• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Expenses and tax question (Self Assessment)

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Expenses and tax question (Self Assessment)

    Hi all, can someone please help me figure out the whole SA shebang?

    Do you usually start well in advance and have everything ready by the time you file your Self Assessment? How much time would you say you usually need (per month or total)? Is the workload typically manageable? How do you go about managing your time when filling out your SA paperwork?

    When you go through the list of your expenses, do you do that every month and label them as allowable/disallowable as you go? Or it's more of a last minute thing for you?

    Also what software do you use?



    I know it's A LOT of questions, but I would really appreciate any help here. Many thanks in advance!

    #2
    FreeAgent.

    Every time you spend money, log it (via mobile receipt scan and upload).

    Every time you bring in money, log it (via bank download).

    Every time.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      #3
      An accountant

      Every time.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Originally posted by cojak View Post
        FreeAgent.

        Every time you spend money, log it (via mobile receipt scan and upload).

        Every time you bring in money, log it (via bank download).

        Every time.
        That was easy. Agreed.

        Mine is Xero.

        One question unanswered. 15 mins / month. So, manageable and easy.

        Comment


          #5
          Are you asking for a company or as a sole trader? VAT registered or not? Do you really mean just Self Assessment or the whole spectrum of taxes?

          Bottom line - keep on top of it. There is never any penalty for filing early, but the risks of filling late from lost data, lost passwords, acts of god, systems failure, is always there.

          Comment


            #6
            Originally posted by Jessica@WhiteFieldTax View Post
            Are you asking for a company or as a sole trader? VAT registered or not? Do you really mean just Self Assessment or the whole spectrum of taxes?

            Bottom line - keep on top of it. There is never any penalty for filing early, but the risks of filling late from lost data, lost passwords, acts of god, systems failure, is always there.

            Sorry I didn't clarify that in the original post: sole trader, not registered, just Self Assessment for now

            Comment


              #7
              Originally posted by NathanG View Post
              Sorry I didn't clarify that in the original post: sole trader, not registered, just Self Assessment for now
              Advice still stands - keep on top of it as you go. Spreadsheet, FreeAgent or whatever. Good luck!

              Comment

              Working...
              X