 Need help!? |
| what a good legal way of making money on the side?... |
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 __________ is what an employee receives after deductions for taxes, insurance, and voluntary deductions.? |
__________ is what an employee receives after deductions for taxes, insurance, and voluntary deductions.
a.)Gross pay
b.)Net pay
c.)Gross profit
d.)Net ... |
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 "Now that house prices are falling dramatically does anyone expect their council tax follow suit? |
| In what exciting time we live under the self-proclaimed 'best chancellor ever and I now declare myself Prime Minister' Brown, now revealed as possibly the most incompetent holder of both ... |
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 Do you have to file taxes if your retirement is your only income? |
Additional Details
CALpers is the only source of income and they don't get a SS... |
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 Is it worth it to have a tax preparer vs. Software for me? |
Hello Everyone,
I have always done my taxes myself. However, I always hear from friends that they got a larger return by using a preparer. I am single, Claim 2, Income that does not ... |
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 If I use a daycare provider who doesn't claim her income at taxtime, can I claim the daycare cost on my taxes? |
| She is a home daycare provider and does not bring in enough income from her business to require her to claim it for tax purposes, therefore no tax id number.... |
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 I haven't received all my W2's yet. What should I do? |
| I think the due date is Wednesday? If I don't receive them by then, what do I do?... |
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 Wouldn't a consumption tax be the most fair form of taxation for rich, poor, or in between? |
| Tax brackets, flat tax, blah blah blah. Wouldnt a consumption tax be the most FAIR form of tax??... |
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 Why is being a single parent this profitable?!? |
I've just been on the website www.entitledto.co.uk to see how much better off I would be, if I was a single parent. (I'm not, nor do I wish to be on principle).
If my partner and I ... |
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 I want to know about the lottery in uk? |
| i found mail on my computer about claiming 750;000 ... |
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 What is the answer for this 10,500 x 0.00% equals to? |
I need to know the answer for a report dealing with
unemployment taxes for an employee.
He made 10,500.oo for the 1 st qtr, his taxable wage is
17,300 and the tax rate is 0.00.... |
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 Can california prop 8 take away tax exempt status for churches? |
| Me and my brother have been arguing over this with him saying because churches don't accept gay people, they get their tax exempt status taken away.... |
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bigfella | I have recently gone self employed (sole Trader) does any body know what i can put down as business expenses.. |
I have a car on HP, can i put this through the business as i drive alot, what about life cover etc that i have, can i put that through as death in service. I also have a static caravan (unrelated to my business) which i let out at a loss can i set this up as a business so that i can allow for depreciation, site fees etc and then offset the loss that the caravan makes against the gains from my main business. I know i will have to declare the income from the van on my IR tax returns. Does anybody know any UK websites that give me more info? |
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suerye
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Raysor is correct. You must record all the outgoings connected with the business or else your accounts will not be accurate. As a sole trader, you decide what your business needs in order to make money and every business is different. If you and I were running gardening businesses, I might decide to sign paint my van and you might decide not to - my sign painting would be included in my accounts because I had decided it's right for my business.
Life cover, however, is a personal expense - it is not paid in order to earn you money, but as provision for your family if you die (whatever work you were doing).
Caravan lettings are not counted as a business, but as investment income, so the losses on that can only be carried forward against future profits from the same source.
The interest on the HP should be included in your accounts, along with all the other running expenses of the car. You will then add back your private use of the vehicle on your tax return.
If you have a separate bank account for the business, you will find it easier to keep track of the business income and expenditure. |
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raysor
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Basically you can do what you like, but business expenses must be just that, business expenses. (this could be proportional) If you claim fraudulently the IR probably won't notice or not be interested unless huge amounts. The problem comes, when 4 or 5 years down the road the IR do a random check. It is best, I think to pay an accountant a few hundred a year to advise you on this. Agian don't employ an accountant who appears to svae you lots of money, just to justify his fee, when you may get the same problem as above.
In the UK, at least, you CANNOT claim expenses for entertaining clients, unless they are from overseas |
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*Fickle Pickle*
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I think in the US you can only claim mileage,gas, maintenance, tires, oil changes, etc... if you only have one vehicle, since you obviously need a "personal" vehicle. If you have more than one vehicle, then you should be able to claim one of these on your expense.
Even if you can't claim your car, I would say you could claim mileage & gas as you expense. Also, any maintenance, tires, oil changes, etc... |
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Amazingwoo
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Get yourself a good accountant - its a small outlay and they'll know all the ways to save you money.
You can't take a client out for dinner and charge this back to your accountant - my Boyf is a photographer and was told he cannot do this *but* if he is booking models for the whole day, he obviously has to provide food and drink for them and this is then written off as 'catering'.
You can put your car down provided it is used for your business. You may be asked to keep petrol receipts and log your mileage - sometimes the Tax Man asks questions! |
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Chariotmender
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You can claim for loads. % of all household bills, electric, heating etc. based on % office space. Depreciation on computers, car etc. Dog food for guard dog, not sure about cats, lol, office expenses, materiels and so on. Get an accountant. They cost little, £150.00 tp £250.00 per year and they'll save you a fortune. You should end up paying little or no tax. My mate even managed to claim for a hot tub - seriously - releived his bad back, caused by plumbing, enabling him to work. |
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Steve B
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HMRC and Businesslink
NB. they run free courses |
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DF
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get an accountant |
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nosdda
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You can only claim for the interest on an Hp agreement for your car. You can also claim your phone rental, but not the calls. Also,fuel expenses, but only during working hours. Part of your car insurance, if you only have one car. Replacement of tools, workclothes. Any insurances to do with your business only. You also have to register with the VAT people, and have Public Liability Insurance. Hope this helps. |
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The silent pen
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Put me down as a company director at shall we say £80,000 per? That's deductable. |
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dee d
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Get a good accountant, who will save you money as they know everything you can claim. The money you save will more than pay their fees. |
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Jailyn
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If you take a potential client out to dinner, you can take the cost off. |
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