Discussion in 'Business & Tax Advice' started by buttmonk, Aug 28, 2014.
Are you self employed as a sole trader or are you incorporated ?
Definitely get an accountant.
A decent accountant will save you more money than his fees anyway.
He wasn't being a smart arse.
He was giving you the most sensible advice.
tax is always the issue for small business owner.
Please lengthen your message to at least 15 characters.
It would be like this from my understanding A company has costs which are deductible from profit, which would lessen the amount of tax paid Such as heating, office space, office supplies etc Then you have for example VAT which is done every 3 months and you have to be registered if you sales exceed, I think 74,000 off the top my head, I know it's in the 70,000 amount If your a limited company, you list yourself as director, you paid yourself a certain amount in dividend again to lesser the affects of tax. Although the UK government have cut down on this. You should keep a list of all expenses, invoices, receipts each month, a bookkeeper or a good accountancy software would help keep track of this, and automatically do all the hard stuff such as Trial Balance, Statement of profit or loss, Statement of Financial position each month until the end of year results As others have stated you could get an accountant, write that off as an expense, it's not so straight forward to do returns, however there is software available that can replace an accountant. It depends really on alot of things, it's quite long winded, because people have offshore stuff in Panama, Isle of Man is a good example with the 0% corporation tax if you don't believe me about that look it up, but it involves holding companies and this other Jazz, hence why some operations like the Channel islands for tax avoidance
Yeah, I best not comment then.
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