Bane

Hello boys and girls!!!

As some of you may or may not know I am now employed (and have been for 4 weeks or so).

I'm employed by this firm but am registered as self employed.

What can I get away with in regards to receipts etc? I keep all tool, mobile and fuel receipts but was just wondering what else I'd be able to pass off.

Coud I pass off restaurant receipts (business meetings)?

"Get an accountant"I hear you say. Well yes, in due time but in the meantime would like to know what I should be keeping hold of.

Cheers people.

Cirrus

No, there is no such thing as 'entertaining allowances now'. My wife will happily advise you as a qualified accountant - only £140 per hour

rumrunner

hio bane ,
i have used a factoring company in the past where you become a director of a company made up of many other directors(composite company) ,for a small percentage they do all the accountancy ,pay slips etc,all you have to do is put in enough recipts ,ie ,for absolutelly anything ,i even claimed for cigarettes (as a tool of the job),you get to keep 100% of your wages ,totally legal,i actually got a tax rebate ,ill post the details of the company i used (dollar)when i find them ,maybee 2morrow
this is totally legal ,the accountants will say its not because they want the bussiness,but at the end of the day as a company director of a multi million pound company ,you are intitelled to the same as any other director
all the very very best in the whole wide and wonderfull world

Cirrus

Factoring is now very expensive and should only be used if you have massive cash flow issues and in this business if you have huge cash flow issues then you are doing something wrong. The fact is the inland revenue are VERY strict about what you can / can't put through and professional help (at the very least just a bookkeeper) is eventually necessary to stop the tax man bending you over for something you should not have claimed for. The good old days are gone I'm afraid RR as the govt has closed the loopholes. I know as my previous business had a turnover of £1Mill and there were loads of loopholes that I did get away with bu simply do not exist now.

rumrunner

Not sure exactlly how it all worked ,the agency did the factoring bit ,i was made a director of a company along with 1000s of others ,this gave the company a multi million pound turnover,you got a premium paid to you which was more than you earned,all the fees were absorbed somehow and the company was regerstered in the usa i think,you got paid direct to your bank from a branch in dublin,the take was 100% of your wages and as i said i even got a tax rebate ,all perfectly legal,
they even did miras and accountants references for mortgages and bank loans .
i know plenty of electricians etc who still do it ,where theres that much cash involved theres always a way around the tax man,im not contracting at present but if i go back into it i wouldnt hesetate to use them again
im trying to find the paperwork so i can post there web site up ,its here someware!
atvbitwww

Cirrus

Ah yes, not true factoring but I know exactly what you mean. They even deduct your cis payments etc at source. A mate of mine used to do this

rumrunner

Yeah,i didnt have to put recipts in for the first 60 pound a day expences,they told me not to put petrol recipts in or anything like that ,it was all worked out by the standard taxi fare,not milage allowance,food was in with the 60, tools etc went down as capital expendature,clothes (any)had to be recipted but allowed in full ,all in all it was a good crack,
atvbitwww

Bane

And this is totally legal you say rumrunner?

Coooooooooool. I'll wait for you to post up the details mate.

Like I said, I am a complete novice when it comes to this kind of stuff and wanted your advice as to what I can/can't pass off.

Thanks again guys.

Anymore replies much appreciated.

rumrunner

hi Bane,
i remembered a few more details about how it works ,firstly ,dont get to excited as i havent had time to look for the stuff yet ,but i promise its here someware,they sent a big thick information pack ,easy to understand and you can tailor the package to suit your circumstances,if you work for an agency ,its easier,but even if you dont it can still be done,whoever you work for pays your wages to the accountants and they in turn pay you ,with a pay slip with your ni number on it,you have to send recipts direct to the accountant every week,as long as they are for enough you wont pay any tax.
you get the money in your account every week,
some guys are very wary of this stuff ,others love it and have done it for years,
personal preference i suppose ,but it worked well for me,
try and post up the stuff asap
atvbitwww

Sorry Bane mate but Dollars web site seems to have disapeared,Try this one instead ,its not the one i used but some guys have mentioned them,i remember the name Gabem the Contractor Umbrella and Payroll Company ,there expenses claiming dont seem quite as advantagious ,for maximum on that ,look up "umbrella companys" on google.best thing to do is get up and running with someone and then shop around.
anyway see what you think ,
all the very best

alex

ive done these umbrella companies and they are crap and expensive. the one i used was nova.

why do you feel you need one of these companies, are you in capable of getting a ledger from wh smith writing out a "paid in" and "paid out" colums then just keeping receipts in seperate enverlopes for each month. then the hard bit is once a yaer taking a day off and going to see an accountant.

by the way umbrella scheme costs about 1200 a year and accountant is about £300.

also i just remembered if the tax man does investigate you, your umbrella company will chuck you you accounts at you and run for cover. they will not help you at all and you will still need to take everything to an account to sort out.............. for £300.