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#1 24-08-05 18:03:00

PLYMOUTH77
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Help!!!! I Need Some Business Advice

As you are probably aware now, just started as an indie. This is also my first time of being self employed. I am worrying myself a little bit about the Tax side of things ie. what can we claim for. I know things like petrol and that but not to sure about the smaller things. Does anyone know where i can get this advice from.

How many of you, use accountants?

I know that i need to register S/E within 3 months, is much covered in there starter pack?

Finally - if there are any Tax Boffins on here, one of my parent wishes to give me a sizeable cash gift, i know there is a limit before they start getting funny about tax, does anybody know what that limit is?

Any advice will be grateful. Thankyou.

24-08-05 18:03:00

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Re: Help!!!! I Need Some Business Advice



#2 24-08-05 18:08:21

LeanneADI
Verified Member
Registered: 20-08-05
Posts: 556

Re: Help!!!! I Need Some Business Advice

Make an appointment with your local tax office.  they will give you advice on everything you claim.

Until then, keep receipts for petrol and anything that could be business related.  Stationary, parking costs, anything to do with your car.  Make sure you keep them all.  Then if you find you cant claim for them it doesnt matter.  Better than finding out you could have claimed for something.

As for your cash gift.  Im not sure how you stand as such.  But if you can keep it cash!!  Then you dont have to prove that it wasnt from earnings from your business.


Leanne

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#3 24-08-05 20:16:50

T
Guest

Re: Help!!!! I Need Some Business Advice

Try logging onto the Inland Revenue website, you'll find loads of info there.

You could also download the Google Scholar search engine and type in what you are looking for i,e Tax + self employed + Tax deductables. You might strike it lucky and find a complete document written by accountants.

#4 24-08-05 20:22:43

pegasus
Verified Member
From: north west
Registered: 25-02-05
Posts: 3,297

Re: Help!!!! I Need Some Business Advice

Hi
Ask at your Tax office for a contact number for The Business Support Team.
It is their job to help with advice and they run free seminars for the newly self employed.

That cash gift shouldn't be taxable,
Except that there is an Inheritance Tax liability if they don't survive 7 yrs from the date of the gift.

There is a tax free element even to that  after 6 yrs £18000 wouldn't be counted

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#5 25-08-05 22:09:40

Hopton
Verified Member
From: Norfolk
Registered: 23-07-05
Posts: 176

Re: Help!!!! I Need Some Business Advice

I personnally would find a good account by asking friends ect as i didn't find the tax office very help full they didn't tell me all i could claim for on the other hand my account did a fantastic job in saving me money tax wise.


Driving me Crazy, and thats just the wife !

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