self assessment

[escort new boy]

Im registered self employed, my first self assessment.
What can i claim for fuel, food etc?
Is it worth me getting an accountant or doing it myself?

Cheers Jack

[flyingpilot]

Depends on your turn over.

I tried first time, never again. We have an accountant now who does it all and knows the loop holes, his bill for the year is £350. Just keep all your books in good up to date order and give them to him/her, keeps the cost down. Plus you will have them at the other end of a phone for advise if needed .

[escort new boy]

Im a contractor and payed through a middle man as such, so my tax is already deducted just looking to se what i can claim back

[jimmer]

Better get yourself an accountant very quickly. Tax man will kill you if you are late with your return.

[Martin]

keep every receipt you get.

Ask for Vat receipts for fuel every time you fill up and if possible keep a log of your business daily mileage

Things like : Fuel, Work Clothes, Stationery, Office equipment, computers, mobile phone bills, stamps, work vehicle repairs and servicing etc.

As long as you don't abuse the system you can claim most things back and definately worth having an accountant to do it for you

[mk1rally]

I went self employed 3 years ago and I got a accountant straight off.

Best thing I ever did. I just keep my reciepts and she send's me a payslip and NI return every month.

Keep your books up to date and that way, it's not a panic at the end of the tax year!!

Try and do it weekly if possible, save it building up.

[jezerams]

get an accountant is the best advice, save you time, money and headaches in the long run...

when i first started out on my own - i asked a mate for his accountants phone number, few weeks later the mate asked me..

'did u go see my accountant?'
'yep' i said
'did he make you feel like it was all ok and that you weren't doing anything wrong?'
'yeah, that's exactly how he made me feel' i responded
'good' he said, then added
'although he does charge for that feeling'

[Smudger]

A good accountant will save you his fee and then some. Get one by reputation though, ask some of your local contractor mates who they use and if they get good service.

[pushrod]

I would concur with the above but go round a couple of accountants first until you get one you feel comfortable with.

Also remember that they are working for you, not the tax office.
If you aren't happy tell them.

[driverace]

I had one that wrote down everything I told him in private conversations,even if I just wanted a bit of advice,which account I needed to pay for something out of.I binned him and got a brilliant guy who saved me lots ,and I was able to tell him every thing,and as some one says he works forYOU ,not HMCAnd Excise .