Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: PurefectWindowCleaning on January 10, 2012, 07:05:54 pm
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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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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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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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take your books into the tax office and get them to help you with what to put through
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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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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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How do you claim for these ?
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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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How do you claim for these ?
Use of room for office
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ok thanks, been looking and found this.Helpful i think.
http://www.hmrc.gov.uk/manuals/bimmanual/BIM47800.htm
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Have not read this yet but looks interesting
http://www.hmrc.gov.uk/guidance/480.pdf
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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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why arent you still working ;D
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why arent you still working ;D
just got out of meeting ;) the future is orange ;D
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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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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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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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nice reply Helen
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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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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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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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Can I just ask if you got a decent accountant why you asked the question in the first place?
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Can I just ask if you got a decent accountant why you asked the question in the first place?
For crying out loud.... I was on this forum, so thought id ask the question to you lot...
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Wish I didnt now.
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Wasnt being funny, was just curious. I would always ask a professional...
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THE BEST THING I EVER HEARD was FROM debra on dragons den WHEN UK CLEANING was on .
(YOU RUN YOUR BUISSNESS NOT YOUR ACCOUNTANT) how true .
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I am pretty sure debra meaden does not do her own accounts, proffesional advice is invaluable because no one knows everything about everything.....
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I am pretty sure debra meaden does not do her own accounts, proffesional advice is invaluable because no one knows everything about everything.....
Think you may have missed the point :)
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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
for payslips print from a computer this way less work for you and you have them all on file (or get you accountant to do this for you, i do as less hassle)
Keep every single reciept that is business related in anyway
On fuel depending on how you/your accountant does it will deduct either all or part of the reciept for fuel and the same for other things there is more than one way to do this.
your reciepts are deducted from your turnover which in turn lowers your profits which then lowers your tax that you have to pay.
The reason I put about the accountant as for years I have watched people think they are accountants and give mis information to people, I would not go and ask a fireman how to clean a window just because he uses a hose (probs a bad example as loads of firemen are window cleaners anyway :) ) but you get the point i hope.
This is the same for the others that posted to see accountant that is the best advice on the whole post for people looking for the right information.
I can understand why you posted your question so have answered it aswell (sorry if it got dragged out), but now you know why you got the asnwers you did, I hope it helps anyway dude.
Ian
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I got the point Helen, my point is he should be taking the advice from his accountant rather than the people on here. As I am sure Debra does....
think you may have missed my point.... :)
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so many points whizzing around everywhere!
good 'point' above tho.... we can all think we're experts, but the tax man won't take kindly to your messed up accounts when ya say the lads down the pub or on my forum said it was ok to claim for my new hot tub to help me relax after work or whatever it is! ;D :)
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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
for payslips print from a computer this way less work for you and you have them all on file (or get you accountant to do this for you, i do as less hassle)
Keep every single reciept that is business related in anyway
On fuel depending on how you/your accountant does it will deduct either all or part of the reciept for fuel and the same for other things there is more than one way to do this.
your reciepts are deducted from your turnover which in turn lowers your profits which then lowers your tax that you have to pay.
The reason I put about the accountant as for years I have watched people think they are accountants and give mis information to people, I would not go and ask a fireman how to clean a window just because he uses a hose (probs a bad example as loads of firemen are window cleaners anyway :) ) but you get the point i hope.
This is the same for the others that posted to see accountant that is the best advice on the whole post for people looking for the right information.
I can understand why you posted your question so have answered it aswell (sorry if it got dragged out), but now you know why you got the asnwers you did, I hope it helps anyway dude.
Ian
Thanks Ian.
Yeah my accountant sends me the payslips but charges me £21.60 per payslip, is this normal?
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Hi James,
You shouldn't be paying that much!
Our accountants do PAYE and payslips as part of yearly accounts charge.
If u had five staff that would be over £100 a week for payslips. Are you sure you're getting charged that much?
Cheers,
Huw
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I got the point Helen, my point is he should be taking the advice from his accountant rather than the people on here. As I am sure Debra does....
think you may have missed my point.... :)
Oops sorry, pick up the wrong "quote" should have been the one above yours about accountant not running your business......... :)
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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
for payslips print from a computer this way less work for you and you have them all on file (or get you accountant to do this for you, i do as less hassle)
Keep every single reciept that is business related in anyway
On fuel depending on how you/your accountant does it will deduct either all or part of the reciept for fuel and the same for other things there is more than one way to do this.
your reciepts are deducted from your turnover which in turn lowers your profits which then lowers your tax that you have to pay.
The reason I put about the accountant as for years I have watched people think they are accountants and give mis information to people, I would not go and ask a fireman how to clean a window just because he uses a hose (probs a bad example as loads of firemen are window cleaners anyway :) ) but you get the point i hope.
This is the same for the others that posted to see accountant that is the best advice on the whole post for people looking for the right information.
I can understand why you posted your question so have answered it aswell (sorry if it got dragged out), but now you know why you got the asnwers you did, I hope it helps anyway dude.
Ian
Thanks Ian.
Yeah my accountant sends me the payslips but charges me £21.60 per payslip, is this normal?
I'll do them for £10 each plus vat for you ;D
James.... takes me less than 3 minutes from keying into hmrc website and printing them off, that's all you A/c would be doing
Not a bad hourly rate for your accountant then.......surprised she doesn't stick to just paye and not full accounts :) :) :)
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Hi James,
You shouldn't be paying that much!
Our accountants do PAYE and payslips as part of yearly accounts charge.
If u had five staff that would be over £100 a week for payslips. Are you sure you're getting charged that much?
Cheers,
Huw
I pay wages on a monthly basis...
£474 I also pay each year for accountant fees...
So £733.20 is my yearly cost.