Steve, I have met many a man who over claimed for things like travel to and from their yard. My accountant told me no way could I claim for that and was quite happy for me to walk out the door and loose clients than to follow the trends. He was proved correct a year or 2 later when the tax man realised what was going on and took all their money back leaving thousands struggling with debt. A good accountant is worth their weight in gold but you have to listen to their advice, that's why I advised him to speak to someone sooner rather than later to work out who was good and who wasn't so good and to make sure he knew how to record any claims to make next April a smoother transaction. I still think that would be the best tact.
Steve, I have met many a man who over claimed for things like travel to and from their yard. My accountant told me no way could I claim for that and was quite happy for me to walk out the door and loose clients than to follow the trends. He was proved correct a year or 2 later when the tax man realised what was going on and took all their money back leaving thousands struggling with debt. A good accountant is worth their weight in gold but you have to listen to their advice, that's why I advised him to speak to someone sooner rather than later to work out who was good and who wasn't so good and to make sure he knew how to record any claims to make next April a smoother transaction. I still think that would be the best tact.
S
steveo south east
Guest
Thats the point ecxatly why would you wait for them to tell you when you can tell them
The good ones, in fact even the very ordinary ones will not or should not need telling. I would hate to have a client hanging over my shoulder telling me how to erect a job so by the same token would not hire any accountant or any other trade for that matter if I thought they did need telling. Each to their own though Steve.
S
steveo south east
Guest
aom our accountants are the people who certify our books, i would not want a phone call from the inland revenue asking me trickey questions that i didn't know the answer too, so i know all the answers because i have told him.
your right good acc are worth there weight but you definatley need too find a good one and not every cloud and all that
your right good acc are worth there weight but you definatley need too find a good one and not every cloud and all that
It wasn't a phone call but we did get a letter asking no, demanding cash and threatening to take away our cis status and writing to all our clients to inform them our tax position had changed and to start taxing us at source. I didn't even have to lift a finger, the Mrs dropped the letter round to our man and he sorted it double quick. Any questions that come my way would be directed back through him, less chance of a misunderstanding I always feel. I build the jobs and leave everyone else to do their job.
BetterTAX
Well-known member
- Joined
- Jul 14, 2010
- Messages
- 1,901
- Reaction score
- 0
Joebag started this thread a few days ago, and it seems this thread has kind of turned itself around to being very similar.
As I said there, when it comes to legitimate expenses, there is no definitive list, although being trades specialists we are experts are knowing the kind of expenses any of our clients are likely to incur (or not), which is why we personally go through the tax return with them in detail.
HMRC are getting tougher all the time - with huge corporations owing £Bs, and getting away with it
, they have to achieve their targets somehow and individuals are their favourite target.
If you're ebay receipts are genuine, use them. As I said previously, it may be a pain but keep all receipts for anything to do with work. If you have them, although not needed in the first instance, then, well, you have them if they are needed at any time.
If you're going self employed or have been for a short while, it;s a good idea to speak to a tax adviser/ accountant, just to make sure you are doing everything you need to do.
Umbrella companies are another thing altogether. As far as I know, they tax you, do your NICs and allow expenses? Whether that's the best option or not, is your decision to make, although many contractors will insist you go through umbrellas.
We always offer free advice, remember.
As I said there, when it comes to legitimate expenses, there is no definitive list, although being trades specialists we are experts are knowing the kind of expenses any of our clients are likely to incur (or not), which is why we personally go through the tax return with them in detail.
HMRC are getting tougher all the time - with huge corporations owing £Bs, and getting away with it
, they have to achieve their targets somehow and individuals are their favourite target.If you're ebay receipts are genuine, use them. As I said previously, it may be a pain but keep all receipts for anything to do with work. If you have them, although not needed in the first instance, then, well, you have them if they are needed at any time.
If you're going self employed or have been for a short while, it;s a good idea to speak to a tax adviser/ accountant, just to make sure you are doing everything you need to do.
Umbrella companies are another thing altogether. As far as I know, they tax you, do your NICs and allow expenses? Whether that's the best option or not, is your decision to make, although many contractors will insist you go through umbrellas.
We always offer free advice, remember
.