Expenses and tax question (Self Assessment) Expenses and tax question (Self Assessment)
Posts 1 to 7 of 7
  1. #1

    Nervous Newbie


    Join Date
    Sep 2019
    Posts
    2

    Question 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. #2

    Some things in Moderation

    cojak's Avatar
    Join Date
    Jul 2005
    Location
    Look to your right...
    Posts
    19,488

    Default

    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.

  3. #3

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    40,508

    Default

    An accountant

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

  4. #4

    Fingers like lightning


    Join Date
    Jul 2005
    Posts
    507

    Default

    Quote 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.

  5. #5

    Contractor Among Contractors


    Join Date
    Sep 2012
    Posts
    1,230

    Default

    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.

  6. #6

    Nervous Newbie


    Join Date
    Sep 2019
    Posts
    2

    Default

    Quote 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

  7. #7

    Contractor Among Contractors


    Join Date
    Sep 2012
    Posts
    1,230

    Default

    Quote 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!

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •