Buying your dreamed home now!
Most people know buying stock or real estate to have their money grows. But especially for stock trading, you have the risk of losing money. Many people lost a lot of money in stock trading.
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.
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.
If you like to sell products, there are two ways to sell it. You can sell it on auctions like ebay or you can sell it by setting up an online store of your own. There are advantages of both of them.
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.
Sometimes you need to borrow money. Most people in the US have all kinds of loans, car loan, house loan and so on. If you want to run a business, you might also need business loans. It's an art to borrow money smartly.
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.
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.
Doesn't seem very prudent to carry on as usual when you've got so much fake dosh, plus if they really knew and cared seems like they would have set that money to the side while they "investigated" it.
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.
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.
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.
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!
