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[GQC] Tim

  • Posts: 4536
Re: tax
« Reply #20 on: January 01, 2008, 01:34:29 pm »
I thought he mean't £6000 pa, or double this with his mate.

Correct me if i'm wrong but below a certain figure i think you don't need to provide a profit and loss just net earnings. In the same way that most of us don't have to do a balance sheet.

If so ask, and put 6k down. Keep records from now on.

To register online the unique tax payers reference is just the begining. You will have it on anything they have ever sent you.

£6000 pa is £500 a month. I highly doubt that.

john tomkins

  • Posts: 1639
Re: tax
« Reply #21 on: January 01, 2008, 02:05:01 pm »
Well he posted this a few days ago...

Quote
hi guys i have decided to sell my round i have £1300.00 a mounth in and around maidstone anyone intrested email me c.demery357@btinternet.com

It's neither one or the other :-\

Re: tax
« Reply #22 on: January 01, 2008, 02:27:52 pm »
£1300*12=£15600 T/O
Or allowing for exageration as he's selling and holiday periods  £1000*12= £12000 T/O
As he was sharing with his mate, we are back to £6,000 as a turnover for the year.

chris no 1

  • Posts: 30
Re: tax
« Reply #23 on: January 01, 2008, 04:12:46 pm »
just to let you guys no it is £6000 for me and my partner that is wat we earned 

[GQC] Tim

  • Posts: 4536
Re: tax
« Reply #24 on: January 02, 2008, 12:11:47 am »
£1300*12=£15600 T/O
Or allowing for exageration as he's selling and holiday periods  £1000*12= £12000 T/O
As he was sharing with his mate, we are back to £6,000 as a turnover for the year.

That's not turnover is it?  ???

Isn't that £6000 net? Turnover is all your earnings a year regardless of personal allowance? Or am I confused?

Helen

Re: tax
« Reply #25 on: January 02, 2008, 05:38:53 pm »
just to let you guys no it is £6000 for me and my partner that is wat we earned 

over what timescale?

UTR number......have you registered as Self Employed? I guess not if you do not have a UTR. If you have registered you will have one.

If your accountant has done your figures and not yet submitted them. then speak to him and ask what is happening. Has he presented you with his invoice yet? No...then you don't have to pay him yet.
Although it is your resposibility to make sure your tax return is to the tax man on time, I really can't see your accountant not submitting them just because you haven't paid him!!!

Tosh

Re: tax
« Reply #26 on: January 02, 2008, 05:55:16 pm »
If you've TURNED OVER 6K, don't bother with an accountant; just sit down and do your tax return; it's simple if your turnover is less than 15K, since you just do the 'short one'.

I think you only have to fill in a couple of boxes, leaving blank the ones that don't apply; but it'll only be putting down your turnover, your expenses and your profit (the difference between the two).

You'll be taxed on your profit, after your personal allowance has been deducted; so your tax bill will be very low, almost nothing; if any at all.

Still, £500 per month sounds really low to me.

Franky2020

  • Posts: 73
Re: tax
« Reply #27 on: January 02, 2008, 07:37:15 pm »
Couldnt he be working part time chaps.

Feen

  • Posts: 562
Re: tax
« Reply #28 on: January 02, 2008, 07:54:37 pm »
Sorry to sound so short, but get an accountant. Yes , you can afford one. Mine charged £295 for one year's set of books so it was a reasonable amount IMHO. He saved me a lot, but also gave me peace of mind.
Feen

Paul Coleman

Re: tax
« Reply #29 on: January 02, 2008, 07:58:46 pm »
Couldnt he be working part time chaps.

Precisely.  If he has earned that money in addition to a regular PAYE income, then he could be liable for tax on all of it as he would probably have earnt his tax free allowance in his regular job.