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#1 05-03-09 10:41:21

little miss sunshine
Member
Registered: 22-02-09
Posts: 14

Money Matters and Tax

Hi everyone, This is the first time I have posted a question, don't even know if I am doing it right!!

I have just started this week on a pink licence, doing well so far! but its the finance side thats abit confusing. Could anyone please offer any advice how they keep their daily bookkeeping?
Also, when I am putting money aside each week towards my tax bill, do I calculate it after I take out my expenses like fuel, or do I calculate the tax before any expenses are taken out?

I would appreciate any advice please

Thank you all!!!  big_smile

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05-03-09 10:41:21

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Re: Money Matters and Tax




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#2 05-03-09 14:53:15

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
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Re: Money Matters and Tax

Hi there and welcome...
  When you get the hang of how tax works its not so daunting,basically you will be taxed on your incomings( lesson fees) minus your outgoings ( fuel,car costs, franchise, utilities etc etc.) the difference is your net income and that is what the taxman will apply tax to , you will still have your personal tax allowance so your tax bill will (should) be considerably lower than if you were not self employed. The link below may be useful for day to day recording of expenditure .... first things first have you informed the Inland Rev you are now self employed?...they will set up your receiving tax forms and send you a scarily large set of pamphlets to read up on being self employed .
    Hope that helps
Sue


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#3 05-03-09 15:44:51

little miss sunshine
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Registered: 22-02-09
Posts: 14

Re: Money Matters and Tax

Sue,
Thank you so much, this helps alot. I have rang the Inland Revenue and I am about to registar online with them tonight.

Thanks again

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#4 06-03-09 08:47:20

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
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Re: Money Matters and Tax

I keep records of income in my diary.

I then total the cash/cheques/online payments at the end of the week and add these to a spreadsheet. The spreadsheet is split into 2 parts. Incomings and outgoings.

Day to day this should not take long.

Im still yet to see the tax benefits of being self employed. yikes big_smile


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#5 06-03-09 19:25:43

samds
Verified Member
Registered: 21-01-08
Posts: 526
Website

Re: Money Matters and Tax

I'm probably the worst person in the world to offer accounting and tax advice, posted my tax return online at 11.55pm on the 31st January!

But here's what I do...,
I pretty much keep all business activities coming to and from my business account.  I can then look at the 12 months bank statements income and expenditure, enter onto a spreadsheet I keep on Google Docs, enter figures into Tax Calc and then post online.  Pay myself a set wage every week and if there's anything left, bonus time!

Works for me!


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#6 26-03-09 20:29:09

Cat8t3
Verified Member
From: Droitwich - Worcestershire
Registered: 28-08-07
Posts: 339

Re: Money Matters and Tax

Hi

I started my Pink one month ago. I attended a free work shop at the local tax office. They tell you everything you need to know and you can ask questions relating to your business. The work shop was called Becoming Self Employed I am attending the follow on workshop from this on 25 june 2009, this work shop tells you how to fill in your self assesment, and again you can ask questions relating to your business. I found the Becoming self employed workshop invaluable, and i certainly recommend it. I took my husband with me, so if i didnt quite understand somethng, at least he might, but as it was they are really informative, and dont use tax jargon.


Cat big_smile


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#7 26-03-09 20:58:59

Disky
Verified Member
From: Central Scotland
Registered: 10-03-05
Posts: 1,333
Website

Re: Money Matters and Tax

Intersting Scott,,, without going into detail,, what would you say was a decent wage to pay yourself ?  curious as this may be a good idea for me going forward.

Cat, i also went on the workshop a few years back,, again,, i too found it very good.

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#8 28-03-09 22:02:05

samds
Verified Member
Registered: 21-01-08
Posts: 526
Website

Re: Money Matters and Tax

Ray

Decide how many weeks holiday, Example 6.
Work out an average number of lessons per week over the working year, Example 25 hours 46 weeks. 
Pay yourself a percentage of the turnover every week for 52 weeks, Example 60% (this depends on your outgoings)

Rules of the game.

1.) Set a realistic charge out rate
2.) Be busy when the works available
3.) Don't stress when you go quiet that's the beauty of it
4.) Pay yourself the percentage and no more
5.) Don't set a high percentage at first


At University studying Humanities with Literature and Music.

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