[cornwallwindows]

I'm a little worried that I've not got all the relavent stuff for Mr Tax Man and not sure when to get it all to a accountant, I set up my business in April this year.
So, I've got a record of when my custys paid and how much, all my recpits and invoices.
Do I need more? Like bank acc ins and outs?

[deeege]

Questions like these are the reason you pay your accountant £x per year. Ask him.

[Matt.]

Everyone's different, I basically fire everything to my accountant, I think that would be your best bet as there will be things you can claim for that you would never Imagine,
Just give a local a call and ask him for a price to do your tax returns, he will also tell you when they need submitting................... but for your pockets sake make sure he's a little but on the bent side - if you know what I mean.

I keep receipts off everything even my weekly shopping incase I need some company sandwiches or use company toilet roll, all house hold bills go in everything.
Every meal I go for is company related

Absolutely Everything

[Jonny 87]

Everyone's different, I basically fire everything to my accountant, I think that would be your best bet as there will be things you can claim for that you would never Imagine,
Just give a local a call and ask him for a price to do your tax returns, he will also tell you when they need submitting................... but for your pockets sake make sure he's a little but on the bent side - if you know what I mean.

I keep receipts off everything even my weekly shopping incase I need some company sandwiches or use company toilet roll, all house hold bills go in everything.
Every meal I go for is company related



Absolutely Everything

I take it you've never been checked by the tax man? Lol

[Mike #1]

I'm a little worried that I've not got all the relavent stuff for Mr Tax Man and not sure when to get it all to a accountant, I set up my business in April this year.
So, I've got a record of when my custys paid and how much, all my recpits and invoices.
Do I need more? Like bank acc ins and outs?

You need to have recorded accounts for income and expenditure all set out correctly , I would seriously see a Chartered  Accountant ASAP . Mike

[colin bird]

You need to keep all receipts of what you buy for your business.
All out going invoices for jobs,proof of payment from customers,if you run a software package this will have details of when paid by customers.
Paying in book for bank,for paying in,cheque books for paying out.
If you get an investigation,they will reconcile your software with you cheque book and paying in book,if that all adds up not a problem,if you do otherwise with payments ie cash and not bank it the sums won't add up and you will be int the poop and in trouble and yes like others say you need an accountant a chartered accountant is qualified and cannot afford to cook the books if he does he's I big trouble the the tax man and can be struck off,
If you choose to use a NON CHARTERED ACCOUNTANT and a tax advisor,anyone can be a tax advisor as they are not qualified,you could be in the poop if you get an investigation.

[Matt.]

I pay my tax bill Johnny, I just try to get it down as much as possible within the law.

I don't make the rules ........... I just play the game !

[Dave Willis]

Meals

[DaveG]

I didn't know you could get in the poop for not banking cash Colin ?

[Jonny 87]

You need to keep all receipts of what you buy for your business.
All out going invoices for jobs,proof of payment from customers,if you run a software package this will have details of when paid by customers.
Paying in book for bank,for paying in,cheque books for paying out.
If you get an investigation,they will reconcile your software with you cheque book and paying in book,if that all adds up not a problem,if you do otherwise with payments ie cash and not bank it the sums won't add up and you will be int the poop and in trouble and yes like others say you need an accountant a chartered accountant is qualified and cannot afford to cook the books if he does he's I big trouble the the tax man and can be struck off,
If you choose to use a NON CHARTERED ACCOUNTANT and a tax advisor,anyone can be a tax advisor as they are not qualified,you could be in the poop if you get an investigation.

I think your wrong about having to pay all cash into the bank.

As long as you record it as income.

What are they going to say?

"Ah so you say you say you earned £500 this week but we noticed you only put £300 into your account?.....let's give you a rebate."

Lol

[Mike #1]

Defo wrong most of my cash stays in my wallet depending on what bills I have to pay etc . Including having to pay my mortgage I doubt I should have to put it in my business account then take it back out and put into personal account . Mike

[colin bird]

I didn't know you could get in the poop for not banking cash Colin ?

  maybe what I put was a bit misleading,you can do want you want with the cash when a customer pays you,but if you are paid quite a bit in cash,and you run a software package when you run your year end figures on your software it might be £10k but if you have not paid any cash in you paying in book and statements may total £7k a short fall of £3k if you or you accountant is not advising the tax man of that cash it is un declared income that you not paying tax on,that's when the trouble starts if you have an investigation and they can go back six years

[Frankybadboy]

Meals

yep you can claim for meals as well dave

if you stop like me then it all adds up 

[colin bird]

I didn't know you could get in the poop for not banking cash Colin ?

you can do what you want with the cash,as long as you are declaring it to the tax man,if your not declaring it,if you have an investigation,and run a software package like George,your software will show one figure and your statements and books will show a lesser amount,meaning un declared income that is taxable,but if your books show you have received cash not a problem as you have declared it.
The tax man can go back six years into your business records,and if you have been cooking the books,they will fine you and charge interest on the tax you should have paid,going back six years,

[Dave Willis]

Meals

yep you can claim for meals as well dave

if you stop like me then it all adds up 

are you sure?

[H20cleaning]

Meals

yep you can claim for meals as well dave

if you stop like me then it all adds up 

Could put it down as entertaining customers 

are you sure?

[Mike #1]

I am pretty sure this or similar was discussed a little while back , and a few of us recommended going to an accountant they will help you out and ensure you are recording everything correctly .

It won't cost very much to have the accountant to advise you how to do things right then when he does your end of year accounts in April and does your tax return you will pay about £350- 400 . Mike

[SeanK]

Don't panic its nothing to worry about.
For debates sake lets say you take in £25000 a year then £15000 of that will be taxable.
You will be taxed on the basic rate of 20% which will be £3000.
Lets say you have expenses of around  £3000 then that will mean you will pay a total tax of £2400.
As long as you don't put in an over the top claim for expenses or a say you only earned £10000 this year when
you earned £25000 last year then the tax people wont give you any problems.
You need to keep all your paperwork for six years as that's how far back the tax office can go should they wish to
investigate you.
I don't really see the need to have an accountant for window cleaning as your not buying in lots of materials like
a builder and so forth.
Its just a matter of adding up what you take in and deducting what it costs to run your business, which shouldn't be
a fortune.
A joiner could spend 50 grand a year or more to make 25 grand as they will also be paying for the materials up front
We don't have that problem.
Again don't panic the tax people aren't out to make criminals from the self employed, if you have made a mistake
you will just get billed for the difference or get a rebate should that be the case.

[Mike #1]

the issue he has is i assume he never listens as previous posts he has started he has never commented after first post . Mike

[H20cleaning]

the issue he has is i assume he never listens as previous posts he has started he has never commented after first post . Mike

Its annoying when people ask for help then dont reply isnt it!