[koopmaster]

How much do you need to asses yourself to pay the least amount of tax??

and what else is needed?  beside a good accountant.  I mean advice guys?  LOL

[Matt.]

If you want to you can pay yourself a basic of 30 hours @ £6.50 £195. You would pay £5.10 tax/ni. Per week.

[jimmy boots]

Hi Koopmaster. Dont know what the hell you got hanging on them sticks lol.

Look on here to calculate your self employment earnings.

http://www.employedandselfemployed.co.uk/self-employed-tax-calculator

[koopmaster]

I should really change the question to how much does everyone who is sole trader do or pay to REDUCEtheir own tax.

[ChumBucket]

I can't make head nor tail of either of your questions Koopster!

What actually are you trying to find out?

You have a turnover, minus expenses, minus approx 10k personal allowance & what's left you pay around 29% to HMRC.

Don't be fooled by the broad assumption that spending to save paying tax is always a good thing.

[C o z y]

I ask these questions when I'm talking to my accountant. They have all the answers. Never thought of asking fellow windies.

[Window Lickers]

Moving to sole trader Monday.

What were you before Monday?

[andyM]

I should really change the question to how much does everyone who is sole trader do or pay to REDUCEtheir own tax.

Ask Gary Barlow and Jimmy Carr.

[Plankton]

I can't make head nor tail of either of your questions Koopster!

What actually are you trying to find out?

You have a turnover, minus expenses, minus approx 10k personal allowance & what's left you pay around 29% to HMRC.

Don't be fooled by the broad assumption that spending to save paying tax is always a good thing.

Simples

[Positivity]

I can't make head nor tail of either of your questions Koopster!

What actually are you trying to find out?

You have a turnover, minus expenses, minus approx 10k personal allowance & what's left you pay around 29% to HMRC.

Don't be fooled by the broad assumption that spending to save paying tax is always a good thing.

I thought basic rate tax was 20% where does the 29% come in?

[PoleKing]

I can't make head nor tail of either of your questions Koopster!

What actually are you trying to find out?

You have a turnover, minus expenses, minus approx 10k personal allowance & what's left you pay around 29% to HMRC.

Don't be fooled by the broad assumption that spending to save paying tax is always a good thing.

I thought basic rate tax was 20% where does the 29% come in?

20% is tax and 9% national insurance.
Everyone forgets the NI

[SeanK]

You really don't need an accountant working on your own cleaning windows.
Lets say you take in £30000 over the year and your expenses are around £4000 then you pay
tax on £16000 or £15500 after April next year.
So that would work out at £3200, don't forget an accountant has to save you enough to cover their fees and
also get you a few quid extra in your back pocket to make employing one worthwhile.

[C o z y]

You really don't need an accountant working on your own cleaning windows.
Lets say you take in £30000 over the year and your expenses are around £4000 then you pay
tax on £16000 or £15500 after April next year.
So that would work out at £3200, don't forget an accountant has to save you enough to cover their fees and
also get you a few quid extra in your back pocket to make employing one worthwhile.

Dis-agree. My accountant has saved me thousands. Worth every penny she costs me. These people are there to advise us, and help us to pay minimum tax and expenses.  IMO, if you're turning over enough to live off, you can't really afford to be without a good accountant.

[*Hector*]

What is this tax and National Insurance that you talk of?? 

You speak with fork tongue matey... 

[SeanK]

You really don't need an accountant working on your own cleaning windows.
Lets say you take in £30000 over the year and your expenses are around £4000 then you pay
tax on £16000 or £15500 after April next year.
So that would work out at £3200, don't forget an accountant has to save you enough to cover their fees and
also get you a few quid extra in your back pocket to make employing one worthwhile.

Dis-agree. My accountant has saved me thousands. Worth every penny she costs me. These people are there to advise us, and help us to pay minimum tax and expenses.  IMO, if you're turning over enough to live off, you can't really afford to be without a good accountant.

How can an accountant save you on expenses ? and as a sole trader cleaning windows what expenses are you going to
have where an accountant can save you thousands ?
I can certainly understand having an accountant when working in certain trades where your spending thousands in materials
to complete a job, but in window cleaning come on.

[C o z y]

I see you haven't got an accountant mate. Mine has kept me under the VAT threshhold, worked out allowances for day travel and tax free incomes. My material costs, cleaning materials etc are all reckoned as lump sums to be deducted from income tax. Over the last 5 years, I reckon I've saved at least 7 thousand quid in tax and corporation taxes here.

If you ever go and speak to an accountant, I bet you'd be surprised at what you're paying too much of, or not saving that you could be. I'm just a cleaner, don't take my word for it, go and get an appointment. They're cost free. Well mine were anyway. I went to 4 different accountants.

Years ago, my wife used to do all my returns and tax. I ended up paying local corporation taxes of over 6K one year. By the time I'd taken my accountant on after my divorce. I realized that I should have got rebates, not bills!!!

I found asking people who know what they're talking about the best way to go about tax and book keeping. That's usually an accountant, not another windie.

Added later, My accountant costs me around 500 quid a year. That's cheap compared to what I'd pay without her help and advice.

[SeanK]

Cozy I understand what your saying but as a guy working alone I don't have to worry about the vat threshold.
or corporation tax.
My total expenses for this year will be around the £4000 mark so paying £500 for an accountant wont save me
a lot.
Certainly if I was employing and hitting the vat threshold I would employ an accountant but for most guys this
wont be the case.

[C o z y]

OK mate, do yourself a favour, and find at least 2 accountants near you. Go and see them and show your books. Have a chat, and see if your better with or without their expertease. Tell 'em uncle Cozy sent you 

[*Hector*]

Accountants fees are a business expense too, and as such tax deductible.. 

[ChumBucket]

You really don't need an accountant working on your own cleaning windows.
Lets say you take in £30000 over the year and your expenses are around £4000 then you pay
tax on £16000 or £15500 after April next year.
So that would work out at £3200, don't forget an accountant has to save you enough to cover their fees and
also get you a few quid extra in your back pocket to make employing one worthwhile.

Dis-agree. My accountant has saved me thousands. Worth every penny she costs me. These people are there to advise us, and help us to pay minimum tax and expenses.  IMO, if you're turning over enough to live off, you can't really afford to be without a good accountant.

I would agree with Cozy here. My accountants are chartered & cost 300+ vat per year. The advice I have received has been priceless & they have saved me a considerable amount of money. It's not always what you claim for but how you claim it. One particular year they saved me a very handsome sum doing things a different way to how I would have done it.