[PurefectWindowCleaning]

All expenses that you put through your books, i.e fuel, phone bill etc, that you have a receipt for, well, is it the same for wages that I pay out? Should I be photocopying his payslip and putting it in as a 'receipt'?

Also, for every receipt, for example a £20 fuel bill, what then happens? Is it deducted fully from tax bill or summin?

Cheeeeers

[Spruce]

The best advice is to get an accountant this tax year if it applies to you (2010 -2011 has to be complete and settled by 31 January 2012).

The next thing is to enroll on a training course organised by the receiver if revenue to help new business owners.

Spruce

[Pope vader]

the wages slips can be computerised so that a print out can tell you how much they get paid, how much tax they pay etc

£20 fuel is a expense which is deduted from the total you make to leave profit

ie  money  made - expeses = profit, u then pay tax on the profit

depending if you are ltd company, sole trader, or an employee of the company and pay your self a wage,   can make a difference

[carl stanton]

take your books into the tax office and get them to help you with what to put through

[ICS Cleaning]

make sure you keep eveything to put through your books....

Do you spend time doing paper work and computer work?  If so you can claim on these

[wightsurf]

make sure you keep eveything to put through your books....

Do you spend time doing paper work and computer work?  If so you can claim on these

[/color]

How do you claim for these ?

[KS Cleaning]

make sure you keep eveything to put through your books....

Do you spend time doing paper work and computer work?  If so you can claim on these

[/color]

How do you claim for these ?

Use of room for office

[wightsurf]

ok thanks, been looking and found this.Helpful i think.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM47800.htm

[wightsurf]

Have not read this yet but looks interesting

http://www.hmrc.gov.uk/guidance/480.pdf

[Window Washers]

The best advice is to get an accountant [/size] this tax year if it applies to you (2010 -2011 has to be complete and settled by 31 January 2012).

The next thing is to enroll on a training course organised by the receiver if revenue to help new business owners.

Spruce

as above in bold

[wightsurf]

why arent you still working 

[Window Washers]

why arent you still working 

just got out of meeting    the future is orange 

[PurefectWindowCleaning]

This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.

[Helen]

All expenses that you put through your books, i.e fuel, phone bill etc, that you have a receipt for, well, is it the same for wages that I pay out? Should I be photocopying his payslip and putting it in as a 'receipt'?

Yes, you should be classifying wages as an overhead, as well as the employer National insurance contribution, along with any other "staff" related costs

Also, for every receipt, for example a £20 fuel bill, what then happens? Is it deducted fully from tax bill or summin?

Business mileage only will be used as an overhead.
Cheeeeers

[Helen]

This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.

Yes, sometimes this forum makes me laugh too

So you are not a newbie and have an accountant and you have someone to do your books monthly for you.......... IMO this is a strange question to ask then or you have lost faith in your bookeeper and accountant.

What has happened with your overhead receipts in past years?  Why would you be asking this now as you have been trading what is it 8 years
Quote:
'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!
You asked and you got the best advise "ask your accountant".........
This forum is not full of bookeepers or accountants, so the people that have said ask your accountant are spot on

[AS Window Cleaning]

nice reply Helen

[PurefectWindowCleaning]

This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.

Yes, sometimes this forum makes me laugh too

So you are not a newbie and have an accountant and you have someone to do your books monthly for you.......... IMO this is a strange question to ask then or you have lost faith in your bookeeper and accountant.

What has happened with your overhead receipts in past years?  Why would you be asking this now as you have been trading what is it 8 years
Quote:
'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!
You asked and you got the best advise "ask your accountant".........
This forum is not full of bookeepers or accountants, so the people that have said ask your accountant are spot on

Ive only started employing in the last 4 months, which is why i asked about his payslip.

...and as for other overhead reciepts, i just pass them on to my bookkeeeper and she deals with it all.


...and as for not bringing this issue up with my bookkeeper or accountant, is because I was on this forum at the time so deceded to pick your brains and not theres.

Oh and thanks Helan for answering my question

[Helen]

This forum makes me laugh...


NO IM NOT A NEWBIE AND YES I HAVE AN ACCOUNTANT!

...que next reply 'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!

I have someone to do my monthly books, I just give her my diary with what  work has been done, along with all reciepts etc, and she then orginise's it all ready to be passed on to my accountant.

Yes, sometimes this forum makes me laugh too

So you are not a newbie and have an accountant and you have someone to do your books monthly for you.......... IMO this is a strange question to ask then or you have lost faith in your bookeeper and accountant.

What has happened with your overhead receipts in past years?  Why would you be asking this now as you have been trading what is it 8 years
Quote:
'Why not ask your accountant then?' BECAUSE THATS WHAT THIS FORUM IS FOR!
You asked and you got the best advise "ask your accountant".........
This forum is not full of bookeepers or accountants, so the people that have said ask your accountant are spot on

Ive only started employing in the last 4 months, which is why i asked about his payslip.

...and as for other overhead reciepts, i just pass them on to my bookkeeeper and she deals with it all.


...and as for not bringing this issue up with my bookkeeper or accountant, is because I was on this forum at the time so deceded to pick your brains and not theres.

Oh and thanks Helan for answering my question

Your welcome, you just have to remember that anything that costs you to run your business, further your business and sustain your business is classed as an overhead and in some way is tax deductable. A good accountant which I hope you have will find even more for you if you give them the chance

For those who think that an accountant is a waste of time and money...we have had tax rebates in the past 2 year financial years, because of the advise of our accountant gave us and because he didn't just take a look at our figures and expenditures, but asked loads of question aswell

[PurefectWindowCleaning]

Cant knock my accountant, shes great. When I started through the princes trust she was my advisor at the beginning so know her well and she has been there since day 1

[GDwindowcleaning]

Can I just ask if you got a decent accountant why you asked the question in the first place?