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Discuss tax issue, need some help is it worth getting an accountant to deal with it? in the Business Related area at ElectrciansForums.co.uk.

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  1. elsparko
    Offline

    elsparko Regular EF Member

    Location:
    scotland
    i started working for an agency for 3 months, i have about 700 worth of expenses to claim , i am now in full time employment so wondering how i claim this back?

    Also looking to start doing work out of my full time hours to build up a business, how do i go self employed whilst still in employment? :S
     
  2. Gavin John Hyde
    Offline

    Gavin John Hyde Electrician's Arms

    Location:
    Somerset
    Business Name:
    Sulis Electrical Services Ltd
    Essentially you register as self employed with HMRC and for self assessment for your self employed income and do your self assessment each year once you get your annual statement from work showing earnings, paye deductions etc... speak to an accountant, they are normally free for the first hour, and a good one will always save you more than what you pay them :) Mine saves me a lot on things i would never even have considered such as capital allowances on equipment and things.
     
  3. elsparko
    Offline

    elsparko Regular EF Member

    Location:
    scotland

    Thanks, it gets a bit confusing reading the hmrc website, i think the time id spend getting clued up could be better spent making money, just hoping i dont have to foot this 700 odd bill out of my own pocket
    :(.

    also about to start doing callouts for a friend who has a maintenance company covering out of hours callouts, am i right thinking my full time employer would not need to be notified?
     
  4. spinlondon
    Offline

    spinlondon Trusted Advisor

    Location:
    Harlow Essex
    In most cases, yes you would need to inform your full time employer.
     
  5. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    Some accountants will give their 1st hour for free .................. and even if they charge, its far better to get it right than get HMRC on your back.........
     
    • Like Like x 1
  6. baldelectrician
    Offline

    baldelectrician Electrician's Arms

    Location:
    Ayrshire, Scotland
    I use Taxcalc software
    It lets you enter employment and self employment on a single return and works out any tax due (or rebate) before you send
     
  7. elsparko
    Offline

    elsparko Regular EF Member

    Location:
    scotland
    i should add, im terrible at keeping reciepts and my filing cabinet is literally a cabinet with all my paperwork dumped into it :(
     
    • Like Like x 1
  8. elsparko
    Offline

    elsparko Regular EF Member

    Location:
    scotland
    i should add, im terrible at keeping reciepts and my filing cabinet is literally a cabinet with all my paperwork dumped into it :(
     
  9. Des 56
    Offline

    Des 56 Trusted Advisor

    Location:
    Gliese 581C
    Get yourself registered with Hmrc for self assessment
    Keep a record of all your money in and money out in a book
    Any expenses you incur,such as tools. work clothes,insurances and outgoings on anything you think is relevant that enables you to do these jobs
    At the end of the tax year get in touch with a accountant and dump your paperwork on their lap and be prepared for a bill that you should take into account when you price these jobs
     
  10. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    Or be organised and keep it all in order and save money at the end of the year.... its not difficult.
     
  11. elsparko
    Offline

    elsparko Regular EF Member

    Location:
    scotland
    i have started to try keep everything for work seperate, i think i need a bigger cabinet to be honest, what im worst for is driving off after paying for my fuel and remembering as i get home that i need the reciept
     
  12. spinlondon
    Offline

    spinlondon Trusted Advisor

    Location:
    Harlow Essex
    I always use a card to pay for fuel so don’t need a receipt.
    Then again, as I use my private vehicles for businesss use, I don’t bother with fuel receipts, just use the HMRC benchmark rate.
     
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