[johnny bravo]

When filling in Expense sheet do people put a wage down as an expense.     Ive never done this.  I usually just take out of account from  atm   machine  when needed .
I looked at a template and noticed one with Wage stating a set amount deducted as an expense

[Soupy]

Unless you are paying yourself via PAYE your "wages" are drawings and aren't tax deductible.

Probably best to get the advice of an accountant.

[AuRavelling79]

I don't put a set amount for my wages. I just put my turnover less my expenses as my net income for the year.

So let's say your turnover is £50,000 from your self employment and your expenses - including any sub contractors or family that do work for you (maybe like mine your wife does your books and gets paid for it) - are £15,000 then as far as the tax people are concerned then your income is £35,000 for the year.

Whether you draw that or some of that and what you do with it is up to you and of no concern to the taxman.

If you have other income streams outside of self employment then you declare those on your self-assessment in different boxes/columns.

[deeege]

If you could put your wage as a tax deductible expense, you’d never have to pay any tax. Wouldn’t that be nice.

[Spruce]

If you could put your wage as a tax deductible expense, you’d never have to pay any tax. Wouldn’t that be nice.

Agree ^^^^.

I don't put a set amount for my wages. I just put my turnover less my expenses as my net income for the year.

So let's say your turnover is £50,000 from your self employment and your expenses - including any sub contractors or family that do work for you (maybe like mine your wife does your books and gets paid for it) - are £15,000 then as far as the tax people are concerned then your income is £35,000 for the year.

Whether you draw that or some of that and what you do with it is up to you and of no concern to the taxman.

If you have other income streams outside of self employment then you declare those on your self-assessment in different boxes/columns.

As Malc says. ^^^^^

Maybe register with the Taxman for his tax return training courses online.

[johnny bravo]

ive really just been lazy.   all done with monthly bank takings  - expenses.     not very proffesional looking.    ill have to look online for filling your self assesment videos.        i dont work as much now .   so not worth getting an accountant.      as long as you keep receipts and see income takings.   thats my idea. But not the best to read

[johnny bravo]

Spruce    Any link to your sugestion  i know HMRC Have help videos    just never bothered looking ,  ill take a look

[Stoots]

ive really just been lazy.   all done with monthly bank takings  - expenses.     not very proffesional looking.    ill have to look online for filling your self assesment videos.        i dont work as much now .   so not worth getting an accountant.      as long as you keep receipts and see income takings.   thats my idea. But not the best to read

With respect it sounds like you really should get an account because you have zero idea what you are doing. Guessing without any knowledge is a bit dangerous you could end up with a huge tax bill if hmrc ever come knocking. Its easy enough to do your self assesment yourself as sole trader with some thought and research but if unsure then seek advice its much safer.

 

[james peters]

I have been using quick books for a couple of years . simple to use and not expensive

[dazmond]

ive really just been lazy.   all done with monthly bank takings  - expenses.     not very proffesional looking.    ill have to look online for filling your self assesment videos.        i dont work as much now .   so not worth getting an accountant.      as long as you keep receipts and see income takings.   thats my idea. But not the best to read

All the taxman is interested in is your total turnover minus expenses(cash basis accounting)for that tax year and (if investigated) the evidence to back it up. Cleaner planner is perfect for this. I just add my expenses on the mobile app day to day,month to month,keep all receipts in a folder for that tax year and print end of year accounts and keep them in a folder in year order.

I have my last 10 years of accounts...its easy with round software if your not vat registered and a sole trader. Absolutely no need for an accountant!

[johnny bravo]

all payments paid into my Starling Bussiness  Account   Monthly Takings logged in
Monthly Expenses logged in
Fuel Receipts bagged
 All receipts bagged
Proffitt  &  Loss
Done
No Frills   but its all filed away
11 years filed away

[dazmond]

Just found out my 10k that I put away in a 3 year fixed bond will be taxed on maturity (even though they add interest each year) HMRC class it as one year when I finally get it. So my £1600 in interest combined over 3 years will be over the yearly £1000 allowance....

HMRC just make up rules to suit them!😡

[deeege]

Just found out my 10k that I put away in a 3 year fixed bond will be taxed on maturity (even though they add interest each year) HMRC class it as one year when I finally get it. So my £1600 in interest combined over 3 years will be over the yearly £1000 allowance....

HMRC just make up rules to suit them!😡

Surely you invested in the bond within a Stocks and Shares ISA wrapper Daz? It would be tax free if so….

Expensive mistake right there.

[dazmond]

Just found out my 10k that I put away in a 3 year fixed bond will be taxed on maturity (even though they add interest each year) HMRC class it as one year when I finally get it. So my £1600 in interest combined over 3 years will be over the yearly £1000 allowance....

HMRC just make up rules to suit them!😡

Surely you invested in the bond within a Stocks and Shares ISA wrapper Daz? It would be tax free if so….

Expensive mistake right there.

No but I've transferred some other money(12k)
that was lying around in rubbish accounts  into an easy access zopa smart ISA at 4.80%(AER). It calculates interest daily and pays it in monthly. It almost sounds too good to be true!😄👍

[deeege]

Keep an emergency fund but then scrap all of the crap accounts and put all excess funds into a Stocks and shares ISA. You can then invest tax free within that ISA, into ETFs, Bonds, Shares, Gold, Silver, Property….. literally anything.

Ive  been doing this for 3+ years and overall I’m +29.38%.

[Splash and dash]

With all theses expert financial advisers on here ime suprised they bother to clean windows they could earn a far better living advising people about their money 😂😂

[dazmond]

Keep an emergency fund but then scrap all of the crap accounts and put all excess funds into a Stocks and shares ISA. You can then invest tax free within that ISA, into ETFs, Bonds, Shares, Gold, Silver, Property….. literally anything.

Ive  been doing this for 3+ years and overall I’m +29.38%.

Ive never needed an ISA before because interest rates were so low. Different story now.

Stocks and shares ISAs are something I've never looked into because you can lose money too...maybe I will in a few years...

I've got a few other accounts that I only keep open for other reasons(a separate high interest account that pays into the account after 12-36 months).I will shut down two of these when they reach maturity

I only need 5 accounts instead of 7

First Direct Current account
First Direct Regular saver(7%)£300 a month max(transfers automatically to standard saver after 12 months)
First direct standard saver
Zopa Smart instant saver(4.3%)
Zopa Smart instant ISA(4.8%)

Plus a Tesco credit card(£8600 limit)

[Scottish Cleaning Service]

Guy where I clean came back after selling his round because the other person gave up but he has a full time job now. He has become unreliable and I'm slowly picking up new customers. One of my old customers  told me someone is willing to clean my windows for £3 less so I got dropped. Not sure what will happen when he doesn't come back. He will probably come back to me and I will take him back because I do ones next to him. I have realised reliability is more important than price and forming a bond is good for business aswell. In the end I'm glad I stuck to a high price because folk will pay a bit extra for a good reliable service. fwiw

[Stoots]

I just use a normal isa because i dont know enough about stocks and shares to invest but it sounds good if you know what you are doing

[dazmond]

I just use a normal isa because i dont know enough about stocks and shares to invest but it sounds good if you know what you are doing

My missus has a barclays ISA and it's a measly 1.6%!she's transferring it into a zopa  ISA this weekend.👍