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frankie91

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Hello geeks.

I started my business last June and have kept all my receipts in date order from my stock orders and also filled out a receipt for every client appointment.
Was I meant to be putting this into some sort of book?
Do i keep all my receipts too?
Confused!

Will be doing my self assessment online.

Thank you



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fallonst23

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Hi there it really depends on if ur mobile or salon based to which receipts you keep.

but you can almost claim for everything stamps,toilet roll etc

What i do is once a month i get my a4 note book and write in all the dates i worked that month and then what i earned on that date and then what my expences were too then i take my expences away from the money i earned and i tax what i have left (if its over £125) you can set up a direct debit to pay an amount u choose to HMRC this is taken off any money you are due to pay or you may even be due it back :)

i keep all my receipts and store them in a plastic folder.

Your tax return is so easy to do on line, took me about and hour or so.

Hope this helps
 

frankie91

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Hi. Thanks for your reply. I am home based and thought it was best to just keep all my receipts.

So if i do an a4 page for each month that's ok? Total minus expenses?

Thanks x

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Severnrose

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Hi there it really depends on if ur mobile or salon based to which receipts you keep.

but you can almost claim for everything stamps,toilet roll etc

What i do is once a month i get my a4 note book and write in all the dates i worked that month and then what i earned on that date and then what my expences were too then i take my expences away from the money i earned and i tax what i have left (if its over £125) you can set up a direct debit to pay an amount u choose to HMRC this is taken off any money you are due to pay or you may even be due it back :)

i keep all my receipts and store them in a plastic folder.

Your tax return is so easy to do on line, took me about and hour or so.

Hope this helps
You make this sound so simple! Thanks. I'm supposed to be doing my first one but I don't know when or how? Only recently started my mobile business and haven't got a clue!
 

souz

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severnrose dont worry you will get a reminder in the post with all the details, i just received mine,

as long as you have a record of all you have earned and spent you will be fine x
 

frankie91

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severnrose dont worry you will get a reminder in the post with all the details, i just received mine,

as long as you have a record of all you have earned and spent you will be fine x
But its the record i am confused about!? What do you record in? And how do you record it?

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Baggybear

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Your record of what you have earned could be your diary or your consultation cards.

You just need to know what treatments you did & when you did them, then you can add up what those treatments cost and see what you earned. (I note in my diary if a client has had a discount or an offer price so I can see this at accounts time :wink2:)

For me as a mobile tech I keep all receipts of anything I buy for the business in a plastic folder (I try to keep them in months & in date order).

Then I get my diary and consultation cards and I check each appointment (just incase I didn't cross out a cancelation) against the consultaion card, then I write out the prices on a piece of paper (of all the treatments that clients had), I do this for each month and total the months earnings at the bottom of the paper.

Then I total up all the receipts for each month and write that down on a peice of paper (so Jan - £200, Feb £150 etc..).

When you have your earnings and your expenditure you can take the expenditure away from your earnings and this tells you if your in profit or not.
 

HairByCharlotte

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I need to do my first one of these soon too! I started self employed in. November and since then literally all I have done it every week write in a list the date the person and how much I charged then total it up for the end of the week. So say It was 200 I would write this down and work out my tax: type listen to tax man in google it's great you type on what you e earnt that week/month/year and it let's you know how much tax is due so for example say its £30 I would write this down and save the £30 in an envelope so that when I come To do my self assessment I have all the tax money saved :) I also keep the reciepts on Everything I buy and then when I come to do the self assessment form this can be deducted HTH x
 

frankie91

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Your record of what you have earned could be your diary or your consultation cards.

You just need to know what treatments you did & when you did them, then you can add up what those treatments cost and see what you earned. (I note in my diary if a client has had a discount or an offer price so I can see this at accounts time :wink2:)

For me as a mobile tech I keep all receipts of anything I buy for the business in a plastic folder (I try to keep them in months & in date order).

Then I get my diary and consultation cards and I check each appointment (just incase I didn't cross out a cancelation) against the consultaion card, then I write out the prices on a piece of paper (of all the treatments that clients had), I do this for each month and total the months earnings at the bottom of the paper.

Then I total up all the receipts for each month and write that down on a peice of paper (so Jan - £200, Feb £150 etc..).

When you have your earnings and your expenditure you can take the expenditure away from your earnings and this tells you if your in profit or not.
Do you have to keep the paper you do your totals on?
Is this a rule or as long as you submit the correct figures online, paper records don't have to be written up officially? Hope that makes sense! Thank you for taking the time to answer my questions.

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nalovely

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Your record of what you have earned could be your diary or your consultation cards.

You just need to know what treatments you did & when you did them, then you can add up what those treatments cost and see what you earned. (I note in my diary if a client has had a discount or an offer price so I can see this at accounts time :wink2:)

For me as a mobile tech I keep all receipts of anything I buy for the business in a plastic folder (I try to keep them in months & in date order).

Then I get my diary and consultation cards and I check each appointment (just incase I didn't cross out a cancelation) against the consultaion card, then I write out the prices on a piece of paper (of all the treatments that clients had), I do this for each month and total the months earnings at the bottom of the paper.

Then I total up all the receipts for each month and write that down on a peice of paper (so Jan - £200, Feb £150 etc..).

