Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Ryan @ Transparent, Carlisle on January 07, 2011, 07:55:12 pm
-
Last year when i did my tax return, i managed to have clear accounts, ie my PROFIT was the same figure as my actual TAKINGS.
however, this year is a lot different, i know i have 4 months to think about it, but when i fill my tax return in, do i enter my PROFIT or my TAKINGS for the year? cheers
-
I don't understand. Are you saying your profit was the same as your turnover? I e no expenses whatsoever.
-
sorry i should of made myself more clear -
PROFIT FOR PERIOD (profit after expesnes)
NET CASH INFLOW (actual cash/cheques TAKING in)
-
Ryan, you are best asking an accountant things like this. Advise from a forum can often be out of date or just plain wrong.
-
Ryan, you are best asking an accountant things like this. Advise from a forum can often be out of date or just plain wrong.
Yea talk to a pro, he may well save you more than he charges.
-
well, accountant, was my plans for 2011/2012. i just thought id try & do things myself for this year, then seek professional advise next year.
As it stands, going by PROFITS FOR PERIOD (06/04/2010 to present) my tax bill would be £152.71 upto now :D
-
well, accountant, was my plans for 2011/2012. i just thought id try & do things myself for this year, then seek professional advise next year.
As it stands, going by PROFITS FOR PERIOD (06/04/2010 to present) my tax bill would be £152.71 upto now :D
Ouch. ;)
-
phone hmrc they are really helpfull
-
phone hmrc they are really helpfull
brilliant, why didnt i think of this before ???
-
i was told do do my accounts this way
TURNOVER = all job invoice
to find profit you take away EXPENCES (invoiced, no necesseraly paid yet) and WRITTEN OFF jobs
Takings is cashflow based so to find that
=
cash colectted - cash spent
tax man would like to see cash flow and business activity.
i never knew that till last year, for 3 years i just show cash flow ::)
-
phone hmrc they are really helpfull
brilliant, why didnt i think of this before ???
Well it would be a better idea than telling us your profit was equal to your takings?
Seek proffesional help, doesnt seem like you have a clue. You very may wel have, i'm just saying its 'seems' like you don't.
-
again, ive failed to explain myself clearly (pear cider no good for brain)
please, let me start again.
at april 5th 2010, i had NO DEBTS.
eg; my TURNOVER was lets say £6000,
my net cash INFLOW was also £6000,
meaning, i closed 2009/2010 accounts with no debts.
so imade & took in £6000, MINUS my expenses.
clearer now? or am i still too drunk ;D
-
again, ive failed to explain myself clearly (pear cider no good for brain)
please, let me start again.
at april 5th 2010, i had NO DEBTS.
eg; my TURNOVER was lets say £6000,
my net cash INFLOW was also £6000,
meaning, i closed 2009/2010 accounts with no debts.
so imade & took in £6000, MINUS my expenses.
clearer now? or am i still too drunk ;D
No debts? Ok, you're trad !!! ;D You must have used some fairy liquid?!!!
-
you enter everything that your business as made as turn over
turn over - exthingyes = profit, u pay tax on profit
did you do your accounts your self last year, get them checked as it doesnt make sense
-
again, ive failed to explain myself clearly (pear cider no good for brain)
please, let me start again.
at april 5th 2010, i had NO DEBTS.
eg; my TURNOVER was lets say £6000,
my net cash INFLOW was also £6000,
meaning, i closed 2009/2010 accounts with no debts.
so imade & took in £6000, MINUS my expenses.
clearer now? or am i still too drunk ;D
Debts don't really have anything to do with it. The tax man wants to know your
1. turnover ie all the work you have done
2. Your expenses ie everything that is allowable that you have paid out.
Put simply subtract the two and you have your gross profit which is waht the tax man will base his assesment on.
It is in reality far more complicated than that.
-
How I understand taxes: lets say everything you earnt in the year was 12000 which is your turnover,
and so minus expense lets say 4000 inwhich equals 8000 this would be your profit,
but then you got capital agains to take off your profit and then becomes smaller and not forgetting the tax man gives you 6450 tax free and anything left is what your pay tax on etc.
Hope this helps in some way. :D
-
heres me thinking you had 800 customers and took £500 a day,yet you got a rebate last year and this year so far only £100 for tax,i can see the tax man paying you a visit ;D
-
when did i ever say i had 800 custys, and £500 a day????
would be nice though
-
How much you earned and how much you spent is what you should be putting through
-
this bloke was doing 70 houses a day between 3 of them only the other month,then post these sorts of figures,
do your maths lads. ::) ::) ::) ::) ::) ::) ::)
-
Guys he said "lets say £6000" Hes not gonna put his actual figure on here is he
-
Owes hundred pound tax for 9 months work
Does 70 houses a day over 500 custys 2 months ago
Every week he canvasses a few hundred pounds a week
Guys he said "lets say £6000" Hes not gonna put his actual figure on here is he
-
Take it back lol
-
do you mean this ???
i've never canvassed in the rain, so cant say if you get same response...
i have only canvassed when weather is fair, now approaching 500 customers after just over a year in the trade ;)
-
Yes that's the one.7 nightclubs and a hotel a few weeks back.
do you mean this ???
i've never canvassed in the rain, so cant say if you get same response...
i have only canvassed when weather is fair, now approaching 500 customers after just over a year in the trade ;)
-
i smell a rat here ;D ;D ;D :P
-
Ryan, you are best asking an accountant things like this. Advise from a forum can often be out of date or just plain wrong.
I agree you need an accountant, especially when you start
you have all your start up cost as well as running cost
It sounds like he is in a complet mess, with that sort of question he posted
with the amount of customers
pricing of the work and having to take on staff at this stage
i;m not surprised your not making any money
my advice would be to start again with an accountant
drop all work that dosent make any money
get rid of staff (big cost) good luck
-
me too ;D ;D ;D ;D
i smell a rat here ;D ;D ;D :P
-
heres me thinking you had 800 customers and took £500 a day,yet you got a rebate last year and this year so far only £100 for tax,i can see the tax man paying you a visit ;D
I agree doc
-
Your turnover is the amount you have done in the year weather they have paid or not! you then will have to show debts written off and carnt remember the word but it goes into a certain colum for money owed. The "accounts" are done on amount charged not cash flow
-
did ryan sort it?
Your turnover is the amount you have done in the year weather they have paid or not! you then will have to show debts written off and carnt remember the word but it goes into a certain colum for money owed. The "accounts" are done on amount charged not cash flow
-
i smell a rat here ;D ;D ;D :P
Hang on, which thread are we in? Is this the...... my takings where the same as my profit or is this the ........is it worth going VAT registered thread?
-
;D
i smell a rat here ;D ;D ;D :P
Hang on, which thread are we in? Is this the...... my takings where the same as my profit or is this the ........is it worth going VAT registered thread?