how do i pay tax

[ls tiling]

how do i start up as a tiler? how do i go about paying tax? please help

[dagger]

when you sign up as self employed they notify the tax office.

then they send you bills!

mt best advice on this issue is get an accountant!

[jimbob]

You'll pay at the end of the tax year once your accounts and tax return have been done, so you need to start saving about 30% of your profits to put towards the bill when it comes

[Colour Republic]

Have no fear the tax man will contact you.

Go to your local tax office and register yourself self-employed and the tax office will send you out a self assessment pack - If it's the first time you've seen one then it can be a bit daunting but you don't need to fill out every page - It really is quite cheap to get an accountant to do it for you if your keep invoices and receipts in order

[jamie B]

how do i start up as a tiler? how do i go about paying tax? please help

Fail at everything else.
work your fingers to the bone..then once a year pull your trousers down and get ready for the pain!

GOOD LUCK!

[david campbell]

how do i start up as a tiler? how do i go about paying tax? please help

as sparingly as you can...............lol

[doug boardley]

how do i start up as a tiler?how do i go about paying tax? please help

best to open your mouth slightly, stops the taxman pulling your teeth out along with your innards

[diamondtiling]

I always find that the best course is always honesty, don't hide anything, be as up front as you can with Her Majesties Revenue Collectors, tell them about every tip you were paid and also be open and up front about materials you had on the van that another customer paid for but that you, were in fact hoping to make double bubble on your next customer. Never under any circumstances try to bluff them, they are a bit akin to Gandalf the grey, ie they can read your mind and know your every movement.
When you get someone paying you in cash always do as I do and put a little bit of that cash into the ceramic chicken in the secret cupboard that only you (and the wife) knows about. Never underestimate the far reaching fingers of the "man," you may be having a wee in a field on the Isle of Aaron and thinking that God has dealt you a good hand today, rest assured that when you pull up the auld zipper and SHOUT out loud " I am so happy," the postman will deliver a tax return with a note that you are due for an inspection, and it will arrive at your hotel.
Peace be with you my son and all that you try and hide. ( under the mattress).

[dagger]

cue...grumpy..

[silver]

Hi all,
something to consider.....this is how its worked out for me......
First year...no tax to pay......not much profits......First job done in the December / started as self employed.....submitted figures following April.

12 months later got all the figures for my "second year"....nicely kept books etc....I am fussy like that.......
Due to current climate....submitted figures to accountant for 2008>2009 only recently instead of just after April....still plenty of time till the required Jan 31st 010.

Tax bill required (I expected that).......plus 50%..... I was aware of that too...to be paid by the said Jan 31st 010.........take it on the chin....
But on top of that.........

Another 50% to be paid by July 31st........

This is a "theoretical same tax bill" for the following 09 > 010 year to be paid in full 6 months in advance of the April....never mind have a breather till the following Jan !!!...If I earn less I will get a refund if I earn more I will add to it...............now I didnt expect that extra 50%!!!!

I am now earning to lend money to the tax man.........mmmmmm

Now I aint earned that much....god help anyone who is like me and submitting second years figures and has earned a shed load.....(in any business! ) cuz they will also have to find double the figures prematurely.

I always knew "the dreaded taxman" etc......but this a lot of funds to find...even without this climate ......and trying to live aswell. The regular 30% stash wont cover this.
Be warned.

Degs

[diamondtiling]

If you have not earned it then you do not have to pay, the first year is not free its just your first trading year, you have nothing to show, so, in your second year you will pay tax on the first year, if you submit your return as required then you will pay what you owe, simple. From the start you should be saving 30% into a bank account and we all do this............do we?
The point is, its all relative, if you earn it you pay on it.

get an accountant that used to work for the revenue, they are the best.

I hope the taxman cannot read this, ( yes the brown envelope is for you Sir)

[doug boardley]

part of the reason that I do a lot of subby work is due to the fact that 20% gets deducted for the taxman, by my own admission I'm useless at saving religiously for the tax bill, there always seems to be something more urgent to pay

[whitebeam]

Used to have that trouble with the old 715's, wised up a bit since

[hillhead]

Better to get the books in order early too! Iv mine sorted for last year and paid too.

