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View Full Version : Useful Info - How you do a Tax Return



rosiepinkStudio
12-01-2012, 04:32 PM
This link is quite useful
http://www.startups.co.uk/how-do-you-do-a-tax-return.html?utm_source=Etelligent&utm_medium=Email&utm_campaign=SU+10%2F1%2F2012&utm_content=How+do+you+do+a+tax+return%3F

Happywrap
12-01-2012, 10:13 PM
That's fantastic, just what I was looking for, thanks.

Cabincrafts
12-01-2012, 10:41 PM
bookmarked that for a read later, hopefully i may fill one in correctly after that..

bodrighy
12-01-2012, 11:44 PM
I run two spreadsheets that are linked, ingoing and out going. with an automatic comparison giving a total income. This seems sufficient and as yet I have had no queries from the Taxman. As a semi professional who never earns enough to break the 'you owe us money' barrier this seems the easiest way to keep a valid and accurate record of your transactions

Pete

Cabincrafts
12-01-2012, 11:51 PM
can i just ask pete, do you have a business account for any monies paid to you, or do you use your family account?

bodrighy
13-01-2012, 12:13 AM
can i just ask pete, do you have a business account for any monies paid to you, or do you use your family account?

I have just a personal bank account plus a PayPal account. I am registered as self employed...Sole Trader and when I made inquiries with the tax authorities was told that I didn't need a separate business account. I am semi professional and so list all my income via PayPal etc plus any money earned at craft fairs and personal commissions. I think if your crafting is your sole income it would be better to have a separate business account though. Mot of the crafters on here will be either hobby crafters selling their work or like me with other incomes though there are one or two who earn their living solely from their craft. For me that isn't an option at the moment.

Pete

AnnieAnna
13-01-2012, 08:57 AM
I started like Pete with an in book and an out book and a personal bank account.
Worked fine.
I moved on to the in and out bits being on the computer. It did the adding up for me. Worked fine.
I moved on to a computer program that put things into categories before adding everything up. Works fine.
I wanted to take credit cards. I was forced into having a business account. The good bit - my customers can't spell my real name but can now write cheques out to my fictitious self, which they can spell. The bad bit. The bank charges in nasty sneaky ways.
Some good news - during the credit crunch Market Traders must have moaned so much (I know I did!) that the Chip and Pin card machine providers have changed their minds and let us put the money from cards into our personal accounts.
A warning from a friend: the tax man can decend upon you at anytime to check all your paper work. If your business transactions are mixed up with your personal ones it will do everybodies' heads in disentangling them. So an easy solution is open a personal bank account but keep it for your business stuff.