Self employed

[trigger2 3,100]

As has llready been said said get yourself a decent accountant. They are just legalised crooks and a good in is worth his weight in gold.

[Lenmcharristar 9,167]

Now if your a self unemployed drug dealer you don’t need to register with anybody but the parole board when ya get back out

[foxdropper 17,092]

1 hour ago, Chaff said:

There is a threshold for most things you can claim for and a decent account will know exactly what the limit is and will claim for the max avoiding any investigations.

Sadly it’s not the accountant that dictates when or if you get an audit .

[Chaff 3,411]

1 minute ago, foxdropper said:

Sadly it’s not the accountant that dictates when or if you get an audit .

I must be lucky then just the way it seems talking as a sole trader.

[foxdropper 17,092]

Iuck dosnt come into it mate .

If your name crops up linked to someone else who’s had an audit you are automatically selected for future auditing .

My Auntie used to work in Hmrc ,now retired but she has let slip a few things .

[terryd 8,014]

I remember as a young lad starting in the woods self employed. They all said your self employed don't worry about tax. What they meant was don't worry if you get an accountant. 8 years later and I never paid a penny. Got married and thought I better sort this and walked into the tax office and said I haven't paid tax for 8 years. Never forget the smile on the guys face 

[Bobtheferret 1,223]

48 minutes ago, terryd said:

I remember as a young lad starting in the woods self employed. They all said your self employed don't worry about tax. What they meant was don't worry if you get an accountant. 8 years later and I never paid a penny. Got married and thought I better sort this and walked into the tax office and said I haven't paid tax for 8 years. Never forget the smile on the guys face 

Oh dear!!!! Dare I ask how that one turned out for you?

[terryd 8,014]

1 minute ago, Bobtheferret said:

Oh dear!!!! Dare I ask how that one turned out for you?

They let my new accountant do a rough estimate and in fairness were quite good with it. But an 8 grand debt wasn't the best start to married life lol

[gnasher16 29,571]

Dont forget the first few years you register as self employed you wont pay virtually any tax at all....you only pay tax on profit and as a new business you wont be expected to make much if any profit in the early years..............after that its just down to your accountants vintage preferences 

[Rabid 1,936]

5 hours ago, ginger beard said:

Been offered a long term contract but have to be self employed.

What deductions need to come off what you earn.?

Tax,an accountant but what can i claim back.any other benefits.?

Go for it, best thing I ever did when I was younger. I’ve never looked back.

either educate yourself or pay  a good accountant, it can be a minefield knowing what you can claim, but always makes me smile.

I am under cis, so 20% put aside, never had to pay it, but it leaves me a nice buffer, soon as I get near the higher tax brackets then it’s time for a new van or digger, dumper, and a break from work , rather have nice kit than big tax bill.

So much cash work in this country I’m suprised anyone ends up paying much tax, but I wouldn’t do that as it’s naughty

[shovel leaner 7,648]

I’ve had book keepers, and I’ve had accountants . And you need a “good” one  , and when I say good , I mean one you can talk to on the level . I’ve had a guy that said  , “ don’t say cash “ . But in the real world , you will say “cash , because cash is “King” , and anyone who says different has never been self employed. Keep a record of all you outgoings and what comes in . Give it to your “accountant/ bookkeeper, and pay what you owe the tax man . The benefits of being self employed are .... you work every day ...no holiday pay , but if you wanted to take a s day off you could . No pension contributions from your employer, but hey , you aren’t going to get to retirement cos you will be too Knackered. But seriously, you are the master of your own destiny now , work hard and you will reap the rewards. Good luck and hope it works out for you . 

Edited February 17, 2019 by shovel leaner

[ginger beard 4,652]

I'm going to jib it.

it's not if i'd ever get cash work,no paid holiday or pensions contributions just for an extra £4/5 an hour.it doesn't fit in with my plan for the next year either.

The gain won't be worth the lack of leisure time to me.

[NEWKID 26,069]

1 hour ago, foxdropper said:

Iuck dosnt come into it mate .

If your name crops up linked to someone else who’s had an audit you are automatically selected for future auditing .

My Auntie used to work in Hmrc ,now retired but she has let slip a few things .

You're right mate, the accountant won't prevent an audit...but a good one is a blessing if you are looked at!

[NEWKID 26,069]

50 minutes ago, gnasher16 said:

Dont forget the first few years you register as self employed you wont pay virtually any tax at all....you only pay tax on profit and as a new business you wont be expected to make much if any profit in the early years..............after that its just down to your accountants vintage preferences 

You should never earn very much from your business mate 

[NEWKID 26,069]

31 minutes ago, shovel leaner said:

I’ve had book keepers, and I’ve had accountants . And you need a “good” one  , and when I say good , I mean one you can talk to on the level . I’ve had a guy that said  , “ don’t say cash “ . But in the real world , you will say “cash , because cash is “King” , and anyone who says different has never been self employed. Keep a record of all you outgoings and what comes in . Give it to your “accountant/ bookkeeper, and pay what you owe the tax man . The benefits of being self employed are .... you work every day ...no holiday pay , but if you wanted to take a s day off you could . No pension contributions from your employer, but hey , you aren’t going to get to retirement cos you will be too Knackered. But seriously, you are the master of your own destiny now , work hard and you will reap the rewards. Good luck and hope it works out for you . 

Good post mate...there is a huge difference between a bookkeeper and a proper accountant....plus you have to be able to talk to your accountant...once you have that mutual trust...well life is easier lol