Income Tax Returns

[oldtimer]

That'll be class 4 not class 2. Class 2 are voluntary, class 4 are income based (8%) of TAXABLE income which occurs AFTER allowances (£7400 ish) and deductibles (car/ van, tools etc).

Yep apologies I have the figures as you mentioned on my spread sheet I should have checked the correct ammount before I went to press

 

[oldtimer]

i had one orf those software packages frfom the bank. about as much use as a fart in a thunderstorm. tried it out and it took 50 times longer to enter anything than it did with pen and accounts book ( simplex D)

I spent a tenner on a spreadsheet accounts from diy accounting I use 3 spread sheets and because I am a sole trader I zero the VAT part spread sheets are
Sales this records my milage and sales plus itemises my work A for independant and B for letting agent this tells me at a glance where my income is coming from it also give me a running total.
Purchases This records and itemises all purchases ie materials telephone stationary
Banking does what it says on the tin

I just use the same spreadsheets from year to year I have also made up a running total spreadsheet that I fill in every month also I fill these sheets in every day and place all receipts in a folder and they are all in order for easy reference I also back them up every other week to a memory stick as after working with PCs for 26 years I still do not trust them

 

[JL_Electrical]

If you do a fair few jobs as a CIS subcontractor and then a fair few as a "main contractor" ie no CIS. Then with the right accountant you should be a fairly happy man come January. Mine is worth his weight in gold

 

[piggyitm]

You need to pay tax up front (CIS) to be able to claim anything back.If your all invoices, you'll just be adding another £500 receipt to your collection.