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PurefectWindowCleaning

  • Posts: 2303
Can someone please explain to me...
« on: January 10, 2012, 07:05:54 pm »
All expenses that you put through your books, i.e fuel, phone bill etc, that you have a receipt for, well, is it the same for wages that I pay out? Should I be photocopying his payslip and putting it in as a 'receipt'?

Also, for every receipt, for example a £20 fuel bill, what then happens? Is it deducted fully from tax bill or summin?

Cheeeeers
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Spruce

  • Posts: 8364
Re: Can someone please explain to me...
« Reply #1 on: January 10, 2012, 08:15:07 pm »
The best advice is to get an accountant this tax year if it applies to you (2010 -2011 has to be complete and settled by 31 January 2012).

The next thing is to enroll on a training course organised by the receiver if revenue to help new business owners.

Spruce
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Success is 1% inspiration, 98% perspiration and 2% attention to detail!

The older I get, the better I was ;)

Pope vader

  • Posts: 1944
Re: Can someone please explain to me...
« Reply #2 on: January 10, 2012, 08:23:01 pm »
the wages slips can be computerised so that a print out can tell you how much they get paid, how much tax they pay etc

£20 fuel is a expense which is deduted from the total you make to leave profit

ie  money  made - expeses = profit, u then pay tax on the profit

depending if you are ltd company, sole trader, or an employee of the company and pay your self a wage,   can make a difference
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carl stanton

  • Posts: 814
Re: Can someone please explain to me...
« Reply #3 on: January 10, 2012, 08:24:44 pm »
take your books into the tax office and get them to help you with what to put through
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ICS Cleaning

  • Posts: 104
Re: Can someone please explain to me...
« Reply #4 on: January 10, 2012, 08:32:35 pm »
make sure you keep eveything to put through your books....

Do you spend time doing paper work and computer work?  If so you can claim on these
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wightsurf

  • Posts: 1774
Re: Can someone please explain to me...
« Reply #5 on: January 10, 2012, 09:03:17 pm »
Quote from: Boozy Bob Loves You All on January 10, 2012, 08:32:35 pm
make sure you keep eveything to put through your books....

Do you spend time doing paper work and computer work?  If so you can claim on these
[/color]

How do you claim for these ?
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KS Cleaning

  • Posts: 3896
Re: Can someone please explain to me...
« Reply #6 on: January 10, 2012, 09:51:24 pm »
Quote from: wightsurf on January 10, 2012, 09:03:17 pm
Quote from: Boozy Bob Loves You All on January 10, 2012, 08:32:35 pm
make sure you keep eveything to put through your books....

Do you spend time doing paper work and computer work?  If so you can claim on these
[/color]

How do you claim for these ?
Use of room for office
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wightsurf

  • Posts: 1774
Re: Can someone please explain to me...
« Reply #7 on: January 10, 2012, 10:17:36 pm »
ok thanks, been looking and found this.Helpful i think.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM47800.htm
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wightsurf

  • Posts: 1774
Re: Can someone please explain to me...
« Reply #8 on: January 10, 2012, 10:26:33 pm »
Have not read this yet but looks interesting

http://www.hmrc.gov.uk/guidance/480.pdf
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Window Washers

  • Posts: 9036
Re: Can someone please explain to me...
« Reply #9 on: January 10, 2012, 10:44:08 pm »
Quote from: Spruce on January 10, 2012, 08:15:07 pm
The best advice is to get an accountant [/size] this tax year if it applies to you (2010 -2011 has to be complete and settled by 31 January 2012).

The next thing is to enroll on a training course organised by the receiver if revenue to help new business owners.

Spruce
as above in bold
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If your not willing to learn, No one can help you, If you are determined to learn, No one can stop you ;)

wightsurf

  • Posts: 1774
Re: Can someone please explain to me...
« Reply #10 on: January 10, 2012, 10:55:43 pm »
why arent you still working  ;D
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Window Washers

  • Posts: 9036
Re: Can someone please explain to me...
« Reply #11 on: January 10, 2012, 11:01:09 pm »
Quote from: wightsurf on January 10, 2012, 10:55:43 pm
why arent you still working  ;D
just got out of meeting  ;)  the future is orange  ;D
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If your not willing to learn, No one can help you, If you are determined to learn, No one can stop you ;)

PurefectWindowCleaning

  • Posts: 2303
Re: Can someone please explain to me...
« Reply #12 on: January 11, 2012, 01:16:41 am »
This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.

