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Bing1978
 Post subject: accounting
PostPosted: Thu Nov 10, 2016 1:12 am 
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Posts: 34
new to this guys, is it best to go and see a specialist to see whats needed regarding accounts kept and tax issues or is it easy enough to do it all yourself
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thelodger
 Post subject: Re: accounting
PostPosted: Thu Nov 10, 2016 2:48 pm 
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Unless your planing to work 100+ hours a week, you won't earn enough to pay tax.
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grandad
 Post subject: Re: accounting
PostPosted: Thu Nov 10, 2016 4:36 pm 
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thelodger wrote:
Unless your planing to work 100+ hours a week, you won't earn enough to pay tax.

Not everyone is stupid enough to work for nothing.

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heathcote
 Post subject: Re: accounting
PostPosted: Thu Nov 10, 2016 7:37 pm 
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Agree with you on that grandad.
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Sussex
 Post subject: Re: accounting
PostPosted: Thu Nov 10, 2016 9:55 pm 
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Bing1978 wrote:
new to this guys, is it best to go and see a specialist to see whats needed regarding accounts kept and tax issues or is it easy enough to do it all yourself

Self assess.

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Nidge2
 Post subject: Re: accounting
PostPosted: Sun Nov 13, 2016 3:49 am 
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Joined: Thu Dec 15, 2011 8:45 am
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Location: Maldon, Essex.
Bing1978 wrote:
new to this guys, is it best to go and see a specialist to see whats needed regarding accounts kept and tax issues or is it easy enough to do it all yourself



You won't need an accountant, just fill your self assessment forms out and send them back to the HMRC. They'll calculate your tax for you and send you a bill if you owe any tax.
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wannabeeahack
 Post subject: Re: accounting
PostPosted: Tue Nov 15, 2016 10:49 pm 
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Joined: Tue Apr 29, 2008 4:06 pm
Posts: 23469
Location: A City near Birmingham
Nidge2 wrote:
Bing1978 wrote:
new to this guys, is it best to go and see a specialist to see whats needed regarding accounts kept and tax issues or is it easy enough to do it all yourself



You won't need an accountant, just fill your self assessment forms out and send them back to the HMRC. They'll calculate your tax for you and send you a bill if you owe any tax.


do it online, less than £11,000 profit (not takings) and you pay no tax (if you rent a car get a vat receipt for the £300/week (£15,000 a year) or you will pay the tax on it)

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Nidge2
 Post subject: Re: accounting
PostPosted: Thu Dec 01, 2016 1:44 pm 
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Location: Maldon, Essex.
wannabeeahack wrote:
Nidge2 wrote:
Bing1978 wrote:
new to this guys, is it best to go and see a specialist to see whats needed regarding accounts kept and tax issues or is it easy enough to do it all yourself



You won't need an accountant, just fill your self assessment forms out and send them back to the HMRC. They'll calculate your tax for you and send you a bill if you owe any tax.


do it online, less than £11,000 profit (not takings) and you pay no tax (if you rent a car get a vat receipt for the £300/week (£15,000 a year) or you will pay the tax on it)



Never sent a receipt in yet, put in top line then deduct running costs hey presto bottom line. Send it off and they'll send me a bill. Saves me paying an accountant for doing nothing.
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wannabeeahack
 Post subject: Re: accounting
PostPosted: Thu Dec 01, 2016 6:11 pm 
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Posts: 23469
Location: A City near Birmingham
Nidge2 wrote:
Never sent a receipt in yet, put in top line then deduct running costs hey presto bottom line. Send it off and they'll send me a bill. Saves me paying an accountant for doing nothing.


Which is fine


Till they pop round for tea and biccies....

But more so for the base, 50 cars paying £150/week, all cash no reciepts ....

though im sure no base would deny having had it or dodge the tax on £390K a year

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Nidge2
 Post subject: Re: accounting
PostPosted: Thu Dec 01, 2016 9:15 pm 
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Joined: Thu Dec 15, 2011 8:45 am
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Location: Maldon, Essex.
wannabeeahack wrote:
Nidge2 wrote:
Never sent a receipt in yet, put in top line then deduct running costs hey presto bottom line. Send it off and they'll send me a bill. Saves me paying an accountant for doing nothing.


Which is fine


Till they pop round for tea and biccies....

But more so for the base, 50 cars paying £150/week, all cash no reciepts ....

though im sure no base would deny having had it or dodge the tax on £390K a year


Been doing it like that for the last 28 years and they've never popped round yet.
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