[mags]

This is rather scary , I was told to put 20% away which I have been doing dont say im 10% short

[diamondtiling]

This is rather scary , I was told to put 20% away which I have been doing dont say im 10% short

just sending your details through to HM tax Collectors

[doug boardley]

I'm pretty sure you'll be fine with 20% mags, it's what I did last year (via cis deductions) and I got a refund of over 2 grand

[whitebeam]

At the end of the year your'll also have number of things which go against your tax

[mags]

just sending your details through to HM tax Collectors

Good job ive only earned £100 then

[hillhead]

There is a HMRC member on here watching im told.lol

[mags]

There is a HMRC member on here watching im told.lol

Is he the one with the boney fingers

[diamondtiling]

There is a HMRC member on here watching im told.lol

Joe , who told you that??

[Ajax123]

When I get my payslip I just have to look at the amount I get and write a check out for that amount and make it payable to Gordon Brown.....

[silver]

I realise the first year aint "free" ...I used that term as you dont physically pay in that year....it comes next time around........

I still dont understand how its reasonable they want a full "estimated" year based on years previous and want it before the required Jan 31st.......but are happy to adjust it +/- when I submit.....following the April......

We all pay our taxes and put aside....unless as mentioned by Doug something more needy comes up........

It just seems unreasonable to me to want it upfront like this.......all the applicable items have been set against the figures ......my accountant aint to blame.

I believe it used to be...earn a year ......submit...pay for that year......

Not have an estimated "next year" and pay for that aswell....early.

K sara.......you cant pluck feathers off a frog !!!!!

[jimbob]

I realise the first year aint "free" ...I used that term as you dont physically pay in that year....it comes next time around........
I still dont understand how its reasonable they want a full "estimated" year based on years previous and want it before the required Jan 31st.......but are happy to adjust it +/- when I submit.....following the April......
We all pay our taxes and put aside....unless as mentioned by Doug something more needy comes up........
It just seems unreasonable to me to want it upfront like this.......all the applicable items have been set against the figures ......my accountant aint to blame.
I believe it used to be...earn a year ......submit...pay for that year......
Not have an estimated "next year" and pay for that aswell....early.
K sara.......you cant pluck feathers off a frog !!!!!

It ain't for "next year", it is a payment on account for the current year. As self employed people don't pay tax at source like us employed people, the taxman is saying, "I want a bit of it as you are earning it", and as he don't know exactly what your earnings will be in the current year, he takes previous year as a yardstick.

[silver]

That helps explain it to me ....thanks........I can see where they are coming from now.

However.....as he needs the "I want a bit of it as your earning it" .....as its to be paid 6 months in advance of the tax year date when I would submit......(april next)......I aint earned it yet !....They recognise this as I would get a rebate or add to it when I submit...
so in effect....in my head I am paying in advance and lending them "a sum" till I know what that sum will be.........if you get my drift.

Makes you laugh when you read or see on TV all the mega tax owings that are about by high profile bods.......maybe thats why they have changed things to this way.....to help account for what aint coming in.....like part of the council tax for the none payers......oh s**t..............now dont get me goin on that one !!! LOL


Thanks again for clarifyin it tho

[Prem Tiler]

Sent cash in a jiffi bag to Premier Tiling.....

[whitebeam]

[jamie B]

It ain't for "next year", it is a payment on account for the current year. As self employed people don't pay tax at source like us employed people, the taxman is saying, "I want a bit of it as you are earning it", and as he don't know exactly what your earnings will be in the current year, he takes previous year as a yardstick.

you can always apply for a reduction of payment on account if you're getting towards january payment and it's obvious you've not earnt as much as the previous year. I find the taxman is fine AS LONG as you always talk to them!..it's when you just ignore things there's trouble!

[Benny Tiler]

When you get someone paying you in cash always do as I do and put a little bit of that cash into the ceramic chicken in the secret cupboard that only you (and the wife) knows about.

Is that the same ceramic chicken that was in the tv program "Bread?"