View Full Version : Postage...help..
05-02-2007, 10:32 AM
I thought Id be a clever clogs and work out how much each individual component costs by making a note fo it by the side of each section on the invoice.
I latere discovered the postage was included in the VAT.
Question 1-How do I deal with post re including it in self assesment form?Do I include it at all?DO I have to work out the amount of the postage that goes with the individual components bought??!!
I was also thinking, the cost of each component could be different each time I place an order.
eg I could get 10 of something at 10p each, then I could place a bigger order of the same thing but get 100 of them and they work out at a better bargain on 8p each.
Question 2-Is it fair to say the price to me of exactly the same piece of work could work out differently?
I think thats it for now.
Im sure Il be back.
05-02-2007, 11:21 AM
I think you only have to work things out to the item on a self assesment form if you are earning over a certain amount.( cant remember off hand how much) have you been on a tax workshop? They would tell you all you need to know and there free.
05-02-2007, 11:34 AM
I remember having exactly the same thoughts when I started and got myself in a right pickle trying to seperate postage and different items etc.
It's good to work out the postage costs so you can incorporate them into your prices but you only need these calculations for your own use - you don't need to do this for your accounts...
..for your accounts all you'll need is a total sum you paid to each supplier (including postage costs if applicable) ie,
supplier A = £1222
supplier B = £2886
supplier C = £21
etc, etc etc
hope that makes some sense :confused:
05-02-2007, 11:44 AM
Hmm, it kinda does, thanks.
So really postage wont effect the amount Im taxed, only my profit will do that, but they will want to know how much i spent on products which will include P+P but will be written in a lump sum(??!!??)
Tax workshop!I like the sound of that.
05-02-2007, 11:48 AM
Get in touch with your local tax office and they will enrol you in a free day course. It might be a bit intensive as they go through the whole self assesment book. But you can ask questions and might put your mind at rest. Youve got till jan 31 next year to do your return if you want to calculate your own tax. keep on top of your accounts though I got in a right pickle.
05-02-2007, 12:25 PM
Get in touch with your local tax office and they will enrol you in a free day course.
If they haven't got one for a while you could also contact your local BusinessLink as they usually run free tax workshops too. Actually when I first started I had a free meeting with a Business Adviser through our local business link - if they offer anything similar round your way I'd really recommend it as it's a chance to ask all those little questions you have and it helps with the business planning stage :)
05-02-2007, 08:01 PM
Until your turnover is a certain amount (can't remember offhand how much) you just do "three line accounts". You fill out how much you spent (a total lump sum for the whole year) How much you earned (total lump sum) and then your profit.You just then pay tax (if any) on your profit amount.
If you don't include all your spends it will mean your profit is larger and you may end up paying more tax than you should.
As others have said if you can do the tax course you should as it is very helpful.
06-02-2007, 10:03 AM
I shall have a google re courses.
07-03-2009, 10:40 PM
I just stumbled across this thread and found it really useful. For anyone struggling to find local courses, there's a page on the HMRC where you can submit what course requirements you have and preferred location. I've only just done it so don't know how quickly you get a response but thought it was simple enough to complete.
Powered by vBulletin® Version 4.1.12 Copyright © 2014 vBulletin Solutions, Inc. All rights reserved.