Aaz Posted May 21, 2012 Report Share Posted May 21, 2012 Need some help here gents, am I eligible for a personal tax allowance being self employed or this PAYE only? Quote Link to comment Share on other sites More sharing options...
stephensedgwick Posted May 21, 2012 Report Share Posted May 21, 2012 yes mate and it has gone up this year best thing to do is google it Quote Link to comment Share on other sites More sharing options...
jef Posted May 21, 2012 Report Share Posted May 21, 2012 Best thing to do is get an accountant. They easily pay for themselves. JF Quote Link to comment Share on other sites More sharing options...
Buster 6241 Posted May 21, 2012 Report Share Posted May 21, 2012 Self employed aswell. Get your wife on the books if she isn't working already, that way you'll get the first £15000 or thereabouts (aint sure what the allowance is these day's) tax free..... Quote Link to comment Share on other sites More sharing options...
Aaz Posted May 21, 2012 Author Report Share Posted May 21, 2012 Best thing to do is get an accountant. They easily pay for themselves. JF I have one and the erm, accountant, has missed it of and as its my first years accounts I wanted to be sure before I let rip. Cheers for the replies gents Quote Link to comment Share on other sites More sharing options...
stephensedgwick Posted May 21, 2012 Report Share Posted May 21, 2012 You can also book £500/£600 office space on your house Quote Link to comment Share on other sites More sharing options...
Aaz Posted May 21, 2012 Author Report Share Posted May 21, 2012 You can also book £500/£600 office space on your house He's allowed 400 which I thought was fair. Going by HMRC website the tax allowance is £7475 for last yr, does all of this come of my net profit? Quote Link to comment Share on other sites More sharing options...
stephensedgwick Posted May 21, 2012 Report Share Posted May 21, 2012 He's allowed 400 which I thought was fair. Going by HMRC website the tax allowance is £7475 for last yr, does all of this come of my net profit? yes Quote Link to comment Share on other sites More sharing options...
ColinF Posted May 21, 2012 Report Share Posted May 21, 2012 You are entitled to personal allowances when you are self employed, but they won't be taken off your net profit in the accounts. The personal allowances will be taken off your total taxable income on your tax return though, unless your income is over £100k Quote Link to comment Share on other sites More sharing options...
leeds chimp Posted May 21, 2012 Report Share Posted May 21, 2012 if you struggle...get an accountant..they are worth more than you pay them....unless (to be blunt) you dont earn enough and I could do it for you Quote Link to comment Share on other sites More sharing options...
houlsby Posted May 21, 2012 Report Share Posted May 21, 2012 sack him if hes done them wrong.. im going to court with mine as they "forgot" to add £9000 worth of mileage 2010. and still expect the £1000 bill to be payed! if you are ltd, do most of them yourself and pay an accountant or bookkeeper, there worth their weight in gold. if your sole trader, do them yourself. theres alot less evasion issues to deal with, and most of the expenses are basic things you can find on hmrc or online one of my friends gave me a website that does it for you for a small fee, pm me if your interested and ill foreward it Quote Link to comment Share on other sites More sharing options...
Aaz Posted May 22, 2012 Author Report Share Posted May 22, 2012 I have an accountant but I'm losing/lost confidence in him as I've just been giving an 11k tax bill due in Jan. I've had to highlight missing business expenses to him for both this yr and the previous, only submitted 6 months last yr as the business didn't start making money till then. Going through my statement of accounts there is no allowance for my personal tax shown within the workings - hence my op - hope he allowed for it on the previous yr! I was looking to my accountant for submitting year end accounts, business advice and to reduce my tax bill - so far zero out of 3 isn't a good start. And to top it all of he's increased his bill by 75% as my books required more work!!!! Quote Link to comment Share on other sites More sharing options...
al4x Posted May 22, 2012 Report Share Posted May 22, 2012 I've got a decent one in Welwyn Garden City if you need help, I'd be tempted to get another one to look over the books for the previous year as well and try and ensure it is all correct. As for the personal allowance the reason it may be out is if he has set you up as a ltd company or some other reason. If its the latter then you would have a personal tax bill as well as a company one which it would be deducted from. Quote Link to comment Share on other sites More sharing options...
Robin128 Posted May 22, 2012 Report Share Posted May 22, 2012 Sole traders and partnerships don't need to be audited by qualified accountants...there are many out there who know taxation just as well and use a package to sort out incomplete records...if they are not up to it. Quote Link to comment Share on other sites More sharing options...
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