07/08 tax return and early planning - more help please!!

martin82scott

hi all again! not been on here for a while and i have a few Q's for you all again.firstly i would like to thank you all for your advice on my last post regarding 07/08 tax return and early planning - help?
well here goes...oh and thanks in advance!!! martin.

Q1)im on my 3rd vehicle this tax year (all used solely for business) and unfortunatly,i dont have a purchase reciept for the 1st or 2nd vehicle but i do have tax discs,mot's and insurance docs etc (even photos of vehicles).i purchased the 1st privatly for cash and then did a straight swap for another vehicle later on (obviously counts as one purchase).also have maintainance reciepts etc.
i would definatly be honest with the tax man and would like to make a claim towards the purchase cost.is this possible? 3rd vehicle has dealership reciept so no probs there.

Q2)i have a huge folder full of reciepts for my business for 07/08.this year, i have taken it upon myself to catagorize them into monthly folders along with proof of earnings etc.i would like to now estimate how much money i will be able to claim back from the tax man.im sure my last accountant was a rougue and couldnt produce evidence of how he derived figures (hopefully no comebacks!) so my Q is...what am i actually claiming for, against reciepts for clothing,fuel and tools etc? is it paid vat or a %?

Q3)i know someone who has recently had to reimburse the tax man regarding his 05/06 tax return.he again,used a rougue accountant who is no longer trading and had taken his reciepts.should i be telling the accountant what i want to claim for in writing and keeping hold of my reciepts as proof? or do i need to hand them over? should i photocopy?

Q4)my final and probably stupid question...im aware i can back claim for previous years and ammend my latest submitted tax return in the near future, but can i submit my 07/08 tax return earlier than end of tax year? it would just be a huge help to calculate now on my 'to date' earnings and expenditure and claim the rest later.i have had to pile thousands into my business and need to pay more into it without considering a loan etc so that i don not loose business.at this rate,ill be on grass and water by next week!!!

thanks in advance guys for any pointers!!!

fengirl_2

In answer to your questions:
1. Claim capital allowances for all vehicles - if you dont have the paperwork, you can argue it out in the unlikely event that you are investigated.
2. It will help your new accountant if you make a spreadhseet for each month listing all your expenditure, showing date and description. Then analyse each expense under materials, travel, etc. If you dont know what I mean PM me with your e mail address and I will send you an example. It would also help if I knew what your trade was. You should also have a separate bank account for the business as this will help separate out business income and expenditure and make it all easier. You include VAT in the expense amount and include everything used in the business.
3. A good accountant will ask for the receipts so he can check any queries. If you are really worried you can photocopy them, but I wouldn't bother.
4. No, HMRC cannot legally issue a return before the end of the relevent year. The return includes all income up to 5 April 2008 and until that date comes, you can't complete the form. However, if you do the spreadsheets above, you will be able to make a stab at calculating your net profit. In fact, all well run businesses should be producing management accounts monthly so they can see how they are doing.

martin82scott

thats brilliant! thanks for your time and effort in your responses.
ive also thought of another Q! if anyone can help please.im about to start my spreadsheet which i can present to an accountant.

can anyone tell me please, under which catagory (capital gains etc) and the rate at which i can claim for the following?

1)tools for my business
2)computer/laptop and satnav etc
3)car insurance
4)road tax
5)car parts and maintainance if claiming for cost of vehicle
6)petrol
7)home utility's utilized for business without having a seperate room sololey for business? been advised approx £2 p/w for washing clothes and washing car,emails and phonecalls etc.do these have to be shown individually and also,can anyone advise of a practical/reasonable rate? i dont want th claim £2.50 p/w and taxman tell me £1.50 etc etc.