[Ian_Giles]

The deadlfor self assessment fast approaches! So do you do  like me and leave things to the last minute before you submit your return?
Mine is done done and I'm now much the poorer after giving the taxman his pound of flesh 😫
I'm reaching out to those of you that do your return online and not those of you that (very sensibly!) Use  an accountant and also of those of you who are sole traders with no employees!
Im not after your turnovers but what, in general figures do you put down for your expenses?
A single total?
Detailed breakdown?
I'm interested to see if there is an average for what we write down,  as a for instance, mine was over 4k but under 5k...so am I high compared to you or low?
Or does no one like to answer that question!?
Paranoia rules!  Lol

[dazmond]

The deadlfor self assessment fast approaches! So do you do  like me and leave things to the last minute before you submit your return?
Mine is done done and I'm now much the poorer after giving the taxman his pound of flesh 😫
I'm reaching out to those of you that do your return online and not those of you that (very sensibly!) Use  an accountant and also of those of you who are sole traders with no employees!
Im not after your turnovers but what, in general figures do you put down for your expenses?
A single total?
Detailed breakdown?
I'm interested to see if there is an average for what we write down,  as a for instance, mine was over 4k but under 5k...so am I high compared to you or low?
Or does no one like to answer that question!?
Paranoia rules!  Lol

Hi Ian I use the cash basis accounting(rather than accrues method) which is basically total turnover minus single total expenses. It's very easy. I did my tax return last week and it took me around an hour.My expenses for the 2023-2024 tax year were nearly 7k which is around average for me(I lease my van)...

I save £600 a month for my tax bill every month and transfer it into an easy access smart ISA with zopa(4.6% interest). It covers my tax bill with a little bit left over....

[james peters]

same as daz.... except I do a banc transfer each week of £100 on average weeks and £150 on good weeks.
if I pay to much thats ok because I am then ahead .
my expenses are also around the 7k mark , sometimes more , sometimes less.
I use quick books
Sorry for the spelling of banc ... its bank . I am welsh 

[dazmond]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

[deeege]

Same as above, I use quick books cash accounting. Expenses as a sole trader are usually around £8k, but last year a van purchase helped offset my tax bill by a lot! Tax return usually takes me 3-4 hours and I always do it on a frozen day in January, will be filed and tax paid towards month end. Fun times. 

[james peters]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

I am no expert , but try quickbooks . it does the book keeping for you , its linked to your banc account,
I have bben using it for 2 years now so that I am ready for when things go digital

[dazmond]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

I am no expert , but try quickbooks . it does the book keeping for you , its linked to your banc account,
I have bben using it for 2 years now so that I am ready for when things go digital

Sounds like a bit of a ballache to me as I'll have to input 2 lots of data into both cleaner planner and quickbooks and submit them every 3 months then a final declaration at the end of the tax year....🙄

Surely this is gonna create a lot more work for HMRC too?

[james peters]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

I am no expert , but try quickbooks . it does the book keeping for you , its linked to your banc account,
I have bben using it for 2 years now so that I am ready for when things go digital

Sounds like a bit of a ballache to me as I'll have to input 2 lots of data into both cleaner planner and quickbooks and submit them every 3 months then a final declaration at the end of the tax year....🙄

Surely this is gonna create a lot more work for HMRC too?

quickbooks would be a seperate entity.
for book keeping only.
having said that, I  dont use cleaner planner or any other apps.
this may sound nuts to some... but my brain does it like clock work ...
I have always questioned whether I have a form of autism.....

[Ian_Giles]

Can't say I'm looking forward to submitting quarterly accounts!
I'm 69 in a month's time and only working because the state pension doesn't even cover the rent 😵‍💫 a lot of my work has wound down now, my actual business turnover is under 20k and everything business related is paid for with my barclaycard and receipts kept in the glovebox! So as things stand, my accounts are really simple and totalling up my expenses (bar a couple of things I can't use the credit card for) is very straightforward but I'll bet once if goes digital it won't be anything like that.. sigh 😢

[Stoots]

Love handing over 30 percent of what i make in taxes and n.i etc. Disgusting when you think about it, third of my working life handed over to the gov.

[dazmond]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

I am no expert , but try quickbooks . it does the book keeping for you , its linked to your banc account,
I have bben using it for 2 years now so that I am ready for when things go digital

How can it do the book keeping for me? I have to input the data from my cleaner planner records. Having my bank account linked to quickbooks can't do it because some payments from jobs are cash one month,then it might be a card payment next month and BACS another month.

[dazmond]

Love handing over 30 percent of what i make in taxes and n.i etc. Disgusting when you think about it, third of my working life handed over to the gov.

Even worse when surrounded by people who have never worked for 20+ years and are incapable now and just a drain on the state/system

[dazmond]

Can't say I'm looking forward to submitting quarterly accounts!
I'm 69 in a month's time and only working because the state pension doesn't even cover the rent 😵‍💫 a lot of my work has wound down now, my actual business turnover is under 20k and everything business related is paid for with my barclaycard and receipts kept in the glovebox! So as things stand, my accounts are really simple and totalling up my expenses (bar a couple of things I can't use the credit card for) is very straightforward but I'll bet once if goes digital it won't be anything like that.. sigh 😢

Hi Ian you don't have to worry yet as HMRC have not made a decision on self employed people earning less than 20k a year....

