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Author Topic: Tax - accountants, deductible expenses, general information  (Read 47439 times)

neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #240 on: 04 October 2018, 10:06:55 pm »
I need to know asap info about how to start doing pension??? Retirement fund??
« Last Edit: 05 October 2018, 10:58:29 am by neutralC »
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VoluptuousCurves

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Re: Tax - accountants, deductible expenses, general information
« Reply #241 on: 05 October 2018, 10:40:31 am »
Quote from: neutralC on 04 October 2018, 10:06:55 pm
I need to know asap info about how to start doing pention??? Retirement fund??

Have a look on moneysavingexpert website, they publish all the current best value pension plans.
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neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #242 on: 05 October 2018, 10:59:01 am »
Can't believe I spelt it pention :D
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V24

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Re: Tax - accountants, deductible expenses, general information
« Reply #243 on: 05 October 2018, 11:10:45 am »
Quote from: MissVix on 22 July 2018, 02:55:31 am


1) Should I be unlucky enough to get audited, I'm pretty sure the taxman will want to see how my income breaks down but 95% of my clients don't provide their name so what do I do? Make up names - 'Bob? Use descriptions - 'short bald ex-army guy'? Or service provided - 'oral, missionary'?

All I have been doing (for my own records, nothing more) is a combination of all of the above (but mainly using descriptions) on a weekly basis, also logging how much each client paid.  Eg:

Week commencing: 4th June
Bob - £120
Smelly guy - £100
Nervous guy - £150
Decorator - £150
BJ in kitchen - £100



If you do get audited/investigated they will expect to see a breakdown of 'jobs'.  No names necessary but time of booking and length as you would in a diary.  They would expect you to keep a diary of bookings and are entitled to see that if necessary.  Just putting a lump sum each day or week would lead them to ask for more records.  I keep a diary, and I even keep in the no shows or cancelled bookings and just put a line through them.  The more you show you are keeping records the less they will delve.

Quote from: MissVix on 22 July 2018, 02:55:31 am

3) The problem with listing myself as a 'respectable' business, such as management consultant, is that I won't be able to claim for expenses - makeup, lingerie, clothes, toys, beauty treatments etc - so any advice here?


It doesn't matter what you say you do you can claim anything you buy for work as if they investigate you would have to fess up what you do anyway and it isn't an issue.  However, be careful claiming makeup, clothes and beauty treatments unless you can prove none of those are used in your personal life or that you would get no benefit from it personally.


« Last Edit: 05 October 2018, 11:42:23 am by V24 »
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neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #244 on: 01 November 2018, 10:30:22 am »
Hello. I am thinking of changing accountant next tax year. As my friend also has sw friendly accountant which is 300 pounds cheaper a year. I need to save money.

When I should do this transaction? I need my old accountant to do my current year tax papers? Or can it be done by new accountant? How to not lose money doing this transaction? Do I change it April? May?


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Kay

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Re: Tax - accountants, deductible expenses, general information
« Reply #245 on: 01 November 2018, 07:03:31 pm »
Quote from: neutralC on 01 November 2018, 10:30:22 am
Hello. I am thinking of changing accountant next tax year. As my friend also has sw friendly accountant which is 300 pounds cheaper a year. I need to save money.

When I should do this transaction? I need my old accountant to do my current year tax papers? Or can it be done by new accountant? How to not lose money doing this transaction? Do I change it April? May?

I'd get your next filing sorted, then change.
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amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #246 on: 01 November 2018, 07:05:30 pm »
Quote from: neutralC on 01 November 2018, 10:30:22 am
When I should do this transaction? I need my old accountant to do my current year tax papers? Or can it be done by new accountant? How to not lose money doing this transaction? Do I change it April? May?

Since it's only a couple of months before they'll be finishing off your accounts and sending your return in (they may well have already done it and just be sitting on it until busy-time in January when thousands are turning up; my accountant used to) I'd be inclined to just let it go for this year and switch accountants after that. Your current one must send you some kind of renewal letter every year - if that isn't due for a while I'd just cancel at the start of February and get the new one sorted then.

