Buying your dreamed home now!
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.
You are right. But why can't you borrow more money? Borrowing money is an art. If you can borrow 1 billion. You can really make a living by borrowing money then returning it. There are a lot to play with the APR of the loan and mortgage.
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.
Usually buying real estate have a less probability to lose money. But it does not mean your money will definitely grow. Even your money did grow, it is not necessarily grows as the way you expected. Putting your money in the smart place is what money management all about.
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!
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.
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!
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.
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.
