Reciepts - HELP

[deb24]

As I am just waiting for my reg certificate now,can I put all my receipts through for Jan 08 for all the things that I have bought,lots of stuff was from last year.
Sorry don't really understand much about how this all works if someone has a spare 5 min to talk me through the process that would be great.
This has got to be the worst part of being self employed.

[Lou]

yes put everything through that you have spent on setting up.

You only need a reciept if its over £10.

Lou x

[miffy]

Agree with lou - put everything through as it is all business expenditure

Miffy xx

[smartypants]

Yes that right!!

I have polly pockets (plastic sleeves) and marked them from Jan to DEC..
So when you do your Tax its easier to find how much for each month.... Saves raking though then all Lol.....

[LittleMissSparkles]

i will need a week to sort mine out i have just been throwing them in a box since June, I didnt know that you could claim before registering and didnt keep receipts prior tothis.... lost out big time !

will try be more organised with them next year !

xxx

[LeeAnn]

Ok sorry to sound like a moron (and sorry for hijacking the thread :blush:) but do you claim back the money from your tax? How does it work?

if it is too lengthy to explain tell me to phone the Inland revenue ;)

x x x x

[bubbly]

I have polly pockets (plastic sleeves) and marked them from Jan to DEC
That's exactly what I do and so far it's working out nicely

[manjay]

Ok sorry to sound like a moron (and sorry for hijacking the thread :blush:) but do you claim back the money from your tax? How does it work?

if it is too lengthy to explain tell me to phone the Inland revenue ;)

x x x x

Sorry, don't understand this question!

As for receipts you should definitely claim for it all. It took me 12 months to register and I was buying things all through that time. Everything went through my books. I too use a polly pocket file for all my receipts and once a month enter everything onto an excel spreadsheet I use. Couldn't leave it all to the last minute as I like to send my return off in April!

amanda xx

[LittleMissSparkles]

Ok sorry to sound like a moron (and sorry for hijacking the thread :blush:) but do you claim back the money from your tax? How does it work?

if it is too lengthy to explain tell me to phone the Inland revenue ;)

x x x x


you dont get the money back if thats what you mean, it comes of your yearly earnings and reduces how much tax you pay iyswim

[LeeAnn]

you dont get the money back if thats what you mean, it comes of your yearly earnings and reduces how much tax you pay iyswim

yep thats what I was wondering. I just wasnt sure, so I would write down the amount that I have spent on starting up etc and then that comes off the amount of tax I would have to pay?

I just wanted to double check.

Thanks

[sarah707]

yep thats what I was wondering. I just wasnt sure, so I would write down the amount that I have spent on starting up etc and then that comes off the amount of tax I would have to pay? I just wanted to double check. Thanks


The tax office want 3 figures from you (under normal circumstances...)

1 - your total income for the year

2 - your total expenses for the year

3 - income take away expenses... it is this figure they use to decide if you have to pay tax

Hope this helps x :D