Help Me!

[rmmcpl]

Hi all, Just found this forum, looks great.

I am just starting up as a self-employed plumber, I registered for NI on April 20th, I am assuming if I have done this I will automatically recive my self assesment when I should, i.e. I dont need to contact anyone else?

My main question is, I bought all my equipment, (van, tools, some stock etc) last year, I have all recipts for everything, I am just setting up my accounting software, am I able to include things bought before I registered as self employed or not? Is this allowable for tax?

Any help greatly appreciated.

 

[Alpha]

Yes its all allowable against tax even though it is pre start up.
Most things will be put directly against your profits, the van however is capital and will therefore attract capital allowances which go against your tax(i.e. the cost is written off against tax over a number of years.


If you have registered for NI and are paying monthly National Insurance then you will be registered with HMRC and they will send you a tax return to complete next year.

 

[crichmond]

Do you have someone to do your books or are you going to do them yourself?

If you have Clearly Bookkeeping from Barclays or Quick Books then I can help you set up. I also have an Excel spreadsheet that might be useful if you don't have software - I have clients who prefer this as it's very simple and gives you the figures to transfer to your self-assessment. You will also find that the self employed helpline is very good, as are the tax people. If you are going to do your own accounts they have free courses that you can go on. You will need to contact your local office for information.

If you'd like any help please call me.

Regards
Christine
T: 01322 402681

 

[CJS Network]

Hi Welcome to the forum

If your business takes off then you may not wish to worry about accounting at the end of the day.

I can help you with this look at my web site and get in touch for further information.

 

[jholden]

You can bring in the eqt you bought before commencing as self employed, but you will need to put a fair value on it, which if you bought it within the last 12 months shouldn't be to hard to do.

If you completed form CWF1 (http://www.hmrc.gov.uk/forms/cwf1.pdf) then the Inland Revenue will eventually provide you with a tax return and reference number, it may take time, they are very behind with their workloads.

I would suggest finding a decent accountant who can give you help, you may find you will need it in the months and years ahead.

Good luck.

Jason