Buying your dreamed home now!
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!
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!
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.
A German bank has been caught handing out thousands of fake euros to customers.
Police who were alerted to the fact by a customer say they later confiscated 70,000 pounds worth of fake euros from the bank in Cologne, but did not say how the money came to be in the bank's coffers.
An unnamed female customer who was paid 5,000 euros (3,400 pounds) in fake cash from the KoelnBonn savings bank in Cologne's Longerich district was the first to raise the alert.
She said: "The notes were nearly all new. Then I noticed that they all had the same serial number."
The bank admitted it had not contacted the police straight away, claiming it wanted to carry out an internal investigation first.
I just feel as the only things i have spent money on is fuel and car and about £100 on various items it seemed pointless having an accountant. Is it possible for the average person to do their own tax return - as I've been led to believe i can but if this is a wrong move then i probably should know now before i try any further?
We all know APR is the most important factor in a loan. But that are also some other factors are important. Do you know that some loan are compounded daily instead of monthly? That will make a big difference under the same APR.
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.
I'm beginning to think i should just remove all trace of the car and fuel from my business as it seems it would be less stressful . but i feel i must perservere as i need to save as much on my tax bill as i can .
I rang the tax office but they just confused me further she said to estimate my proportions and then fill my return in
but with how strict the tax man is i dont want to just plough in estimating away then find out i'm going to get fined as I needed to be accurate.
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.
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.
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.
For the online auctions, there is already built in traffic. All you need to do is list your product there and wait for customers. The disadvantage is that the cost is high. You have to pay the auction fee. To limit the auction fee, you may have to limit the number of items in your auction. And you have a limited freedom to customize how your auctions looks.
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.
