Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Ryan @ Transparent, Carlisle on April 03, 2010, 09:04:18 pm
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Okay, so this is the first time i have had to do one.
Will the HMRC send me a form through the post??
Is it worth using an accountant, as i use the 'finance report' feature on George.
Also, my profits [since i started in august 09] is only about £4000 :o does anyone think i'll get a tax rebate ;D
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Okay, so this is the first time i have had to do one.
Will the HMRC send me a form through the post??
Is it worth using an accountant, as i use the 'finance report' feature on George.
Also, my profits [since i started in august 09] is only about £4000 :o does anyone think i'll get a tax rebate ;D
You may well get a tax rebate if you paid tax between 06 april & august '09.
I got one when I went from being employed to self employed in the same tax year. ;)
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I'm sure you will be better to get an accountant as they make sure you pay the least amount of tax as poss, and they know just how to do that. Went to see mine last week and looks like I'm gonna get a rebate, you need to maksure your set up costs exceed your profits!
Tony
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I am assuming your turnover is under £16.500 for your first year. No need whatsoever for any accountant at this stage.
HMRC will shortly send you a return form. You only need to be concerned with the orange sheets (everything is colour coded) for self employed.
It's all very very simple. You fill in, in the appropriate box your expenditure, and you fill in, in the next appropriate box your takings. You then subtract the expenditure from the takings to find your yearly profit and this goes into box three. Capitol allowance is a bit different but the forms clearly guide you through this part. Sign and date it and then send it off. HMRC will then tell you how much if anything you owe, normally to be paid before January 31 st of the following year.
The longer you stay in self employment the more slightly complicated it becomes but for now in your first year.....it really is simple. The system is designed to help you and to make life easier in your opening years.
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how will it work for me?spent about 6k to get everything up and running,i work full time aswell earning approx 25k,will i still get a nice fat rebate?? ;D
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Cleese..... you would be better with an accountant. ;)
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cheers folks.
Guess i'll wait for the form to arrive, see how complicated it is. If it looks easy enough, i'll do it myself ;D
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much easier to do them online
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as long as you know how to do your accounts yourself you will be ok i have done my last 2 returns online an if i am stuck i just phone the help line simples