self employment

[Rick]

just starting off as self employed locksmith that will also be doing work for contractors.

 

Im getting really consfused with all the taxation rules why do they make it so bloody hard to get anything started legit.

 

bit of advice from anyone in the building trade would be great i dont really know anyone to ask for help on this.

 

what am i entitled to claim back as expenses and how should i go about recording money in/out

[marky4]

it is confusing mate

 

if you do any contracting you will get 20% deducted from your labour charge by the contractor (not materials)

 

as for claiming for expenses, you can claim for any thing used for work (materials, mobile, van, tools, stationary, advertising, petrol/diesel, insurances) you can also claim a small amount for using your home as an office, a small amount for clothing and odds and sods but an accountant will tell you exactly what.

 

as for recording money in and out you could write it all down in a book have 5 columns

DATE. CHEQUE / INVOICE NO.. DESCRIPTION. MONEY IN. MONEY OUT.

keep it monthly so then you can have a monthly total (makes things easier) or buy an accounts package for the computer (i've got one called GSP MONEY MATTERS) very simple to use.

 

finally make sure you keep all reciepts, coppies of invoices and estimates.

 

hope this help, but a good accountant will also help.

[bazbiker]

Join the FSB mate (federation of small businesses). Best thing I ever did when I was self employed, they give you free advice on things like this as well as protection from VAT and TAX investigation and big discounts on your liability insurance etc

[macleod861]

keep all recipts even from bits uv bought for ur old skool car , imanage to claim most of mine back get recipts for everything , i went vat registered last year it was bloody scary but i seem to be coping all right now i do my books weekly that way i can keep on top of it

[YOUNGY]

it is confusing mate

 

if you do any contracting you will get 20% deducted from your labour charge by the contractor (not materials)

 

as for claiming for expenses, you can claim for any thing used for work (materials, mobile, van, tools, stationary, advertising, petrol/diesel, insurances) you can also claim a small amount for using your home as an office, a small amount for clothing and odds and sods but an accountant will tell you exactly what.

 

as for recording money in and out you could write it all down in a book have 5 columns

DATE. CHEQUE / INVOICE NO.. DESCRIPTION. MONEY IN. MONEY OUT.

keep it monthly so then you can have a monthly total (makes things easier) or buy an accounts package for the computer (i've got one called GSP MONEY MATTERS) very simple to use.

 

finally make sure you keep all reciepts, coppies of invoices and estimates.

 

hope this help, but a good accountant will also help.

 

Thats pretty much how i run my business, its worked for me for the last 17 years, just make sure you get a good accountant.