There's nothing to stop you doing it now though? If you don't have any contract that obliges you to pay the current one for this years work and you can be bothered with the hassle then you may as well :)
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neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #247 on: 01 November 2018, 10:07:42 pm »
Also I already had this year accounts sorted couple of months ago. but I was thinking about year 2018/2019, so I shall leave it for my next accountant this?
Really not sure about contracts...
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Seamstress

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Re: Tax - accountants, deductible expenses, general information
« Reply #248 on: 02 November 2018, 10:26:32 am »
Quote from: neutralC on 01 November 2018, 10:07:42 pm
Really not sure about contracts...

Quote from: amy on 01 November 2018, 07:05:30 pm
There's nothing to stop you doing it now though? If you don't have any contract that obliges you to pay the current one for this years work and you can be bothered with the hassle then you may as well :)

Try and dig up whatever paperwork you signed at the outset or at renewal. As with most similar things there will probably be a notice period and with some accountants this can be up to three months (so they have time to finish any work or bring it up to date) although as Amy says it may also be the other end and you have very little in the way of obligations to them (and vice versa!)

It should also set out what should happen in the event of cancellation i.e. whether they provide you with drafts, reports or records completed up to the end point. In that sense it's usually easier to finish once the current submission is done (I'm cancelling mine now, as mine goes in along with my business accounts at the end of November) rather than halfway through and trying to do a handover from one accountant to another (especially if the new accountant doesn't find the information provided by the previous accountant particularly helpful and has to figure it all out from first principles anyway)

It's a good point to note when seeking out a new professional as well - always make sure you have something clear in writing before parting with any pennies and make sure you're comfortable with and understand what you're signing up to.
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Nil Volupti Sine Lucre

pompidu

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Re: Tax - accountants, deductible expenses, general information
« Reply #249 on: 02 November 2018, 01:36:47 pm »
Hello so i read i few posts here and it looks like it shouldn't be a problem to do my accounts by myself.

By anyway i am from abroad and not really familiar with all of it. And i would like to register like self-employed counsellor and i am thinking to do it not only from now, but from begging {or from which date will be possible}

So probably for the registration and first year would hire someone - kind of to explain me everything, i am very good student and quick learner and friend with excel too.

Any recommendation i am based in Birmingham?
Thanks

And if I got it right fair price should be around 200£ - 300£.

Thanks for any recommendation: naughty.rose.aw@gmail.com 
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Seamstress

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Re: Tax - accountants, deductible expenses, general information
« Reply #250 on: 02 November 2018, 01:57:19 pm »
In Scotland there's a (pretty amazing) initiative called Business Gateway that runs free workshops on all aspects of running your own business including accounting, bookkeeping, marketing, social media and much more, as well as the possibility of one to one support. I would imagine there must be similar equivalents in other parts of the UK? Local authorities / job centres might know if there are, or job centres might offer similar training / support / courses for getting started?

(Worth noting that they are actual 'workshops' and a bit interactive so worth thinking through your cover story for worked examples etc if you don't want to declare sex work or have to come up with something on the spot!)
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Nil Volupti Sine Lucre

pompidu

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Re: Tax - accountants, deductible expenses, general information
« Reply #251 on: 02 November 2018, 04:01:04 pm »
Quote from: Seamstress on 02 November 2018, 01:57:19 pm
In Scotland there's a (pretty amazing) initiative called Business Gateway that runs free workshops on all aspects of running your own business including accounting, bookkeeping, marketing, social media and much more, as well as the possibility of one to one support. I would imagine there must be similar equivalents in other parts of the UK? Local authorities / job centres might know if there are, or job centres might offer similar training / support / courses for getting started?

(Worth noting that they are actual 'workshops' and a bit interactive so worth thinking through your cover story for worked examples etc if you don't want to declare sex work or have to come up with something on the spot!)

Thanks definitely will check that option too.
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MsRedhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #252 on: 02 November 2018, 08:52:30 pm »
HMRC run webinars and have tons of info on their youtube channel too
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mySecret

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Re: Tax - accountants, deductible expenses, general information
« Reply #253 on: 06 March 2019, 08:13:11 am »
Hi! so happy changed my accountant! for better! less expensive! just perfect!
 ;D saving little money ( not so little ) btw is easy to change it...you just put them in contact each others.
i did in advance as they are going to be busy in the peak time.
« Last Edit: 06 March 2019, 08:22:12 am by mySecret »
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GG

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Re: Tax - accountants, deductible expenses, general information
« Reply #254 on: 06 March 2019, 09:13:31 am »
I parted ways with my old accountant so I am looking for a new one in the Manchester area if anyone has any recommendations x
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