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Helen

Re: Can someone please explain to me...
« Reply #13 on: January 11, 2012, 07:51:02 am »
Quote from: jamesmilton04 on January 10, 2012, 07:05:54 pm
All expenses that you put through your books, i.e fuel, phone bill etc, that you have a receipt for, well, is it the same for wages that I pay out? Should I be photocopying his payslip and putting it in as a 'receipt'?

Yes, you should be classifying wages as an overhead, as well as the employer National insurance contribution, along with any other "staff" related costs

Also, for every receipt, for example a £20 fuel bill, what then happens? Is it deducted fully from tax bill or summin?

Business mileage only will be used as an overhead.
Cheeeeers
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Helen

Re: Can someone please explain to me...
« Reply #14 on: January 11, 2012, 08:00:50 am »
Quote from: jamesmilton04 on January 11, 2012, 01:16:41 am
This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.



Yes, sometimes this forum makes me laugh too ;D ;D ;D

So you are not a newbie and have an accountant and you have someone to do your books monthly for you.......... IMO this is a strange question to ask then :) or you have lost faith in your bookeeper and accountant.

What has happened with your overhead receipts in past years?  Why would you be asking this now as you have been trading what is it 8 years ???
Quote:
'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!
You asked and you got the best advise "ask your accountant"......... :)
This forum is not full of bookeepers or accountants, so the people that have said ask your accountant are spot on :)




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AS Window Cleaning

Re: Can someone please explain to me...
« Reply #15 on: January 11, 2012, 06:22:09 pm »
nice reply Helen
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PurefectWindowCleaning

  • Posts: 2303
Re: Can someone please explain to me...
« Reply #16 on: January 11, 2012, 06:42:55 pm »
Quote from: Helen on January 11, 2012, 08:00:50 am
Quote from: jamesmilton04 on January 11, 2012, 01:16:41 am
This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.



Yes, sometimes this forum makes me laugh too ;D ;D ;D

So you are not a newbie and have an accountant and you have someone to do your books monthly for you.......... IMO this is a strange question to ask then :) or you have lost faith in your bookeeper and accountant.

What has happened with your overhead receipts in past years?  Why would you be asking this now as you have been trading what is it 8 years ???
Quote:
'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!
You asked and you got the best advise "ask your accountant"......... :)
This forum is not full of bookeepers or accountants, so the people that have said ask your accountant are spot on :)






Ive only started employing in the last 4 months, which is why i asked about his payslip.

...and as for other overhead reciepts, i just pass them on to my bookkeeeper and she deals with it all.


...and as for not bringing this issue up with my bookkeeper or accountant, is because I was on this forum at the time so deceded to pick your brains and not theres.

Oh and thanks Helan for answering my question
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Helen

Re: Can someone please explain to me...
« Reply #17 on: January 11, 2012, 07:55:52 pm »
Quote from: jamesmilton04 on January 11, 2012, 06:42:55 pm
Quote from: Helen on January 11, 2012, 08:00:50 am
Quote from: jamesmilton04 on January 11, 2012, 01:16:41 am
This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.



Yes, sometimes this forum makes me laugh too ;D ;D ;D

So you are not a newbie and have an accountant and you have someone to do your books monthly for you.......... IMO this is a strange question to ask then :) or you have lost faith in your bookeeper and accountant.

What has happened with your overhead receipts in past years?  Why would you be asking this now as you have been trading what is it 8 years ???
Quote:
'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!
You asked and you got the best advise "ask your accountant"......... :)
This forum is not full of bookeepers or accountants, so the people that have said ask your accountant are spot on :)






Ive only started employing in the last 4 months, which is why i asked about his payslip.

...and as for other overhead reciepts, i just pass them on to my bookkeeeper and she deals with it all.


...and as for not bringing this issue up with my bookkeeper or accountant, is because I was on this forum at the time so deceded to pick your brains and not theres.

Oh and thanks Helan for answering my question

Your welcome, you just have to remember that anything that costs you to run your business, further your business and sustain your business is classed as an overhead and in some way is tax deductable. A good accountant which I hope you have will find even more for you if you give them the chance ;D

For those who think that an accountant is a waste of time and money...we have had tax rebates in the past 2 year financial years, because of the advise of our accountant gave us and because he didn't just take a look at our figures and expenditures, but asked loads of question aswell :)
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PurefectWindowCleaning

  • Posts: 2303
Re: Can someone please explain to me...
« Reply #18 on: January 11, 2012, 09:43:04 pm »
Cant knock my accountant, shes great. When I started through the princes trust she was my advisor at the beginning so know her well and she has been there since day 1
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GDwindowcleaning

  • Posts: 1049
Re: Can someone please explain to me...
« Reply #19 on: January 11, 2012, 09:47:37 pm »
Can I just ask if you got a decent accountant why you asked the question in the first place?
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