Tax!!!!

[One Day]

"Only the little people pay taxes"

Leona Helmsley - Wikipedia, the free encyclopedia

 

[peteablard]

I put a brand new 8x6 garden shed through my books one year............storage for my cutters & adhesive

I put a new conservatory through 2 years ago. My desk is in there so technically its my new home office!

 

[AD Ceramics]

Put 20% of every penny labour in a separate account you'll have enough to pay your tax and some left over......oh and get a decent accountant, don't cut corners on one get a rubbish one and they'll bring you down, get a good one and they'll make you money, mine cost £600 to do my year end account and submit to revenue, I do my own vat each quarter......oh and one more thing put receipts in for everything, if you are unsure stick it in all they can do is take it out, if all else fails act dumb.

 

[Wishiwasatoptiler]

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.

When you your on account now. Is that the budget payment plan. Where you set a direct debit up and make an estimated payment each month are something else?cheers D

 

[One Day]

When you your on account now. Is that the budget payment plan. Where you set a direct debit up and make an estimated payment each month are something else?cheers D

i pay an estimated amount in advance so unless i have a particularly successful year, i should always be up to date with payment. You can also set up a direct debit but I've not done that.

 

[bcd-87]

A lot of great info here guys.. Thank you all merry x mas

 

[Wishiwasatoptiler]

i pay an estimated amount in advance so unless i have a particularly successful year, i should always be up to date with payment. You can also set up a direct debit but I've not done that.

Cheers @impish

 

[Flintstone]

Have just had my accounts back, and got a rebate which i seem to have most years. I do a fair chunk of work for builders who stop the 20%. I pay an accountant about £300, saves me the hassle and can save me that £300 easily

 

[Ste-G]

I've heard recently from a couple of sources that the government wants self employed people to submit their tax account every three months from next year. I hope this is bull sh*t, I don't think I could handle that sick to the stomach feeling four times a year.
Has anyone got any idea if this is true?

 

[On one]

Have just had my accounts back, and got a rebate which i seem to have most years. I do a fair chunk of work for builders who stop the 20%. I pay an accountant about £300, saves me the hassle and can save me that £300 easily

The 20% tax that certain contractors take off your invoice..............is there any way of finding out if that actually gets passed on to the HMRC?
I have my doubts about some of them😉