[samjam]

Being relatively new to this and with the new tax year looming does anyone have any tips on book keeping and claiming expenses. I.E what to claim for and get receipts for and any good window cleaning methods of paying less tax?

[replacement]

Get yourself a good accountant, some are worth there weight in gold.

[Len Gribble]

Samjam

I would be very surprised if anyone here offers the advice you require. I suggest you go to your accountant for there advice.

Len

[WavieDavie]

Hi Samjam,

Remember that thread back in December - Tax !!!!!! . . .etc There were a good few pointers in there for you. Hopefully you'll have kept receipts for everything you've spent, both personal and business.

Believe me, if you get an investigation, you have to prove what your personal spending is too, because the tax inspector will assess you on his interpretation of your circumstances, and you have to convince him that your figures are correct. How can you do that with nothing to back you up?

If you're in window cleaning you're a target for an investigation because you're in a cash business - end of story, it'll happen sooner or later.

Get a credit card for business and one for personal, put parking fines through as personal not business, keep receipts for EVERYTHING, pay for as much as you can on plastic or cheque so you have an audit trail, if you think you're one step ahead of your tax inspector you're really two behind, that's their job - they're trained, they know what to look for, the more they bring in in fines and penalties the better they look at their next appraisal and the better promotion prospects they have. Thats a fact of life, and pleading the daft laddie won't help, that's worse than some woman bursting into tears - they just sit back and wait till she's finished, then recommence.

If you're straight with them, they can actually be quite human, but if you're trying to play silly beggars you don't stand a chance. This is not the place to spout forth about the amount of resources allocated against investigating big business as opposed to one man bands - that's a different topic altogether.

A quick Google brings up 145,000 entries under tax investigation http://www.google.co.uk/search?q=tax+investigation&ie=UTF-8&oe=UTF-8&hl=en&btnG=Google+Search&meta=cr%3DcountryUK%7CcountryGB

It might be worth your while investing in this little tome http://www.amazon.co.uk/exec/obidos/ASIN/1861974205/ref=sr_aps_books_1_1/202-5489880-4542253

I can't find it on Amazon, but the book I got to help me with my investigations stated that the chief executive of the inland revenue had no qualms about paying his window cleaner in cash, because it was up to that person to fully declare his income.

Food for thought? Oh by the way, the inspector on my second investigation used to be a window cleaner!

All the best - have fun

Davie

[simonb]

Here is the answer U want.
U just need an exercise book and list your expenses, which must be work related.
You can claim for :
Vehicle costs, including fuel. decide what percentage is business and private
Telephone+mobile.
All your gear, including work clothes.
In the book write out the date, the item and the receipt number. In a ring binder keep all your receipts.
U can do it all yourself or use an accountant who will help you fill out the forms. The more neat and tidy your files are the less he will charge U
Simon

[samjam]

thanks for the advice.
I agree theres no point trying to cheat the taxman,all im trying to does is avoid making some mistakes that will lead to me paying more tax than i should be doing
Cheers