I paid nothing. I did it myself and have done since I have been self employed.
Quote from: red star on May 09, 2012, 07:13:20 pm250 quid and he then claims it back as a expense so it really doesnt cost anythingIt still costs £200. You only save the tax you would have paid at 20% on the £250 expense. Which is £50.(if you are basic tax rate payer)For example if you spend £1000 for your business you dont save £1000 tax you dont have to pay the tax on the £1000 which is an expense and not taxable profit. Which is £200. (if you are basic tax rate payer)
250 quid and he then claims it back as a expense so it really doesnt cost anything
Quote from: andrew christopher on May 09, 2012, 07:48:02 pmQuote from: red star on May 09, 2012, 07:13:20 pm250 quid and he then claims it back as a expense so it really doesnt cost anythingIt still costs £200. You only save the tax you would have paid at 20% on the £250 expense. Which is £50.(if you are basic tax rate payer)For example if you spend £1000 for your business you dont save £1000 tax you dont have to pay the tax on the £1000 which is an expense and not taxable profit. Which is £200. (if you are basic tax rate payer)+1In other words he pays out £250 for his accountancy bill and his tax bill is reduced by just £50.00.
Quote from: Steve Sed on May 09, 2012, 08:42:16 pmI paid nothing. I did it myself and have done since I have been self employed. it may well pay you to get an accountant, the reason they are there is because they are upto date with what you can and can't claim back, false economy doing it yourself IMO, I had my wife and godfather do mine for a couple of years, I went to an accountant and they reeled off stuff they I should have not paid tax on. Each to thier own though mate, if your happy doing it. I very *friendly* persone you, could not think of anything more boring to do with my time
