Tax!!!!

[goz]

Gents, interested to know what you guys do with regards to tax. Do you chuck a couple of hundred away each month or are you more specific ie every job deduct say 18% and put in savings account? Only reason I ask is just had huge bill, not been putting enough away so a little short. Would like to know what the masses do?

 

[Andy Allen]

I budget each month for it...the tax office usually tell you in advance how much your going to have to pay so you know how much to put by..

 

[John Benton]

Don't bother with it...........I've never claimed a penny so why should I give anything back......

Same as Andy really, but when I first started my accountant advised that I pay 'on account' i.e. I am a year in front, so that when I pack in all cash will have had tax paid on it, so that's mine then 🙂

 

[Andy Allen]

Don't bother with it...........I've never claimed a penny so why should I give anything back......

Same as Andy really, but when I first started my accountant advised that I pay 'on account' i.e. I am a year in front, so that when I pack in all cash will have had tax paid on it, so that's mine then 🙂

And if you over pay then some years you don't pay much......which is good.

 

[One Day]

I'm on account too.
One year I had massive trouble getting enough together to pay on time. I called my tax office and explained and they were great. Gave me a few months extra and no fees or interest. Early communication is the key with HMRC.

 

[Diggy]

I'm just subbying now so mine is stopped auto. Then just do tax return online the 2nd week in April ( after the year end is up ) , then 5 days later the taxman puts it back in my bank account.

Diggy :0)

 

[Italy]

I bring office in England.
then working in Italy.
I can?

 

[On one]

I do my Tax Return in April/May,
If they owe me money I wait for the cheque to come through,
If I owe them money I wait until the 11.59pm on the 31st January to pay them,
Unfortunately,it's the latter this year..........so I will be having words with my accountant!

 

[WetSaw]

I bring office in England.
then working in Italy.
I can?

Dove in Italia sei? Ho pensato che nessuno a sud di Bologna ha pagato alcuna imposta!

 

[kevsalt]

tryn to put away a ton a week if poss ,,,,makes a nice pool so if something brakes etc money on hand,,cool

 

[Italy]

Dove in Italia sei? Ho pensato che nessuno a sud di Bologna ha pagato alcuna imposta!

thinking almost accurate ..........
Northern Italy.
Bergamo (Lombardy)
the region that pulls Italy ....
tax burden in Italy is at least more than 50% of the declared

 

[Andy Allen]

Just had my bill today......🙁
Just what you want before Christmas. ...

 

[On one]

Just had my bill today......🙁
Just what you want before Christmas. ...

Same here!

 

[goz]

Yesterday lads I thought I had it smashed this year, was saying to the missus, nice chilled Xmas no worries then boom!!!

 

[bcd-87]

This has been great reading guys, thank you !! this April will be my first bill

 

[John Benton]

This has been great reading guys, thank you !! this April will be my first bill

Do you have an accountant?

 

[bcd-87]

Do you have an accountant?

yes mate, i'm hoping it won't be massive.. its just me and my van not a massive outfit.. i stopped working for builders so no cis deduction

 

[John Benton]

yes mate, i'm hoping it won't be massive.. its just me and my van not a massive outfit.. i stopped working for builders so no cis deduction

Good cos your accountant shouldn't really cost you anything with what they save you in tax

 

[bcd-87]

Good cos your accountant shouldn't really cost you anything with what they save you in tax

£250 up front.. i dont know if that's cheap or expensive

 

[Rizzle from the Portizzle]

accountant fees are free the tax man pays them for you so get the best

 

[bcd-87]

accountant fees are free the tax man pays them for you so get the best

sound makes sense..

 

[John Benton]

£250 up front.. i dont know if that's cheap or expensive

Well.....£250, they should save you at least that then and also the time it takes you to sort it all your accounts and tax return maybe a couple of days, you're not earning so thats maybe £300 minimum you'd lose, then like Ray says the taxman pays for your accounts and tax being done

 

[One Day]

I like doing my own. I'm a control freak.

 

[John Benton]

I like doing my own. I'm a control freak.

Alan Sugar does his own accounts as well!!!

 

[bcd-87]

I like doing my own. I'm a control freak.

 

[One Day]

Alan Sugar does his own accounts as well!!!

I reckon mine are just a little bit easier than his though!

 

[John Benton]

Apparently he does it to try and save a few quid.......😉

 

[Andy Allen]

I like doing my own. I'm a control freak.

Me too...

 

[kevsalt]

yeah i do me own,,,its pretty basic stuff when youre a one man outfit turnover minus allowances end figure ..job done

 

[John Benton]

yeah i do me own,,,its pretty basic stuff when youre a one man outfit turnover minus allowances end figure ..job done

What allowances do you have?

 

[peteablard]

The majority of my work is for builders so cis deductions are made. I prefer it that way as I always get a rebate. I tried to do my own once and it said I was due £700. I got my accountant go do it and he got me something like £3k even after his cost! Anyone doing there own should try using an accountant at least once as being a control freak is probably costing you money.