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sars

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Apr 13, 2010
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my son is going self employed, he is a professional golfer who teaches others and gets paid in cah/cheque only, he also gets a retainer paid by a golf club for being there.

I'm completely new to this and although i know how to keep the books etc i'm not sure about the VAT etc in this situation, also what he can put back against expenses like petrol etc although he will be in one place of work Can anybody be of help, as his retainer is very low and its going to be a while before he earns alot of money accountancy fees are a bit beyond him!

Many thanks in anticipation!
 
Hi Sars,

Your son could register for VAT, which would allow him to claim back VAT on business expenses. This would include VAT on equipment purchased for his business, and on petrol used for business travel.
 
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If he's not earning very much, I (be warned, I'm no expert!) would think it would be easier for him to remain a soul trader. Then he doesn't have to charge his customers VAT. Also, he can still claim back petrol on expenses. Best to get advice from an accountant. There are plenty of accountants who will file a soul trader's tax return, and . . .if you keep good records, it really won't cost him much.

Any accountants. . .on the forum who can help further?
 
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Definitely agree Maggie, would advise to remain a sole trader. Accounts are more straightforward and cheaper to have done if needed.
 
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sars said:
my son is going self employed, he is a professional golfer who teaches others and gets paid in cah/cheque only, he also gets a retainer paid by a golf club for being there.

I'm completely new to this and although i know how to keep the books etc i'm not sure about the VAT etc in this situation, also what he can put back against expenses like petrol etc although he will be in one place of work Can anybody be of help, as his retainer is very low and its going to be a while before he earns alot of money accountancy fees are a bit beyond him!

Many thanks in anticipation!
Click to expand...

If you are really going to deal with this all for him - here is a good place to start -

http://www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml

http://www.hmrc.gov.uk/VAT/index.htm

Accountants arent always as expensive as people sometimes perceive and it may just be money very well spent:)

Nicola
 
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