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#1 27-11-07 11:08:31

kerrence
Verified Member
From: dorset
Registered: 09-01-06
Posts: 22

working out profit and tax bill, completely confused

hi, havnt been on the forum for a while , just plodding on with work and home life. Now its dawning on me that i need to sort out  tax at some point  and im beginning to get in a flap. I started in Jan on a pink licence on a franchise  and hiring a car. From then i passed part 3 in summer and carried on with franchise but got rid of hire car and got 3 K loan for my own car.  The only records i keep of work are my diary , my petrol and car maintainence receipts. Im not business minded atall and i dont really know  what other things i should be keeping records of  without causing myself trouble. Has anyone got any tips for me to get myself organised  and tips on what things i can claim tax back on. I tried looking at HMRC web site  but didnt find it too usefull. thanks all

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27-11-07 11:08:31

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Re: working out profit and tax bill, completely confused



#2 27-11-07 17:41:44

jonsmithuk
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Registered: 27-10-07
Posts: 403

Re: working out profit and tax bill, completely confused

Ever thought of speaking to an accountant. Their fees are a business expense !
Jon

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#3 27-11-07 18:24:16

Busheyfields
Verified Member
From: Herne Bay, kent
Registered: 16-01-07
Posts: 231
Website

Re: working out profit and tax bill, completely confused

Hopefully you refgistered as "self employed" for tax & NHI purposes back in January when you started. Have alook at the tax mans website, lots of usefull information, also your local "Business Link" site shopuld have some usefull information.

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#4 27-11-07 18:25:50

hector
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From: Manchester
Registered: 04-04-06
Posts: 2,097
Website

Re: working out profit and tax bill, completely confused

Hi Kerrance
Presumably you have notified inland revenue of your self employment? If not do so ASAP
You do not need actual full accounts if your turnover is below 15,000 per year. Just financial statememnts.
You need to get your skates on though as the deadline for  January 07 to april 07 is next January the 31st 2008
See an accountant ASAP it wont cost you much but will save you plenty. If you think you havnt made a profit above your personal allowance, dont worry about the deadline this only applies if you have tax owing.
Your personal allowance is just over 5 k . If your net profit is above this figure that will be your taxable income 10% on first 2 grand or so then 22% on the rest.

It becomes more complicated if you are working PAYE at the same time, an accountant will sort all this for you. Should cost you under £200.00

Your net profit is your turnover minus all relavant business expenses.

Hope this helps- Get an accountant!


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#5 07-12-07 19:50:15

billrhoades
Verified Member
From: Northampton
Registered: 28-11-07
Posts: 184

Re: working out profit and tax bill, completely confused

e-mail me my accountant is great

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