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Author Topic: Tax - accountants, deductible expenses, general information  (Read 31025 times)

amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #435 on: 20 May 2022, 03:20:49 pm »
No, invoices are not necessary (any more than they are when you buy a drink in a pub), just proper recordkeeping - a diary with your appointments and earning in are fine. And don't forget to keep your receipts so you can claim the tax relief on your expenses.

Please start separate topics for unrelated questions, and then the threads stay on topic and don't blget jumbled up or derailed :).
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Olivia715

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Re: Tax - accountants, deductible expenses, general information
« Reply #436 on: 20 May 2022, 03:29:54 pm »
Hi, just found this. I’m struggling with the idea of invoices. So if 200 pound cash goes in my bank, and I want to declare that as income, aren’t HMRC going to want an invoice to prove where it came from or do they just take your word for it?

amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #437 on: 20 May 2022, 03:35:53 pm »
I've answered your question (and merged your other post) above :)
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Olivia715

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Re: Tax - accountants, deductible expenses, general information
« Reply #438 on: 20 May 2022, 03:37:02 pm »
Sorry still struggling with how the site works. Got the answer I needed Amy thank you so much

amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #439 on: 20 May 2022, 03:48:00 pm »
That's OK! It's a massively long thread I know, but basically you just need to keep records of what comes in and what goes out (this is any money you spend on things you need to run your business; condoms, hosiery, taxi fares, whatever) and then at the end of the tax year you add up what you've earned and take off what you've spent. This is your profit, and what you pay tax on after your personal allowance which is the amount you can earn before you start paying tax.

So if you earn £40K and spend £15K, your profit is £25K. The personal allowance this year is £12,570, so you'll be paying tax on the remaining £12430 (and also National Insurance, but that's a story for another day) :)
Jacqueline Carlyle is my spirit animal