Full Time Job + Self Employed - Expenses

dan~_2

Oh ok I do see now, but I do think I would be able to do the books myself as it won't be anything difficult. I suppose I could leave the Mac + Ipad until my second year, when I have more understanding of how my company is going without the tools. The only real perpose of my Mac was to make sure the sites work fine in Macs too (sometimes when using Safari on Windows PC, it looks fine but doesn't on a Mac) and the iPad would of been my portfolio tool etc.

Then the books would be easier, as for example 8 * 500 = £4000, obviously i'm not saying it's as easy as that.

But I think I need to go to my local tax office for an advice course, and armed with questions.

basscadette

I do my own books and am in a similar style of business to Dan. What you can and ca't claim for is not rocket science unless you have a more complex business, vehicles or a ltd company (income shifting).

I do my own tax return too - also very straightforward.

My business is going limited in April and I will file my own returns.

pitkin2020

dan~ wrote: »

Oh ok I do see now, but I do think I would be able to do the books myself as it won't be anything difficult. I suppose I could leave the Mac + Ipad until my second year, when I have more understanding of how my company is going without the tools. The only real perpose of my Mac was to make sure the sites work fine in Macs too (sometimes when using Safari on Windows PC, it looks fine but doesn't on a Mac) and the iPad would of been my portfolio tool etc.

Then the books would be easier, as for example 8 * 500 = £4000, obviously i'm not saying it's as easy as that.

But I think I need to go to my local tax office for an advice course, and armed with questions.

It isn't hard in reality if its simple, as mentioned as things change it can become complicated. If you the research and find out what you can and can't claim you should be fine, an accountant would obviously do that for you. For me I would rather pay for that service so I can focus my time on other areas of the business. It isn't much good spending hours per week doing the books when you have no time left to get clients through the door.

I guess you will be working from home? If so make sure you claim what is proportional to the business, if you have a home office so much the better for defining things. Also check other things like your lease/mortgage agreement some are funny about allowing you to work from home etc.

Best of luck, start small and build on it!!

dan~_2

Hi thanks for the replies again. I'e looked at claimable items and non claimable and they seem fine. I did notice I can claim on thigns like electric, rent etc (as I am doing it form home) but to be honest I don't pay for this now (thanks mum!) so I'd feel a bit cheeky claiming some back through expenses.

Luckily I hope not ot be spending hours a day/week etc mainly because I really don't expect to be busy at all, just a website here and there, which should be easy to keep on top off.

Is there somewhere which is like an excel spreadsheet to see the books of a made up company as an example? I do obviously need to sit down one evening and have a good butchers but I'm at work at the moment

pitkin2020

I wouldn't claim for the rent etc if you can't show that you are paying for it. Even then you would only be able to claim a percentage of it as obviously its your living space so isn't dedicated to 24/7 work. The percentage would have to be justified aswell so probably at this stage not worth the hassle. Just claim for fuel, mobile, hosting etc.

As for sample spreadsheets, google will probably bring up a few. You could go the whole hog and do double accounting, probably not necessary at this stage though. All you really need to do is keep a list of all your expenses and all of your incomings. You will want to keep all of your receipts too.

With regards to car fuel you mentioned about claiming fuel cost, you can claim mileage (much easier and no need to keep receipts) but you can only do one or the other and you can't change the method unless you change the car/van. So which ever way you do it is for the life of that car/van. I find mileage much easier to keep track especially if your using it for personal and work. Log the start mileage before visiting clients and then log when you have finished each day. No need for loads of receipts either and working how much of that fuel was used for personal or work.

dan~_2

Hello, at home now. I've treid googling but everyone is trying to sell me everything all the time.

What kind of fields would I require in my spreadsheet? I can do all the formula no problem just don't know where to begin, or is this where the accountant comes in handy

Does anyone have a blank spreadsheet for self employed folk and earnings small accounts for a reference?

pitkin2020

dan~ wrote: »

Hello, at home now. I've treid googling but everyone is trying to sell me everything all the time.

What kind of fields would I require in my spreadsheet? I can do all the formula no problem just don't know where to begin, or is this where the accountant comes in handy

Does anyone have a blank spreadsheet for self employed folk and earnings small accounts for a reference?

Just keep it really simple, I would use 2 seperate pages, 1 for incomings 1 for outgoings. Log the dates, amounts, details, any reference numbers. Tally it up at the end of each month. There really isn't any need to go mad when your going to have so little figures to input you'll just be making work for yourself and over complicating it.

dan~_2

Thanks for that, I jotted down a design and makes sense now, thats the problem with me I need ot visually see/hear things

I've put my name down for two courses they run, and the two I selected would be highly beneficial to me, so hopefully they do them on Fridays, as I only work a few hours on a friday :beer:

Another quick question, and this is overkill for such a small business idea but.... if I was to order a shirt with my company logo onit, can I claim anything back? It's something I would do anyway but if I can put it down as an expense or anything even better:rotfl: