Buying your dreamed home now!
Stocks will bring high redound but at the same time, it will have a high risk of losing value. Selecting what kind of stocks to trade is thus a science and art. There are a lot of people who get rich by stock trading. There are also some people get poor from rich by stock trading.
The advantage of an online store of your own is freedom. Your store will look whatever you want it to be. You can list as many products as you like. The disadvantage is you have to spend time to design your site and get traffic. That means you have to be good at marketing.
Last year I set up self employed in april as a gardener i was useing my personal vehicle for a short while then i purchased a car for £500 and spent roughly £400 on repairs servicing etc.
then last month i realised is wasnt suitable for my business so i purchased a newer vehicle for £1400 .
the problem is that although i have got every reciept for the fuel repairs and the cars i purchased while i have been in business, i havent kept an accurate record of what my business milage is. what would your advice be on how to deal this in my business accounts and on my tax return.
As i don't have a record of my business milage for the first two cars i used I am unsure as to wether or not put them on my return or wether to just remove it from my business accounts and just class it all as a personal expense?
I'm not earning a great deal at the moment and the cost of the diesel and repairs/servicing is a considerable percentage of the expenses for the year so if there is a way of sorting this out i'd be much appreciated.
You can do your books yourself no problem, but what about calculating tax, tax return and other claimable expenses other than cars.
An accountant will ensure you are keeping proper records & doing your books correctly. When you do have to employ one, how much will it cost you if you haven't done things correctly. An accountant can decide the most tax efficient way of owning the car and claiming expenses. Every company's circumstances are different. Maybe an accountant on this or another forum may chip in some free time if you are lucky!
Having said that, you must have invoiced your customers and as you'll have a copy from which you can construct from them your likely journeys & mileage. But in any case you should have been claiming mileage whilst using your private vehicle (e.g. 40p per mile). If not, why did your accountant not tell you that, maybe its time to consider a change!
It's really an art to borrow money. You can make money by borrowing money. How can that happen? The simplest scenario is that you get some loan at 0 APR, maybe for a very short time. You put it in your bank and the bank will pay you some interest. You may argue that you can not borrow a lot of money so you can not make a living by doing that.
It sounds as if you're finding that "self assessment" is a contradiction in terms. In theory you are supposed to be able to do your own returns but to be honest I find it difficult to imagine how the average person off the street is supposed to be able to wade through it all.
Regarding your motoring expenses there are two ways of claiming them back.
You either claim capital allowances and the business proportion of all running costs ie road tax, fuel, repairs etc. Alternatively, if your car is an older car and especially if it's an old banger, you're better off claiming the 40p a mile allowance. This is intended to cover absolutely everything motor related so whilst nothing else is claimable it also means that you don't have to keep hold of all those pesky petrol receipts.
As someone suggested above you can use your past job records to estimate your mileage.
One thing to bear in mind is that once you have started using a particular method to claim back your costs you have to be consistent. You can only change methods upon a change of vehicle.
Although you say that you reckon your expenses are not enough to justify using an accountant, once you start keeping proper records you'll be surprised by just how much you do spend. I cannot urge you enough to keep records of absolutely everything, even if it's just a postage stamp. What about phone calls that you make on your home phone or mobile, it soon adds up. A simple spreadsheet should be able to do it. Just input everything in date order and cross reference it to an invoice or receipt.
As a self employed person the onus is on you to provide records that will substantiate your tax return.
Yes, the revenue will go through your tax return with you if you get it in before the deadline but how willing they are to point out everything you are entitled to claim varies with who you get to speak to.
There are a lot of websites providing mortgage quotes. If you like to have a finance freedom, come to our finance forum to discuss it with others.
To make money, everything is sale. You have to sell something to make money. Otherwise you will not get paid. Some people don't like sales because they don't like salesman. But they don't notice that the reason they get their paychecks is they sell their work or labor.
Money is so important that we almost can not live without it. But how do we make money? Not everybody know how to make money. Most people know to find a job and earn paychecks. But that is not a smart way to make money. None rich people live their lives paycheck by paycheck. Most rich people have their own business.
There are two things to sell, goods or services. You have to sell either something people can use or provide people some service. One obvious service any people own a website is advertisement. Everyone can put advertisement on their web. By doing so, they are providing a service--advertisement.
There was a case here in the UK a over a year ago when fake notes were bought by a holidaymake at a Post Office. But this case of the German bank is worse, interesting that they did not contact the police...
