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|Original Message Added : 10 Mar 2011|
|Reply : 10 Mar 2011|
I could write pages on this.
Please have a look at Business Link website it has very helpful information. Here are some links that will help:
Tax Return http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1081526247
Record keeping - http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1086253204&type=R..
Accountants in Putney and Accountants in Mitcham
|Reply : 10 Mar 2011|
One of the most important expenses to consider is motor/travel expenses. If you are to use your own vehicle then you have two options:-
a. You can claim for all the expenses relating to the vehicle (i.e. petrol, repairs, MOT, insurance and tax) plus claim capital allowances on the vehicle itself and deduct a percentage for private use;
b. Claim mileage allowance on the business use of the vehicle.
In most scenarios, it is normally better to claim mileage allowance.
Normally you would keep a mileage sheet in your vehicle in order to log the business miles that you have done.
Another expense to consider is telephone (both mobile and home). If you make business calls then you can make an expense claim. Normally, if you have an itemised bill you can mark off the business calls on the bill and make a claim.
Another expense to claim is Use Of Home as office. Having somewhere to do your business paperwork is essential. If you don't maintain a separate office, you can claim a reasonable proportion of those household running costs that represent the space and time in which your office operation occupies your home. This includes a proportion of your rent, council tax and water rates. http://truemanbrown.blogspot.com/2010/10/working-from-home.html
I normally advise that my clients log their expenses onto a monthly expense claim sheet and attach the relevant purchase invoices to the monthly sheet.
|Reply : 13 Mar 2011|
|Reply : 16 Mar 2011|
A free option that we use and recommend is VT Cashbook. Other free options which I haven't really used but looked at them are: TurboCash , Adminsoft Accounts and GnuCash and if you want on online free accounting software then Brightbooks. I would stay away from big names (sage, quickbooks, tass etc) although most offer a free version. From my experience those are very limited and used as baits for their not for free products.
We do give KashFlow for free to our clients which are on our monthly price structure.
Filling the tax return is just following instructions, if you have accounts ready. But for saving tax then it is best if you hire an accountant. They are chepaer then you think.
Hope this has helped you a bit.
Solid - Accountants in Southwark London
|Reply : 22 Mar 2011|
In very simple terms the best way to fill out a tax return - First get the underlying records right by applying accepted accounting concepts and principles and then adjust the figures appropriately for tax return purposes and fill in the return. Easy for a trained professional, not so easy for traders!
Keeping on top of accounting - If you are finding it difficult to keep on top of it you probably need help. The simplest systems are best and there are no doubt hundreds of people with bookkeeping experience currently looking for work. Making sure that the systems and the bookkeeper work with the person dealing with the accounts and tax return is the key to a potentially hassle free existence.
You still need to be involved to review, check and understand what is going on but if reports are designed with your needs in mind then management gets easier and more focused on your business activity.
Be wary of reports on how easy it is to do tax returns online - what this usually means is that the system offers an opportunity to fill in boxes and submit relatively easily. It does not mean that the box entries are correct but it is good news for accountants who are generally tasked with picking up the pieces!
|Reply : 7 May 2011|
How ever, it seems like the key message from what has been suggested to you, is that it is better to pay a small cost and engage an accountant then end up in a situation where the tax inspector is not happy with what you have or have not provided him with.
Consider, who you going to call?
|Reply : 25 Jun 2011|
Hope it helps
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