self employed help

[jordigirl]

may upset them but if you have the receipts u can claim

[kianniamh]

You could have the receipt for a jumbo jet but it doesn't mean it's an allowable expense for tax purposes.

[cgscott]

You could have the receipt for a jumbo jet but it doesn't mean it's an allowable expense for tax purposes.

Least we know we have a TAX man on DK now

[kianniamh]

Please dont go spreading malicious rumours

I work on the other side of the fence.

[Lainie]

im not fully trained on all benefits but what i do know is self employment nat insurance conts are not as much as normal nat insurance conts. when self employed people come on to claim benefit they often get nothing if their partner works over 24 hours (income based claim) and nothing for a conts based claim as they havent paid the full NI conts.

[smirnoff_rules]

im not fully trained on all benefits but what i do know is self employment nat insurance conts are not as much as normal nat insurance conts. when self employed people come on to claim benefit they often get nothing if their partner works over 24 hours (income based claim) and nothing for a conts based claim as they havent paid the full NI conts.

l have heard this to .. l pay mine l thinks its about 1600.00 and l pay extra for my 2 staff as an employer , might be about 500 extra for them , l should get the same as anyone else but lm not sure how they work that out

[Lainie]

@ smirnoff - you can write to the national insurance office at any time and ask for a print out of all your national insurance conts since you started working. i did after leaving national savings after 18 yrs as when i applied for benefit they said i hadnt paid enough NI CONTS. told them that was rubbish as i had worked full time all my life. ended up nat insurance office work a tax year behind and my employer hadnt posted my NI conts for that year as they only do it at the end of every tax year.

HM Revenue & Customs: National Insurance Contributions

HM Revenue & Customs: National Insurance

now what all that means is beyond me but i can tell you that i pay ?50 a month or so NI conts and thats class 1 conts. i work 30 hours a week. obv the more you earn the more NI conts you pay which i disagree with.

hope any of that helps.

[bobwill]

For nic class 2 I pay ?130 per year

[Snowy79]

I wouldn't mess around. Get yourself a Chartered accountant to do your books. Don't waste money on a book keeper etc. A good accountant will save you money keep you above the law and frighten the HMRC away if they decide to check you out. When an accountant signs your books off they are liable. When you do it you are and if the HMRC decide to visit you you can't claim expences for time wasted going through the books etc with them.

I've been visited once 4 months after setting my last company up and they went through me like a dose of salts and hit me for quite a bit of money for claiming stuff they said I couldn't and also for undeclared VAT. I was turning over about ?10,000 per month and they wanted their share of the VAT even though I was on a 60 day payment plan with the companies I did business with. They wouldn't agree that I was in debt as I had set up costs, wages etc to pay and still had not received my payments. They came out with loads of regulations I was unaware of. I spoke to a Chartered Accountant who went through everything with me and it ended up wIth me getting oney back from the HMRC and an apology. She knew all about European Regulations which allowed me to claim back tax on anything I had purchased which was now used for my Company going back 5 years. HMRC tell you and publish it is only 2 years but they were dragged through the EU courts about 4 years ago and told to wind their necks in. Surprise, surprise they never made this common knowledge.

[thered]

thanks for all the replies i may be being a bit naive here and i have done a bit of googling am i reading into it too much??

when i fill my self assessment forms do i just give them my word on incomings and outgoings and thats it or do they check every receipt ect

or do they just randomly check everyone?

99% of my work will be paid by bacs into a bank is it possible to put in different banks ie like one company in one bank and one in another

or is that traceable??

thanks

[smirnoff_rules]

or do they just randomly check everyone?

basicly yea , fingers crossed never , u will need to save bank statements so if its on there u have to show it

[bobwill]

About 20 years ago I got investgated by inland revenue as it was then I had just built my own bungalow so was working on that and my turnover went down thats the reason they picked on me.I had meetings in there office and it went on for at least 6 months they wanted all bank accounts statements from me and my wife they checked to see if I took money out every week if I had paid all my gas bills by cheque ( I know someone who paid his bill on one quauter by cash and he had to explain where the cash came from) all the invoices for material on my own place had to be shown and not go though the business I was allright and got a rebate of ?65 but got a bill from accountant of over ?600

[thered]

so basically i just keep a record and keep all receipts just in case they want to check?

what happens regarding bank accounts can they find out if i use 2 both for business but only show them statements from one??

[smirnoff_rules]

they can get anything in your name m8 think u have to sign a form when there doing u l hear , and u have to keep your paper work for 6 years m8 , yes they can go back that far

[thered]

they can get anything in your name m8 think u have to sign a form when there doing u l hear , and u have to keep your paper work for 6 years m8 , yes they can go back that far

what about if its in another name??