Went self employed about 5 months ago, and I’m keeping reciepts of anything and everything. Is there a book on this on what you can claim for ? People tell me all sorts and I know you can claim for almost everything I just want to look into it and prepare myself so I could possibly self assess or possibly save myself a few quid with my accountant. I’ve already spoken to an accountant but he didn’t really have a lot to say just keep your reciepts and give them to me !

Good accountant will tell you what you can claim for.

I’d try a different one.

. I’ve already spoken to an accountant but he didn’t really have a lot to say just keep your reciepts and give them to me

He is correct. Whatever you’re not allowed to claim for he/she will leave out when doing your accounts. Basically meaning they will try to reduce your tax bill as much as possible. You’re paying them to worry about this.

Sometimes it helps to know what is tax deductible before you have bought it though.

This one’s pretty good: http://www.taxcafe.co.uk/small-business-tax-tactics.html

It’s all quite clearly spelled out on the .gov website. The book and the website give a good range of what the limits are.

There are things you can claim for that you probably don’t have receipts for so just keeping a pile of receipts isn’t enough. The pile will also be too vague for an accurate return. Well worth learning what’s what.

One of the better bits of advice I received when I went self employed was to do what I do best and leave a good accountant to do what they do best. All I asked from my accountant was that they saved me their fees in allowances, any more was a bonus.

Buy this and you will save the purchase price many times over…

tax saving tactics

edit, same as the book suggested by nickjb above.

£24.95 !!!!! Is it tax deductible. ……. lol 🙂

Be careful! Lovely HMRC and Government peeps changed legislation not long ago about what is TRULY self employed…

Oh? mutuality of obligation and all the tests – I’m pretty sure I still pass though from the outside I could (*) appear to be ’employed’…

FWIW I went to an accountant to see if they would do my accounts, but they reckoned I was savvy enough and diligent enough to manage it all myself, include VAT returns..

Keep it all above board with the advice about good accountants. Find one that understands you and your business.

Avoid the attention of the death star that is HMRC.

beermonst3r44, what business? IT by any chance?

£24.95 !!!!! Is it tax deductible. ……. lol

No it’s not because you are self employed and it would relate to your personal tax. Slackalice hit the nail on the head with his advice.

ps. Have you registered with HMRC as self employed?

And with Companies House?

And with Companies House?

He said he was self employed, not setting up a Ltd Company

Fair point

No worries 😉

As said a good* accountant will be advising you and you make the choices. Some just get you to give them everything with no advice, they make all the decisions and fiddle with figures and tell you nothing, you sign stuff without understanding and then if it’s wrong revenue hit your ass as you signed it off.

* – good ones tend to cost more 😉

Expenses you can claim – all kinds, but the classics are travel, subsistence, accommodation, purely business phone use, business supplies & equipment, use of home.

Absolutely must keep receipts. Accountants don’t need them, but revenue does. Keep for 6 years. If you claim mileage, keep a log of all mileage.

What area do you work in? Different jobs have different allowances.

don’t forget you don’t earn more than £10,600, leave all that tax paying nonsense to the PAYE mugs 😐

slackalice – Member

One of the better bits of advice I received when I went self employed was to do what I do best and leave a good accountant to do what they do best.

Best advice you’ll receive on this thread.

Doing your own accounts may save you a few quid. Those few quid really really really aren’t worth the mither. Trust me on this. Get a good accountant.

Any trading losses incurred during the tax year can be offset against other qualifying income which could create a tax refund. Choose your accounting period wisely to avoid overlap profits.
If you still want to do all this rather than employ an accountant that’s your choice but concentrate on getting your business up and running then employ someone to cover your skills gap i.e. an accountant.

Doing your own accounts may save you a few quid. Those few quid really really really aren’t worth the mither. Trust me on this. Get a good accountant.

+1

And you WILL make mistakes.

My accountant spots a couple of balls-ups a year in the bits I do for our Ltd Co.

keep up to date on your receipts and records. once/month minimum i’d suggest.
keep up to date on your invoicing – you’re screwed unless you actually get paid.
that january deadline for submission of tax returns? it’s also the deadline for payment.
based on your first year they’ll want you to start paying the second year on account too, IN your second year.