Deadlines for moving over to MTD is April 2026 for self employed who earn over 50k and April 2027 for people who earn 30-50k.👍

[deeege]

Can't say I'm looking forward to submitting quarterly accounts!
I'm 69 in a month's time and only working because the state pension doesn't even cover the rent 😵‍💫 a lot of my work has wound down now, my actual business turnover is under 20k and everything business related is paid for with my barclaycard and receipts kept in the glovebox! So as things stand, my accounts are really simple and totalling up my expenses (bar a couple of things I can't use the credit card for) is very straightforward but I'll bet once if goes digital it won't be anything like that.. sigh 😢

Hi Ian you don't have to worry yet as HMRC have not made a decision on self employed people earning less than 20k a year....

Deadlines for moving over to MTD is April 2026 for self employed who earn over 50k and April 2027 for people who earn 30-50k.👍

These dates have been shifting for the past 10 years or so. I wouldn’t worry about it just yet.

[Perfect Windows]

Love handing over 30 percent of what i make in taxes and n.i etc. Disgusting when you think about it, third of my working life handed over to the gov.

Only disgusting if you think there's no benefit to you of that money being spent.

I give you roads as an example. A functioning road network allows you to work and to earn. Someone has to pay for it so given that you use it and profit from it it seems reasonable that you should help to fund it.

And I don't believe you hand over 30% of what you earn.

Vin

[deeege]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

I am no expert , but try quickbooks . it does the book keeping for you , its linked to your banc account,
I have bben using it for 2 years now so that I am ready for when things go digital

How can it do the book keeping for me? I have to input the data from my cleaner planner records. Having my bank account linked to quickbooks can't do it because some payments from jobs are cash one month,then it might be a card payment next month and BACS another month.

It doesn’t matter how payment is made. Quickbooks is linked your bank account so picks up every payment that goes into your bank, whether it be bacs, cash, card payment etc.

Any cash received and not deposited would have to be auto input.

[dazmond]

Love handing over 30 percent of what i make in taxes and n.i etc. Disgusting when you think about it, third of my working life handed over to the gov.

Only disgusting if you think there's no benefit to you of that money being spent.

I give you roads as an example. A functioning road network allows you to work and to earn. Someone has to pay for it so given that you use it and profit from it it seems reasonable that you should help to fund it.

And I don't believe you hand over 30% of what you earn.

Vin

What's the road fund licence for then Vin? Mines nearly £400 a year!

[dazmond]

Cleaner planner is great for everything to do with turnover,expenses,debts,write offs,payments and of course end of year accounts so I just print it off at the end of each tax year and put it into a clear folder with all the receipts for that tax year and file it away.

Self assessment is changing soon though. We will all need to submit 3 monthly accounts through third party commercial software.(Even sole traders earning less than 50k)as part of making  tax digital .I'm not sure how it all works yet I'll have to study up on it but I'm sure it won't be complicated. 👍

I am no expert , but try quickbooks . it does the book keeping for you , its linked to your banc account,
I have bben using it for 2 years now so that I am ready for when things go digital

How can it do the book keeping for me? I have to input the data from my cleaner planner records. Having my bank account linked to quickbooks can't do it because some payments from jobs are cash one month,then it might be a card payment next month and BACS another month.

It doesn’t matter how payment is made. Quickbooks is linked your bank account so picks up every payment that goes into your bank, whether it be bacs, cash, card payment etc.

Any cash received and not deposited would have to be auto input.

Exactly.....this would be a pain for me....I don't deposit cash in my bank anymore as I don't need to because I don't get that much these days. I use it for filling the van up,food shopping,etc.

[Perfect Windows]

What's the road fund licence for then Vin? Mines nearly £400 a year!

It's not road fund licence. It hasn't been for years.

OK, do the same for the NHS, pensions, legal system, fire service, food standards agency, etc, etc, etc, etc right down to paying for someone to write type approvals that mean you can buy a cheap, standard headlight bulb for your van and it'll fit.

You benefit from a functioning government every single day of your life. pretending otherwise and shouting that tax is a waste is a tad short-sighted.

Vin

[dazmond]

What's the road fund licence for then Vin? Mines nearly £400 a year!

It's not road fund licence. It hasn't been for years.

OK, do the same for the NHS, pensions, legal system, fire service, food standards agency, etc, etc, etc, etc right down to paying for someone to write type approvals that mean you can buy a cheap, standard headlight bulb for your van and it'll fit.

You benefit from a functioning government every single day of your life. pretending otherwise and shouting that tax is a waste is a tad short-sighted.

Vin

I didn't say anything about tax being a waste but too many people expect handouts at every opportunity without having to do any work.