thinking of selling up

gazzab79 · Mar 5, 2014

I am seriously thinking i may have to sell up.

I got my tax return wrong, Im skit as it is because I have been so quiet with work. I now need to find an extra 3k by the beginning of may, to cover the tax, and the remaing deposit on my holiday. Am now totally fed up. Gonna be a last resort but may have to be done

wil2813 · Mar 5, 2014

you can always negotiate with the tax man its the vat man you have to worry about

gazzab79 · Mar 5, 2014

Don't need to worry about vat. I have to pay tax man 300 a month until june, I paid 350 today and they want a lump some 1400 at end of July.

martynv8 · Mar 6, 2014

Do you have an accountant? If not, get one, i massively over-calculated my first year tax returns before my accountant put me right.

Datatek · Mar 6, 2014

martynv8 said:
Do you have an accountant? If not, get one, i massively over-calculated my first year tax returns before my accountant put me right.

A good accountant can save you a fortune, a one man band is better IMO than a big company. The revenue were after me for £30K at one time, after my new accountant rejigged the figures it came down to £1500.

martynv8 · Mar 6, 2014

+1
I use a one man band who charges £150 & has saved me over 50 times his fee. More for the P38 pot

p38 prius lol · Mar 6, 2014

surely if you own a p38 and it is tax deductible the cost of running it would swallow any prophits you are likely to make in your lifetime lol

martynv8 · Mar 6, 2014

I don't put my P38 through the books but do put maintenance costs through & TBH my first years costs were considerably increased by maintenance & fuel.

gazzab79 · Mar 6, 2014

I do have an accountant, it was just a mistake on my part. First time self employed, I just got confused with what i was paying. The car is not tax deductable as its not used as a work car. Anyway feeling a bit more positive today, just need to get a few extra foreigners in!!

martynv8 · Mar 6, 2014

I was putting away 20% on gross profits for my self assessment tax so it came as a pleasant surprise when my accountant did my figures. Going Ltd now though so things will get a little more complicated.

gazzab79 · Mar 6, 2014

Yeah I was putting some aside but like I say I miss read stuff! Lesson learned.

wil2813 · Mar 6, 2014

martynv8 said:
I was putting away 20% on gross profits for my self assessment tax so it came as a pleasant surprise when my accountant did my figures. Going Ltd now though so things will get a little more complicated.

Corporation Tax

thinking of selling up

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p38 prius lol

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