tax return, self employed

[desrob]

just wondering when and how you send your incoming and out going (tax return), paperwork in, i have just recently went self employed, do i need to do it at all ?, those of you that have been there done that, your input would be appreciated.i don't have a accountant

 

[baronwills]

what about the initial set up the van getting all my tools together etc, plus i have not got reciepts for everything can i still list them ,i have not even got the van bill, that was quite a big out lay,so can i still use it as out goings.

I dont think you'll get away with claiming for tools that you haven't got a receipt for. Not sure about the van. It stands to reason that you need a van to operate, you have a van, therefore it must have been paid for somehow. Dont know if an electronic payment record or a cheque stub would suffice. Could you get a duplicate invoice from whoever you bought it from?

 

[baronwills]

dontknowitall and simong - dont get me wrong, im not saying everybody should sack their accountants, just that if you can do them yourself, you can save some money. Most of the information you need about what you can and can't claim for is out there.

 

[dontknowitall]

I've lost one or two receipts in the past (including during my setup costs) and it was never a problem.

 

[dontknowitall]

dontknowitall and simong - dont get me wrong, im not saying everybody should sack their accountants, just that if you can do them yourself, you can save some money. Most of the information you need about what you can and can't claim for is out there.

You're right - just as you don't need a lawyer to represent you in court if ever this happened.

Also, you don't legally need one (unless the taxman tells you otherwise).

The more paperwork you do for yourself the more money you'll save and I do most of my paperwork myself including the Balance Sheet and Profit and Loss Accounts. Also all my receipts match entries on different spreadsheets which makes it easy for them to run an audit, etc.

In my opinion, although another expense, it does pay but I'm not going to force you. We all have different skills and our own ways of doing things, in the end, so I'd do what you're happy with!!

 

[desrob]

I've lost one or two receipts in the past (including during my setup costs) and it was never a problem.

thats good to know,,my understanding of tax return is that it runs from april to april, if this is the case do i need to get my return in from when i started about feb this year to april this year about a months worth of accounts.

 

[dontknowitall]

My year end is end of February. I chose this as I wanted to have my accounts sorted out before my tax return and it gave me the whole of March to finish being paid by creditors and me sorting out other paperwork (e.g. bank statements arriving in March).

Tax year for everyone runs from 6th April to 5th April but for businesses it's whenever (usually, but not always the end of a month.)

 

[ADM360]

I can't Quite remember, but I'm sure that when I started 5 years ago, after having spent many years with firm accruing a nice collection of hand and battery tools, my accountant made an allowence for this, as if I had started without them, I would have had to purchase to carry out my work.

I had an accountant from year 1, although I do most of my own paper work in /outs, monthly and a yearly balance sheet, which I then pass on to him to check over and submit, where he adds in thing like home office etc, I also give him my wifes P60 and he works out how much I have payed her this year, while keeping her under the tax band!! Also included in the fee is an insurance policy in the event of a HMRC inspection, for addiotional accountacy fees etc.