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Post Info TOPIC: Good book for sole trader needed
gerry


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Good book for sole trader needed
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Hi

Can anyone recommend a good book/ website for advice on being a sole trader.

What can be claimed back if working from home etc. What fuel expenses can be claimed, that sort of thing.

Also, can expenses like the MLR be claimed against the business if the business is not set up yet?

Many questions, needing many answers!

Would be grateful for any advice. Thank you

Gerry

-- Edited by gerry on Monday 20th of July 2009 10:17:32 PM

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Julie


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Hi Gerry,

I`m not aware of any book, but if you check the HMRC website out there are a few pointers on what you can and cannot claim for, so this would be my first port of call.

Expenses incurred in the setting up of business ie MLR can be claimed on your SA form.

Julie

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Flex Accounting Services


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Hi Gerry,
I agree with Julie, look on HMRC website. I cant remember the article number off hand but there is a section on expenses that you can claim when working from home. I'll try and find the link when I get chance and post it to this thread.

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Beverley Flanagan MICB, CB Dip, PM Dip.
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www.flexaccounting.co.uk
farmergiles


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Hi Gerry,

When working from home you can claim:-

PPS(Postage, printing & stationery) as can all businesses
Telephone, fax, mobile and internet. Claim full bills and add back for private useage(normallly around 20%)
You can claim a percentage of utility bills but it involves the number of rooms in the house etc. The last practice I worked in used £750 as a flat figure and I have used this ever since, never had a revenue query on it.
Fuel bills, car repairs etc or mileage allowance, don't forget to add-back for private use.(at least 20%)
You can offset entertaining expenses against your profits but you do have to add them back for tax purposes.
you can claim all IT costs, but again, if used privately, don't forget to addback.
Bank charges, interest paid.
Any legal fees, management fees, accountant fees and licencing fees.
You cannot claim the cost of basic training courses but you can claim for CPD courses.ie Revenue courses
If you incorporate(you can't claim the cost of incorporation but you can claim annual comapnies house fees) and become an employee of the company, then you can claim back ALL training course
I think that covers most things.

Give me a shout if I haven't covered anything.

Kind regards
Peter


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Flex Accounting Services


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here goes ...an article regarding expenses working from home from the HMRC ...
http://www.hmrc.gov.uk/manuals/bimmanual/BIM47825.htm

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Beverley Flanagan MICB, CB Dip, PM Dip.
info@flexaccounting.co.uk
www.flexaccounting.co.uk
gerry


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wow, bless you all.

some bedtime reading for me I think.

thank you very much, this is very informative

Gerry


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lor


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farmergiles wrote:

Any legal fees, management fees, accountant fees and licencing fees.


 Hi Farmer Giles, does licensing fees include AAT membership annual fees?

Many Thanks

Lorraine



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farmergiles


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Hi Lorraine,

as far as I understand it, you have to pay your AAT fee's to obtain your continuing practising licence so, yes, I would include them. They are Professional fees, after all.

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lor


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Thank you Farmer Giles

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farmergiles


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My Pleasurebiggrinbiggrin

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