Self employed

[ginger beard 4,652]

Been offered a long term contract but have to be self employed.

What deductions need to come off what you earn.?

Tax,an accountant but what can i claim back.any other benefits.?

[Greyman 28,901]

It’s all about finding a good accountant mate, if your not earning millions a good accountant will right off any tax you owe against your expenses

[Bobtheferret 1,252]

If your working for a contractor of any sort they will take 20% of your earnings under the cis scheme, you will still need to do a tax return though and that will probably result in a rebate as all your expenses will now come off the tax you’ve already paid at source. All your fuel, vehicle expenses, work clothes, tools, mobile phone can all be claimed back. You will also need to register for NI, best bet is to speak to an account but it’s all pretty straightforward especially if your working for one person and not loads of different customers. 

Edited February 17, 2019 by Bobtheferret

[Squirrel_Basher 17,100]

Don’t be phased by it at all mate . Been self employed all my life and wouldn’t have it any  other way .

[jiggy 3,209]

I'm self employed 18 years and I was only 20 when I started. I found that the first 10 grand was tax free but average out over the year and claim expenses then put 20 percent away. If your earning big money then drop back into the cash market until you finish the year. 42 percent tax bracket here if you earn more than 40 grand. No chance would I pay that Cash is king and like Freddy mercury song. I'm just a poor boy from a poor family if anybody asks. Never lodge cash 

[Squirrel_Basher 17,100]

Lol thats  you with an investigation .

[dogmandont 9,879]

No man that deals in cash in his job has ever declared it all. 

[jiggy 3,209]

10 minutes ago, foxdropper said:

Lol thats  you with an investigation .

They can't take what you don't have? I never spent enough money in the Chinese valentines to get the free prawn crackers.

[jiggy 3,209]

A guy said to me yesterday that he needed a bricklayer and a solicitor but said the bricklayer was more expensive with hourly rates. My answer was which one bled the most to to do what he wanted.

[Squirrel_Basher 17,100]

The last thing any self employed lad wants is a tax investigation mate and yes they will take what you haven’t got ,just on the never never .Brickies wages are good at moment but you keep site work ,I hate it .

[NEWKID 27,380]

2 hours ago, Greyman said:

It’s all about finding a good accountant mate, if your not earning millions a good accountant will right off any tax you owe against your expenses

I've been self employed since I was 18, was told back then pay a bit more for a decent accountant and it will save you loads in the long run...I used a cheap accountant for a fairly long time, in the last 6 or 7 years I've had to pay a "proper" accountant, the difference is unreal...the money they can save you is unreal...

Edited February 17, 2019 by NEWKID

[NEWKID 27,380]

47 minutes ago, foxdropper said:

The last thing any self employed lad wants is a tax investigation mate and yes they will take what you haven’t got ,just on the never never .Brickies wages are good at moment but you keep site work ,I hate it .

Had 2 tax investgations over the 25 years or so I've been self employed... they both stung lol

[Qbgrey 4,142]

You dont always need reciepts either.computers,ink,paper,etc,etc csn claim for.if you do a bit of cash,you havent worked,too hot,too frosty,too wet,too windy ,ill,or off for a break.

[VOON 1,317]

1 hour ago, jiggy said:

A guy said to me yesterday that he needed a bricklayer and a solicitor but said the bricklayer was more expensive with hourly rates. My answer was which one bled the most to to do what he wanted.

Ask him how many people a solicitor see's in one day, and the amount they charge for letters and phone calls....

[Chaff 3,622]

There is a threshold for most things you can claim for and a decent account will know exactly what the limit is and will claim for the max avoiding any investigations.