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Thread: Any Self Employed People Here?

  1. #1
    Regular Member CDTi-SRi-Matt's Avatar
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    Default Any Self Employed People Here?

    I have a few questions! Im starting a new role for a big telecommunications company on Monday as a Field Sales Representative and the role is self-employed.

    I know the first thing i have to do is register as self-employed with the goverment. Now the thing im confused about most is needing an accountant to sort all my receipts, tax and NI out.

    Now do i have an accountant all year round or only when i need one? If its only when i need one then do i use one at the end of the tax year to do my taxes etc or does it work quarterly (like your house bills)?

    Also does anyone know roughly how much an accountant costs? i know they will vary from different accountants or on experience of the accountant but a ball park figure would be great.

    Im sure theres plenty of questions ive missed but all help would be great. Or maybe pointing a few bits out that i havent mentioned that maybe i should know! I think i should have done some more research but i really didnt think i was going to get the job untill they rang me up today and then said id be starting Monday!

    Thanks all in advance and sorry for going on abit!

    Matt

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    Regular Member BigWilko's Avatar
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    Default

    hi mate, congrats on the new job. I'm a self employed sound engineer and have been for about 4 years. I have an accountant, he charges about £400 for doing my tax return stuff. I do all my own book keeping eg keeping a record of receipts, invoices, mileage, etc and send him it all via email once a year. YOU are responsible for all your accounts so he's not interested in checking through it all. It's in your own interests to be honest...... or very, very clever.

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    Regular Member CDTi-SRi-Matt's Avatar
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    Thanks Wilko.

    I'll basicly be working for a company who will pay my wage but i have to sort my own tax and NI out. My wage will vary as i dont exacly have a wage its all commision based.

    The other things is claiming tax back on things like fuel as i will be using my own car. But i could do with knowing what taxes i can claim back and what i cant. I dont want to put a tax return in for something im not elegible to claqim back.

  4. #4
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    Quote Originally Posted by CDTi-SRi-Matt View Post
    Thanks Wilko.

    I'll basicly be working for a company who will pay my wage but i have to sort my own tax and NI out. My wage will vary as i dont exacly have a wage its all commision based.

    The other things is claiming tax back on things like fuel as i will be using my own car. But i could do with knowing what taxes i can claim back and what i cant. I dont want to put a tax return in for something im not elegible to claqim back.
    are you piad a hourly rate or by the jobs you do at diffrent cost's "" you bill them for the jobs you do ""

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    A good accountant will save you more than he/she costs.....

    As far as the car goes, claim 40pence per mile for the first 10000 then 25pence after that per year tax free.

    Andy

  6. #6
    [Ex]Admin Duncan's Avatar
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    Quote Originally Posted by BigWilko View Post
    hi mate, congrats on the new job. I'm a self employed sound engineer and have been for about 4 years. I have an accountant, he charges about £400 for doing my tax return stuff. I do all my own book keeping eg keeping a record of receipts, invoices, mileage, etc and send him it all via email once a year. YOU are responsible for all your accounts so he's not interested in checking through it all. It's in your own interests to be honest...... or very, very clever.
    Pretty much I have an accountant who I talk to during the year for bits of advice, but basically he charges the same as Wilko for preparing my annual Tax Return. I do all my own book-keeping and he gets a disc from my accounts software to then go through and analyse.



    Quote Originally Posted by CDTi-SRi-Matt View Post
    The other things is claiming tax back on things like fuel as i will be using my own car. But i could do with knowing what taxes i can claim back and what i cant. I dont want to put a tax return in for something im not elegible to claqim back.
    That's where an accountant will be able to help. You just record what your expenses are and the accountant will give advice on what you can/should claim and under what category. i.e. HMRC has general averages on what certain types of business will be claiming for a specific category each year. If you're hugely outside of those ranges then it may trigger an inspection, so basically a decent accountant will know what to claim and when.

    Re fuel, if you were meaning claiming back the VAT on it, unless you're using a huuge amount of fuel it's not worth claiming it back as it's soooo much more hassle than it's worth. I'm VAT registered but don't bother claiming back VAT on fuel as I've worked out that the flat charge you pay would be more than I'd claim back. If you're not going to be VAT registered then you just claim back a mileage for the fuel - amounts set by HMRC as bandrew posted. To cover yourself you should make a log of what mileage you cover directly related to your business so that you then have a percentage of what that is of your annual mileage, then you can claim back that percentage of the other motoring expenses - servicing, maintenance etc.

    HTH

    Quote Originally Posted by CDTi-SRi-Matt View Post
    I'll basicly be working for a company who will pay my wage but i have to sort my own tax and NI out. My wage will vary as i dont exacly have a wage its all commision based.
    You should check whether you're actually classed as self-employed. It sounds like it if you're the one sorting out your NI and tax, but worth just talking to an accountant to see.

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    Default

    as has already been said above.
    you will have to register as a limited company with company house.
    have the address if you need it.
    there are numerous management companies that will take care of your tax ect. if you dont want to do your own accounts, costs very, i currently pay £19.00 per week.
    also claim the following general expences weekly.
    £5.00 per day meal allowance.
    or if away over 24 hrs, £10.00 meal + hotel costs.
    papers & journals £2.00
    mobile phone useage £10.00
    dry cleaning £10.00.
    i also claim for equipment that i require (computors, printers, fax ect) and stationary,
    you can also claim the vat back on purchases, if you earn over the vat threshold.
    and before i forget you can also claim from entertaining clients, ( meals, bottle of booze at xmas) ect.
    and sponsorship (local kids football team ect) though i dont no of hand what the limits are.
    good luck with the new job.

  8. #8
    [Ex]Admin Duncan's Avatar
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    Default

    Quote Originally Posted by Griffonman View Post
    you will have to register as a limited company with company house.
    Only if he wants to be a limited company obviously. Whether he'd benefit from being one would be down to advice from an accountant. Most people would just be self-employed.

  9. #9
    Regular Member m8internet's Avatar
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    I do my own accounts (in respect of the sole trader elements) and the Inland Revenue accept this

    I keep ALL my business transactions on a separate bank account
    Even though it is still in my name, it makes it much easier at the end of the year

    Each month I transfer the totals from receipts to a work book
    At the end of the year I total up each month, ready for the Tax Return (so usually when it arrives I am ready to transfer the totals)

    Keep receipts for EVERYTHING

    You may also be able to assign portions of your household bills to these costs
    If you use an entire room, then you may use that portion
    However if you use more than 50% of your house for business purposes then that can raise issues with the Council Tax

    On your home insurance make sure it includes business use

    If you understand your accounts, then it is possible to end the tax year at £0 profit
    Otherwise the tax man will take a % of your profit

    Thanks to this I have a Vectra 3.0 V6 CDTI and not a Corsa 1.2

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    Regular Member SRi Oli's Avatar
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    I am both full time employed and run my own business as a sole trader, My accountant was also my dads accountant from businesses he ran, I went to see him when I first set up as a sole trader, he showed me how to record everything, set out and keep books, etc etc.

    He charges about £250 a year to do my books which I just take to him, with all the reciepts etc once a year and he does the lot, then sends me a cheque for the difference in the tax thats repaid to me via himself from the HMRC and his fee, I always come away with money back even after he's collected his fees so its well worth having an accountant IMO.

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