The Wholesale Forums

[RWA]

Originally Posted by pro-print

Dont worry about it, its good fun. Just keep ALL reciepts so to claim relief on EVERYTHING!

I think you need an accountant, you can't claim everything

[gripped]

Well I've registered as Self employed now.

Been reading a lot more and I'm starting to get my head around everything tax related.

I'm thinking that as long as my business builds slowly then for the first year I will just plough every penny back into stock, to try and make my profit seem les,s and then just borrow money off myself to pay any tax bill if necessary (hope that makes sense)

Online shop is up and running now. http://www.ecigsoutlet.co.uk

In the middle of doing my ebay shop

[RWA]

Originally Posted by gripped

Well I've registered as Self employed now.

Been reading a lot more and I'm starting to get my head around everything tax related.

I'm thinking that as long as my business builds slowly then for the first year I will just plough every penny back into stock, to try and make my profit seem les,s and then just borrow money off myself to pay any tax bill if necessary (hope that makes sense)

Online shop is up and running now. http://www.ecigsoutlet.co.uk

In the middle of doing my ebay shop

Just remember that now you are self-employed to have enough money in your account to pay your NI contributions and income tax at year end.

Some people I believe have a seperate account to do this.

[pro-print]

Originally Posted by RWA

I think you need an accountant, you can't claim everything

Such as? Motor expenses maybe but you can still claim for petrol within reason. If its a business expense or something you can pass off as an expense then claim it. Let them debate it.

[papverpoppies]

Tax and accountancy courses are all very well but the info is out there, its a very simple process. As soon as you notify inland revenue you are self employed they will send you all the info you need, as well as NI contributions.

Can I just say in defence of the comment I made about half day free courses...that it was my business advisor who suggested taking anything that comes free (if it helps your business).

Also for me I was putting together a business plan to raise some finances - and along with my business advisor and my lender (who congratulated me on signing up for that course and other business courses run by my local Commerce and Trade) it goes to prove to a lender that you are prepared to make your business work.

Maybe you are not looking for a business loan today - but who knows further down the line. Think ahead is what I say!

Good Luck anyway...and remember you have to do what works best for you and your business.

What seems simple and easy to some - others may struggle.

Also it is nice to have a little insight - so you are not a dumb passenger in the hands of your accountant. Also unless you are lucky enough to have a good accountant recommended to you - you may have to do a bit of shopping around.

Poppy

[RWA]

Originally Posted by pro-print

Such as? Motor expenses maybe but you can still claim for petrol within reason. If its a business expense or something you can pass off as an expense then claim it. Let them debate it.

As I said consult an accountant, I'm not sure what can and cannot be claimed, but I do know not everything can be claimed.

[pro-print]

That is why I have never used an accountant. They cannot tell me anything that is not widely available in Inland Revenue literature. If I remember rightly, there is a book you can get free of charge on www.hmrc.gov.uk called Working For Yourself (or there abouts).

[RWA]

Originally Posted by pro-print

That is why I have never used an accountant. They cannot tell me anything that is not widely available in Inland Revenue literature. If I remember rightly, there is a book you can get free of charge on www.hmrc.gov.uk called Working For Yourself (or there abouts).

Yes, however good accountants can find ways of saving you money.

[pro-print]

Agreed, if you are in the ****. Otherwise, basic common sense and a little self research will save you money.

[RWA]

Originally Posted by pro-print

Agreed, if you are in the ****. Otherwise, basic common sense and a little self research will save you money.

You don't have to be in trouble to use one, so when you are growing your business you are going to have the time to spend hours trawling through the HMRC website?