We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Im project managing wannabe can you help
l_a_i_n_e_y
Posts: 7 Forumite
in Cutting tax
I am a single with children person, have a full time job but having watched property ladder till my eyes have bled I have taken the step of if planning is approved,project managing building the 3 attached homes myself!!! I have brought a laptop have a freind on standby to write me a programme which I can put all costs etc straight on so here is going to be the first new question of many I will be asking, what do I need column wise for the records, thinking of tax and considering I already am paye, for building 3 homes is it individual or the whole project??? what kind of colums do you experts suggest please
[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=17643407"]
[/EMAIL]
[/EMAIL] 0
Comments
-
First of all, keep your PAYE and business receipts separate. Have a separate bank account for the property development and make sure you reconcile this account monthly.
I would think that a simple Excel spreadsheet for each month's income and expenditure (sepaparetly) will be enough and I would treat all developments as the same business.
Your outgoings will be: labour (if employed), materials, equipment, possibly travel, possibly professional fees.£705,000 raised by client groups in the past 18 mths :beer:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards