thinking of selling up

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

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

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.

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

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.

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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.

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

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

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.

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!!

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.

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

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.

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Corporation Tax