What was your views on being self employed before you did it ? - TilersForums.co.uk | Tile Forums

john0612 · 11-12-2007

i've been a painter n dec for 14yr with the same company since i left school ( hears the clogs working out my age

) been S/E for 5yrs, basically bought out the company i used to work for along with a collegue as my old boss retired.

My initial thought was wealth lol, ( well you would woudn't you ) but it coun't be further from the truth.

So much more worry money wise.

cash flow is a real worry as you never when your getting paid, and if your working as a subby, well expect to wait anything between 30-60 days for yor dosh.

Tax wise i use the vouchers when i subby out so i get taxed 20% from the company and they send it off to the tax man so if you do a lot of subby'n you can have a nice wedge sitting at the tax mans office awaiting yor tax return, i generally have a couple of K overpaid so it's nice to get a rebate, but you get less "up front" money.

VAT , now that is the bane of my life, i think the thresh hold has went up to 68k turnover before you need to pay it. but i normally pay between 2-3k per 1/4 and that just kills us. We have a high turnover because we do a lot of non slip epoxy resin floors, which is bloody dear.

i have a book keeper who charges £27 per week for doing all my books so i don't even have to do anything.

accountant is £600 per year ( £300 per partner) and he keeps everything in tip top condition and only hear from him at the end of the financial year.

i know tiling is not my forte (yet) but if i can help anyone with anything business wise i'm more than willing to offer what i know.

remember you get taxed on profit, so it's better to spend and even your books out so your not hammered for a big profit, by that i mean if you can afford it, work from home and put your phone, elec, gas, pension etc..... you get my drift, you might not have masses of cash in your business account but you get better perks if you get me.

**CLAYS TILES** · 11-12-2007

nice one m8, thanks for the info!

Home Tiler · 11-12-2007

I am quite worried about what i can claim and can't ....with this being my first year.. to be honest i'm really kacking it when it comes to the tax man...
would be great if some of the more experience tilers would make out a list on what you could claim for ...
and how you seperate your reciets ect
.....(bet grumpy will help me here...lol)
steve

**grumpygrouter** · 11-12-2007

Quote:

VAT , now that is the bane of my life, i think the thresh hold has went up to 68k turnover before you need to pay it. but i normally pay between 2-3k per 1/4 and that just kills us. We have a high turnover because we do a lot of non slip epoxy resin floors, which is bloody dear

Hi John, have you considered applying for exemption from deduction? If your "Construction" income is above £30k per partner per year you would be eligable to be paid gross.

Grumpy
----

Quote:

Originally Posted by HomeTiler

I am quite worried about what i can claim and can't ....with this being my first year.. to be honest i'm really kacking it when it comes to the tax man...
would be great if some of the more experience tilers would make out a list on what you could claim for ...
and how you seperate your reciets ect
.....(bet grumpy will help me here...lol)
steve

Hi Steve, I actually posted an attachment somewhere on the forums from the Revenue showing the sorts of things that can be claimed. maybe DH can put up a link in this thread.

Here it is, check out this thread Steve what can be tax deductable...

Grumpy

**Dave** · 11-12-2007

Isn't it great to have an in-forums accountant....

**whitebeam** · 11-12-2007

I recently bought a quickbooks cd called simplestart small business accounting software £50 from staples for new and home-based businesses, suppliers, bank accounts,receive payments and many other items well worth the money.

**Holohana** · 11-12-2007

i keep everything in a spreadsheet and every spend goes in and i mean everything along with receipts of course.

My accountant then works out whats correct and isnt and submits it. Im ready to go in April to so it gives me the longest time to get tax payment together should i need too!

My advice would be to simply keep everything you spend and let your accountant sort it, thats why you pay em. may cost you £200-500 but worth it id say.

Maybe Grumpy could offer a forum discount!!!

**grumpygrouter** · 11-12-2007

Quote:

Originally Posted by Holohana

i keep everything in a spreadsheet and every spend goes in and i mean everything along with receipts of course.

My accountant then works out whats correct and isnt and submits it. Im ready to go in April to so it gives me the longest time to get tax payment together should i need too!

My advice would be to simply keep everything you spend and let your accountant sort it, thats why you pay em. may cost you £200-500 but worth it id say.

Maybe Grumpy could offer a forum discount!!!

I'm so cheap I can't afford to give discounts!!!

Grumpy