I'm considering... well in fact I am going self employed completely.

Does anyone what receipts I need to save and why?
I'm not sure what i should be saving.

How long do i save em for?

Anyone know a good accountant who can give me good money saving advice?

Cheers

DB

Hey are you desrting a sinking ship or bored.
Good look mate, unfortunatly i,m not self employed so can't advice you.

Depends on the self employment.

You need to save all receipts and invoices relating to the business account ie if you pay by cheque through the business account you need a receipt and all these have to be kept for 6 years including cheque and paying in book stubs.
If you are ever investigated by the Inland Revenue they will ask for all of these. I take out insurance to cover the cost of accountancy fees which can be substantial if this ever happens.

You dont have to register for VAT if your turnover doesn't exceed £56,000.

Hope this helps:)

It's not my own business self employed but rather like a trade (i.e. plumber, builder, rope acces technician) self employed.

Do I need to save receipts if I go to the cinema, buy food etc?

I just need to know what the best is.

Also, RE: your insurance for IR investigation. What does that cost? Assuming I was going to go 'my own business self employed'.

Do I need to save receipts if I go to the cinema, buy food etc?

No you don't, the money you draw for wages from your business account is what you declare to the tax man. Not what you spend it on.


RE: your insurance for IR investigation. What does that cost? Assuming I was going to go 'my own business self employed'.

It's about £90 for the year.

Cheers dude.

Anyone care to expand on that?

just set up my own business & save everything receipts for everything that is spent on the business - obviously. but this could include new mobile phones,office decor,maintenance of your primary vehicle.i purchased an accountancy book from WH Smiths for £6 to keep things up to date.
if you need an accountant which shouldn;t be until after your first year then pm me.
it is also a piece of cake to self assess if your turnover is less than £15k.
if your new self employment is also your primary income you could even apply for tax credits etc.

Cinema and entertainment receipts can of course be kept - hospitality of clients!

I need a new accountant, mine has packed in! One man band required who can do my year end in his or her spare time. Suggestions?

i'm not sure, but my dad works for the IR (oh dear) and I think you just need to keep reciepts of any expenses that are directly business expenses because you will want to claim on expenses - petrol, stationary - anything that you buy for your business but not stuff like cinema which is leisure time or stuff like plants for your home! I can check with my dad for more details if you like? and obviously you need to keep reciepts for any wages/keep the books :)

Originally posted by DaBouncer
I'm considering... well in fact I am going self employed completely.

Does anyone what receipts I need to save and why?
I'm not sure what i should be saving.

How long do i save em for?

Anyone know a good accountant who can give me good money saving advice?

Cheers

DB

my accountant is spot on mate,also save your receipts for everything..i do,when she does my accounts she just bins the ones that can't be used....but she usually finds a use for all of em....and she's very reasonable price wise

Kirky - who is your accountant need to find a good one myself and as for what receipts to save - if anything you buy can relate to the type of business you are in save the receipts. Even a suit can be deducted if you need it for meeting clients. Meals out also for taking clients out my ex got golf membership!

I'm in the middle of starting my own business at the moment, one question I have and can't find an answer for is, do I need to be vat registered to claim tax back on things I buy for the business, or do I just have to register if I earn over so much a year and charge clients vat on purchases?

Regards,

Grant

Originally posted by lonesome
I'm in the middle of starting my own business at the moment, one question I have and can't find an answer for is, do I need to be vat registered to claim tax back on things I buy for the business, or do I just have to register if I earn over so much a year and charge clients vat on purchases?

Regards,

Grant

mt advice is too make sure your earnings don't go over the vat limit (unofficially of course) and then you don't need to pay vat

Has anyone looked at the date I posted this thread?

It was back in 2003.
Safe to say I have a great accountant now folks :D

However thank you for all your renewed interest in this thread :P

PS for anyone interested I use:
www.firstaccountancy.com

Please dont be fooled with the lack of design put into the website - his accountancy skills are spot on :thumbsup:

Originally posted by kirky
mt advice is too make sure your earnings don't go over the vat limit (unofficially of course) and then you don't need to pay vat


tsk tsk, you wouldnt be advising people to do anything illegal now would you :P

There are very complicated rules regarding what you are able to claim VAT back on. IE you cannot claim VAT back on decorative plants, unless they are going to be placed in a reception area

Contrary to most peoples beliefs you MAY NOT claim VAT on "entertaining" customers or suppliers

You can reclaim VAT on employee entertaining though.


Just keep all your reciepts and pass them to your accountant in a carrier bag, after all its what accountants love doing.


With regards to the VAT registration threshold, remember this calculated on a "rolling" year, not a calendar year, you only have 30 day to register after hitting the theshold