[gemmanjim]

Does everyone declare every thing they earn or, because of the nature of the job, do you just declare what you have to?

Im not a tax inspector, i'm just starting up in business and dont wanna be caught out.

If someone could give me a few pointers that would be great!

J.Lynch

[replacement]

Declare the lot, then you dont need to worry about nothing. If you have a good accountant your be ok.

Justin

[williamx]

Declare nothing and you will be able to go on a all-inclusive holiday staying at a 5 star royal holiday complex, with you own security force to make certain you are not disturbed.

[g_griffin]

That`s true. I keep it straight for fear of getting caught out. I know of an old window cleaner that got caned with a 5 figure tax bill and they could have had more. He ended up selling his house and buying a smaller one.

  If your going to take a chance, then put the taxman`s money to one side- just in case.

   Al Capone,Ken Dodd and Lester Piggott ?

         Gerry.

[riz]

Declare all of it like everyone says, you'll be able to sleep better then and you will be professional. NI is only £8 per month.

Paul

[Neil]

work out roughly how much tax you think you need to pay monthly and set up a standing order into a high interest account,
come payment time if there is any left over its a bonus.

Neil

[riz]

work out roughly how much tax you think you need to pay monthly and set up a standing order into a high interest account,
come payment time if there is any left over its a bonus.

Neil

I was told to do that but never could!!

[gemmanjim]

surely not all is traceble though because mosti s no receipt and just cash in your hand.

[WavieDavie]

jimmysclean,

See reply 3 on this thread . . .
http://www.cleanitup.co.uk/cgi-bin/yabb/YaBB.pl?board=Equipment;action=display;num=1087208522;start=3#3

Normally when new members come on board they're given a welcome and asked to fill in their profile and signature and personal text, so the rest of us know roughly where you're from and what you do. Maybe someone close to you will be able to help if needed, that sort of thing.

At present, I don't think you should do that! You've already been given some good advice, you should also contact your local tax office and say you're looking for assistance on going self employed although you're PAYE at present. You ARE through the books on the weekend job aren't you?

Do things right and you'll never have to look over your shoulder. At some point, you WILL get an Inland Revenue investigation because you're in a cash business - I've had two and am probably due another within the next year or so -  be prepared!

That'll be a fiver - thanks!

ALSO
Keep receipts for EVERYTHING you spend and copy invoices for all jobs you charge out, some folk use George http://www.georgesystems.co.uk/ you might want to use a spreadsheet or QuickBooks. I know of a poster to these boards (no, not me) who couldn't prove what he'd been earning because of missing paperwork, got stuffed by the taxman, and had to stump up the excess he was penalised.

[gemmanjim]

ok thanks i am goin to register with the tax people think its best idea.thanks for your help people.

[williamx]

If you put 25% in a bank account it will more than cover the tax bill also get a accountant they will save you more than you will pay for there services