[Pugsley]

Right carrying this on...

My tutor says he keeps all his records in a folder then once a year dumps it on to his accounts desk before running away. That sound easy enough. DO i need money to become self employed or is it just a case of say I'm self employed tax me mother fuckers?

[CharmingMan]

Thats pretty much the same system that I have.

I bought a wacking great box from ikea, dump everything related to business in it. Reciepts, Invoices, Bank Statements etc. At the end of tax year give the box to my mum who's a bookeeper and thats it sorted.

The steps you need to take is to first set up a bank under your trading name.

Notify the inland revenue of your intention to be self emlployed.

Find someone who can handle your books at the end of the year.

And thats it really, unless you wanted to be a limited company which I dont think is worth the hassle unless your doing some serious trading

[jg9]

I've got a folder, with sleeves for each month and just put the receipts in the relevant month. Then I make a note of what, when and how much in an Excel spreadsheet.

I've no idea if this is correct or not, but that's what I do.

[Do Gooder]

the folks at the tax office can be really helpful when you set up.

recommend going in and seeing a tax adviser if you can.

local development agencies (in glasgow it's something like tageting innovation or business gateway) can help with small grants and advice.

i keep records (receipts etc.) in monthly folders

keep purchase, invoice and cash book exel spreadsheets.

the accountant looks things over, does the sums and fills in the return for me.

[Pugsley]

Think we've got a business gateway in this dump. Bound to be in one of the dull blocks of granite they call buildings up here.

[freelancr]

Originally Posted by designneverdies

My tutor says he keeps all his records in a folder then once a year dumps it on to his accounts desk before running away.

If you are spending the majority of your time being a student you wouldn't really get the benefit of paying an accountant unless you are completely hopeless with a bit of simple bookkeeping.

Phone the Inland Revenue, tell them your situation - that you are in full time education but are doing the odd bit of work on the side that you know should be taxed - and they should be able to help you out.

If you dump a year's worth of receipts and christ knows what on an accountants desk expect to pay over the odds for your end of year return. The easier you make it for them, by keeping clear and obvious accounts in excel, the less time they have to spend. Time = Money.

Best get your own system going, and if you get stuck, employ an accountant to go over it all before it gets sent off.

[Pugsley]

cheers lads. We should start a sticky full of this info and any handy links. Might do it once i find out what I've got to do. Log all the people and sites i used.

[mx]

Doing the online self-assessment for sole-trader is a piece of pish, and the inland revenue are extremely helpful if you get stuck.

I wouldn't bother with an accountant unless you're doing loads of work, have loads of receipts, or are crap at maths.

plus make sure you don't leave it too late to register for online self-assessment, as it takes over a week for them to send you the login details.

[Pugsley]

i did fail maths twice. I do a small amount of work so i should manage myself. Do i need to include stuff like any pens i buy or a mac i buy out of my own money. Christ what about if i buy lunch and shit!!!?

[badaboom]

if you do get an accountant make sure they come recommended by someone whose opinion you trust.

[Do Gooder]

agree with the above.

been overcharged in the past for easy-peasy returns.

[urban1977]

your better off being self employed without registering a company name e.g. work through a company like parasol Parasol - UK’s leading PAYE umbrella company they make sure you pay the right amount of tax and will also do your tax returns for you.

Any contracts you get they cover you for insurance and make sure your working legally etc...

make sure you keep timesheets, reciepts for everything whatever route you take.

[badaboom]

that’s from £621.40 per year + VAT for the service, surely an accountant would be cheaper & better?

[hawken]

yes. When someone doesn't want to pay, you go to the ends of the earth to make sure they do. Umbrella or no. So easy or not, they are for luddities