Tax

[charlie1]

Hi all,

Will be going in to tiling full time at the end of this year having done it part time for past 5 years around my current job. I have a question relating to fuel expenses and how much to claim, up until now I have either appointed an accountant then I started doing self assessment online and just submitted my totals from fuel receipts.

What do you guys do? I understand you can either submit the receipts or claim 45p per mile by logging all your journeys in a log book?? is this right?

 

[enduro]

Get an accountant, it is a lot easier.

 

[charlie1]

If i was really busy with work and could justfy paying out £500 for one then no problem, however, I will have more time on my hands in first year full time so would like to save money and do it myself!

 

[Mike]

my accountant is around 250 to 300 but she saves me more than that as she knows what i'm allowed to claim for and it's one less worry for me.

 

[Del W]

An accountant should only cost around 300 for basic tax returns.Plus you have a third party paper trail. Done my own last year to try it out.Had no problems. Ref. fuel.Went by receipts so i could prove actual amount.

 

[Stewart]

I've always used an accountant to do my tax return and he's worth his weight in gold. With more inspections than ever before planned this year by the tax man you need to make sure they're spot on.

 

[White Room]

I use an accountant as well, saves me alot of stress.

 

[Daz]

My accountant is worth his money. I have an agreement that as long as he can show me where he has saved me money over and above his invoice, then I pay but if he can't justify his bill then I don't pay. He's always proved his worth and got paid, so far :lol:.

 

[bal]

Find a good accountant one who deals with tradesmen or sole traders

 

[grumpygrouter]

Hi all,

Will be going in to tiling full time at the end of this year having done it part time for past 5 years around my current job. I have a question relating to fuel expenses and how much to claim, up until now I have either appointed an accountant then I started doing self assessment online and just submitted my totals from fuel receipts.

What do you guys do? I understand you can either submit the receipts or claim 45p per mile by logging all your journeys in a log book?? is this right?

There are many things that can be claimed when self employed and lots of things can also catch you out. The tax man will normally look for some sort of "private use" adjustment for things like fuel, motor expenses and telephone, to name but a few, on a tax return. You really are playing with fire if you make a wrong declaration and it could cost you more in the long run. Seriously, get yourself a proper adviser to help you out.