go to SA online and enter 1 , 2 & 3 and it works it out for you.
5. Go and treat yourself with the money you saved by not using an accountant or buying software.

Diggy

 

[Ian]

Invoice2go for me too. It's a brilliant app for keeping everything in one place. I'll do a bit of a write up later.

 

[Diggy]

PS: https://online.hmrc.gov.uk/information/help?helpcategory=shortform&helpid=CWF13LineAcct

IE: if your turnover is under the VAT threshold , then 3 line account is all you have to put in.

Diggy