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Joncrete Cungle |
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Joncrete Cungle World Chat Champion
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jimspeed |
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jimspeed World Chat Champion
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panrider_uk |
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panrider_uk World Chat Champion
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stephen_o |
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stephen_o Spanner Monkey
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panrider_uk |
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panrider_uk World Chat Champion
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AshWebster |
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AshWebster Brolly Dolly
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BTTD |
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BTTD World Chat Champion
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Rogerborg |
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Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
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Posted: 09:31 - 10 May 2018 Post subject: |
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jnw010 wrote: | Tax "evasion" will see you in court. |
Will it, though? HMRC don't even do their own prosecutions, and the CPS and Fiscal are busy prosecuting Nazi dogs. HMRC don't have any special powers to investigate regular low level tax dodging that doesn't involve other criminality - all they can do is ask you to pretty-please incriminate yourself.
The first time I had to do self assessment, I fretted over every penny. Now I just bang through it without really reading, and get back / get rammed for whatever fantasy number Friend Computer comes up with.
Don't sweat it, would be my take-away point. ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
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BTTD |
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BTTD World Chat Champion
Joined: 22 Nov 2012 Karma :
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M.C |
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M.C Super Spammer
Joined: 29 Sep 2015 Karma :
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BTTD |
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BTTD World Chat Champion
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Old Git Racing |
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Old Git Racing World Chat Champion
Joined: 08 Aug 2009 Karma :
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Posted: 14:43 - 11 May 2018 Post subject: |
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I'm self employed, sole trader. I do my invoicing, expenses, records on excel spreadsheet templates I did my self, then at the end of the year give them to the accountant,and for £300 ish he arranges it nicely and submits my tax return, no hassle and worth it.
Benefits-
Obviously you can work when you want. sometimes I'm flat out, sometimes nothing on for a week but it seems to balance out.
People seem to take you more seriously, and give more respect. I do some work for former employers and the change in attitude is surprising.
You don't have to work for knobheads if you dont want to.
Other peoples actions dont affect your career only yours do.
Cons-
If you cant work, e.g. accident you dont earn, you can get insurance.
You need to get some kind of liability insurance set up.
Even if you hate paperwork you have to be disciplined and do it instead of going out on the bike.
The first months are the most difficult, the gap between invoicing and getting paid.
Charge what you're worth, a lot undercharge.
Dont let customers take the piss paying, get onto them if they owe you. I will only work for some people if they pay me upfront after they took the piss but they still come back.
Any tools or equipment you use, get the best. Doing it professionally is a lot different to a hobby.
Try not to get left behind in the technology in your field, easy to do if you dont see it evolving in a company environment.
If travelling a lot get a decent car with good MPG. I've got a Merc 250, auto gears, air con, good seat, 55mpg on a motorway run. Also looks better than a cheap shitter when turning up at the job.
Look smart, design a company logo, make a PDF and get some polo shirts embroidered, makes you feel better and looks good to the customer. Get some business cards to give out, they remember you for next time.
The hardest thing to do is to get a reputation, you will be under scrutiny and there's nowhere to hide. Do what you say you are going to do, when you say you will do it, and do it better than anyone else. Don't take things on beyond your ability although you will probably have to wing it sometimes.
It really worked out well for me, wish I'd have done it earlier. I'm not a millionaire, never will be but am certainly better off moneywise and headwise.
OGR ____________________ 2022 Tiger Sport 660 2019 Street Twin 2003 K3 gixxer 1000 1998 Srad 600 track hack |
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Powderhead |
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Powderhead Trackday Trickster
Joined: 06 Mar 2018 Karma :
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Posted: 17:57 - 11 May 2018 Post subject: |
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stephen_o wrote: | ...over £2000+vat for the 2nd year. A local accountant also burned me for nearly the same sum... |
That's an absolutely ludicrous figure. If you're paying more than around £1k + VAT per year, you're getting royally ripped off.
stephen_o wrote: | Be aware that free advice is not part of having an accountant, each time you ask them a question they will add a charge to your account. |
Don't engage an accountant that doesn't charge fixed fees. You should get a very good accountant who does absolutely everything for you, including answering any questions you have, for a fixed fee of around £80+VAT per month at most. That way, you know what you're spending, and you can take as much of their time as you need in order to get things done properly without worrying about them sticking a £50 charge on your account every time they take a phone call.
stephen_o wrote: | local accountant |
I read this from people a lot, and I wouldn't bother going with a local accountant. There's no need. I've used accountants from Brighton to Manchester, and I've never needed to physically see them at any point over the last howevermany years. You're better off with a firm 100 miles away who specialise in people doing a similar line of work to you than you are with some bloke round the corner.
Old Git Racing wrote: | excel spreadsheet templates I did my self |
This is another thing I see people doing a lot, but give FreeAgent a try (or Xero, if you're a larger Ltd company rather than a sole trader or a 1-man/2-man Ltd). I am a qualified accountant myself, and I can honestly say I will never go back to a spreadsheet again!
I said it earlier in the thread, but it really is worth repeating: ONLY ENGAGE AN ACCOUNTANT WHO USES FREEAGENT (or Xero, if you're planning on running a company with more than 2 employees). ____________________ "Now at inspector level!" |
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M.C |
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M.C Super Spammer
Joined: 29 Sep 2015 Karma :
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Old Git Racing |
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Old Git Racing World Chat Champion
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Powderhead |
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Powderhead Trackday Trickster
Joined: 06 Mar 2018 Karma :
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stephen_o |
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stephen_o Spanner Monkey
Joined: 02 Aug 2011 Karma :
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Itchy |
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Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
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Posted: 11:35 - 12 May 2018 Post subject: |
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I used Digita, Iris and sage . Though I've been out for nearly a decade ____________________ Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
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Powderhead |
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Powderhead Trackday Trickster
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stephen_o |
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stephen_o Spanner Monkey
Joined: 02 Aug 2011 Karma :
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Posted: 20:33 - 12 May 2018 Post subject: |
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That's a pisstake
Oh I Know! I was at the time a franchisee and the accountant was the one recommended (insisted upon) by the franchisor - the accounts were due in March and were finally done in July - the franchisor was furious - threatening me with removal of the franchise even though I was responding immediately to every (and there were many) query - all of the delays were from their side - my "person" went off sick and in the end it got handed to someone else. In the end I was summoned to the franchisors head office where I was grilled by the 2 md's and their head of accounts and company secretary and they wanted to remove the franchise from me.
The saving grace was that during the delay the accountant had found that the franchisor had been overinflating the franchise figures and a couple of other things which allowed me to fight back.
Then they trousered my quarterly shop rent. It was them that got sacked not me. ____________________ current scoot 2009 Yamaha YBR250 + Current Pootle 2013 Nissan Leaf |
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jimspeed |
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jimspeed World Chat Champion
Joined: 05 Mar 2010 Karma :
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Posted: 13:59 - 19 May 2018 Post subject: |
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Ok guys thanks for the advice now I've sat and had a think about things I am going to get my house sold and we will buy somewhere more suitable for us where I can either convert or build my own little workshop then I will be in a far better position to get it all working smoothly.
I'll update when anything useful comes along.. ____________________ Hyosung cruise 125(passed test on, sold) Kawasaki el 252 (better than expected but sold on) Kawasaki GPZ500S first "big"bike.(sold) ZZR600 E5..Z750 2007,ER5, currently on a 2008 Enfield bullet electra x and loving it..
,"Alpha-9: Is there any correlation between dyno rod and dyno kits?" |
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Old Thread Alert!
The last post was made 6 years, 2 days ago. Instead of replying here, would creating a new thread be more useful? |
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