Discussion in 'BlackHat Lounge' started by Leith, Mar 2, 2012.
Got it, would love to chat to you on Skype.
Any other tips or info from others?
I haven't needed to do a self assessment yet, but for corporation tax that is the basic procedure. I pass everything to my accountant, they fill in the form and send it off to hm revenue. You only need invoices/paperwork if the tax office requires it. But I'm told you need to keep all financial paperwork for 6 years.
If you are only paid 8k, a tax credit maybe available to you.
You should check out some accounting forums or get financial advice from qualified people.
I'd check out businesslink's website if I were you. They'll tell you exactly what you need to do for being self employed, plus you can ring them and get extra advice if you need it.
It's daunting when you're not used to it, or despise filling in forms (like I do), but it isn't actually that hard.
Best advice is to get an accountant let them do the work they will save you more money than you pay them. My mate did it himself for the time he was self employed, the tax man came saying he owed more then he reported and he had to sell his car the over the arrears. Trust me get an accountant save yourself the hassle...
Yeah, I don't mind filling out the forms or anything - but it just sounds kinda too simple so wanted clarification.
Set up a LTD.
Push all money to that, become a director, you can then pull up to 36k a year without paying any tax. Add your wife, spouse as a director, they can pull 36k too. No NI to pay either and you can push "expenses" through that are tax free, register for VAT and claim back VAT on pretty much anything you buy. WIN WIN!
Thats the basic principle
Depends. If you're not making huge amounts (like me), just do your own self-assessment return electronically.
If you're making bank, you should have a Ltd company and an accountant.
You cant just get away with deducting rent/mortgage, the allowance for that kind of thing is really small (i.e. if you're working out of a home office - full time - you shouldn't be claiming much more than 4 quid a week for that).
Now a Ltd company who happens to invest in a property is a different story, but for those kind of games you need an accountant.
Thanks guys for your support!
Any more is appreciated..
you can charge all utilities it consumes (heating, electricity etc.)
see http://www.hmrc.gov.uk/incometax/relief-self-emp.htm for full details ^^
In the U.S you can claim up to 10% of all home utilities and rent/mortgage if you have an office you use more than 30 hours a week.
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