[JSMC]

don't really know much about how it all works and what ya can claim back in VAt etc

anyone care to explain

[Tim Rose]

That's what I call an open-ended question!

Seriously mate, get reading the Revenues book on self employment. There's waaaaaaaaaaaaay too much to answer in any one post, and while there are loads of opinions here, noone really knows what theyre talking about, espcially me,

[JSMC]

where can i get said book you refer to squire

[Rob_Mac]

I don't understand it either - I do think it is important to though. I don't think you should be thinking about VAT till your turnover exceeds £64000.00

Rob

[Rob_Mac]

That was wrong - you need to think about it and do something about it when it is approaching £64000.00

Rob

[Feen]

As Rosy said, complicated. But a few pointers. Are you self employed? If so you pay national insurance. You submit a tax return detailing income and expenses (get an accountant). Are you VAT registered? If not, you can't reclaim VAT, but also you don't charge it. Probably get the book off the revenue's website.

[JSMC]

http://www.hmrc.gov.uk/startingup/working-for-yourself.pdf

found this file

[cvdewsbury]

but vague mate do you mean what you can claim back in terms of expenditure ie petrol,purchases etc...are you actually vat registered like a previous poster has asked.....let us know then the board will be able to give you the right advice advice

[JSMC]

nothing as yet plan on starting up and need as much advice as i can get basically

[cvdewsbury]

you aint started a round yet do you mean?

[JSMC]

yes thats what i am saying. I have work if i want it though through parnters father. I currnelty work through the week and plan on working weekends to ge tmyself  into the swing of things. will see how everything goes basically. I am in no rush to leave work at all. I have a weel paid job and enjoy it. i want to do this as a way of earning more money for myself.

[Rob_Mac]

Heres the deal

You will pay no tax till year 2.

You work for the 1st year and then in the second year you pay the tax on the first and pay tax a year in arrears. We should all be paying 2006 - 2007 by the 31st of this month

Go out and concentrate on developing your round - don't worry too much about this side of it but do eep a record of what you are earning

Rob

[frames to panes]

However, if your working at weekends windowcleaning you should inform the tax man of your intentions i.e you are running a low paid business and technically they should be told.

[Tim Rose]

Heres the deal

You will pay no tax till year 2.

You work for the 1st year and then in the second year you pay the tax on the first and pay tax a year in arrears. We should all be paying 2006 - 2007 by the 31st of this month

Go out and concentrate on developing your round - don't worry too much about this side of it but do eep a record of what you are earning

Rob

Exactly right.

[trevor perry]

how does your partners father deal with it can he not show you how to do your books.