When you have your earnings and your expenditure you can take the expenditure away from your earnings and this tells you if your in profit or not.
What is expenditure? you mean is car or? how much would you count it for? I just going to do mobile service after this tax year, however I start ready and bought a lot of stuff for the business since Dec last year. I haven't earn any money at the moment. I heard geeks said you can claim back all you sent on it, just wonder if I bought a car and car insurance, would they refund the money to me next tax year? If I am home based could I claim like water and electric and gas? also how about the training fee then? some training they also include product, if I can claim all of them?
Please help me xxx
 

Baggybear

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Do you have to keep the paper you do your totals on?
Is this a rule or as long as you submit the correct figures online, paper records don't have to be written up officially? Hope that makes sense! Thank you for taking the time to answer my questions.

Sent from my GT-I5800 using SalonGeek
You should keep the papers (or a typed up & printed out version of them if your like me and make loads of mistakes when you know your not supposed to lol), as you do need to have paper records of your accounts and you need to keep them incase you need to go back and look at them in years to come or your ever investigated.

What is expenditure? you mean is car or? how much would you count it for? I just going to do mobile service after this tax year, however I start ready and bought a lot of stuff for the business since Dec last year. I haven't earn any money at the moment. I heard geeks said you can claim back all you sent on it, just wonder if I bought a car and car insurance, would they refund the money to me next tax year? If I am home based could I claim like water and electric and gas? also how about the training fee then? some training they also include product, if I can claim all of them?
Please help me xxx
Expenditure is all you have spent - ALL your receipts & your milage allowance (which is 45p per business mile you do for this tax year and this includes everything MOT, insurance, Tax, tyres, petrol), everything you spent on the business.

As a home salon you can claim some gas, elec, water etc... but this would be a percent of your bills (I think it is worked out by how much is business use and how much is personal use - like if you use 3 rooms for business in a 9 roomed house you could claim 1/3 of the bills as business use. You would need to get advice from an accountant or someone who know accounting well to get the exact way of working the amount you can claim as if you claim too much you would have to pay it back to them.)
 

frankie91

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You should keep the papers (or a typed up & printed out version of them if your like me and make loads of mistakes when you know your not supposed to lol), as you do need to have paper records of your accounts and you need to keep them incase you need to go back and look at them in years to come or your investigated
Thank you so much for this,
so a typed up version with monthly totals will be fine?
Or is it better for each month to have all treatments done with a total and then all expenditures column written out in full with total? Sorry for all questions!


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Baggybear

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Thank you so much for this,
so a typed up version with monthly totals will be fine?
Or is it better for each month to have all treatments done with a total and then all expenditures column written out in full with total? Sorry for all questions!


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I suppose it depends how busy you are as to if you need to do daily, weekly or monthly figures. If your really busy you would need to do a daily sheet with total at the bottom that can be added together easily to provide monthly figure (perhaps have an extra page the daily/weekly totals added up to show your simplified monthly takings), you need to be able to see what you did and how you earned what you did.

(This information is handy for more than your accounts - it shows what services are popular ands when so will help for ensuring you have the correct products in stock and shows up treatments that are not so popular so you can put an offer on or push the service or even stop offering that service).

If you not too busy then you might get a months earning on a page - if your too busy for a month on a page then do it weekly - you need to keep these papers for years (I think it's7 years) so I think it's a good idea to make it easy to see what was earned and when by what treatment so yhat if you needed to justify anything in an investigation 5 years on your not going to be able to remember every treatment and your prices may have changed so my thinking is put it all down as simply as you can but make wure you put everything down so there is no need to try to remember anything in years to come should there be an investigation.

Obviously most people don't get investigated but I would prefer eveything to be there in simple understandable format just incase.
 

Miss Pink23

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type listen to tax man in google it's great you type on what you e earnt that week/month/year and it let's you know how much tax is due so for example say its £30 I would write this down and save the £30 in an envelope so that when I come To do my self assessment I have all the tax money saved :) I also keep the reciepts on Everything I buy and then when I come to do the self assessment form this can be deducted HTH x
Technically you cannot do this, as your tax should come out of your business account (or whatever account you use for business).
If you save money in an envelope this money wont be declared as your takings-so therefore cannot be used to pay your tax.
x
 

frankie91

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THANK YOU SO MUCH BAGGYBEAR! YOU ARE AN ABSOLUTE STAR! VERY MUCH APPRECIATED! x

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nalovely

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You should keep the papers (or a typed up & printed out version of them if your like me and make loads of mistakes when you know your not supposed to lol), as you do need to have paper records of your accounts and you need to keep them incase you need to go back and look at them in years to come or your ever investigated.



Expenditure is all you have spent - ALL your receipts & your milage allowance (which is 45p per business mile you do for this tax year and this includes everything MOT, insurance, Tax, tyres, petrol), everything you spent on the business.

As a home salon you can claim some gas, elec, water etc... but this would be a percent of your bills (I think it is worked out by how much is business use and how much is personal use - like if you use 3 rooms for business in a 9 roomed house you could claim 1/3 of the bills as business use. You would need to get advice from an accountant or someone who know accounting well to get the exact way of working the amount you can claim as if you claim too much you would have to pay it back to them.)
Thank you very much,you are an expert! Sorry, last question is that 45p for the each treatment you visit your client? or can includes you shopping for your goods and go out ? same a silly question really, just no idea how many client can I have, but already spent a lotx
 

Pinkbunny28

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Does anyone know what happens when you don't have to pay any tax (because of tax free allowance) but have spent a certain amount on products etc. I'm assuming they wouldn't just send you a cheque of all the tax you've paid & fuel money. I'm a little confused as to what will happen really. So if anyone could clarify that would be fab! :) x
 

tanfastic

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I have a savings account linked to my business account and transfer any money for the taxman in to that every week or month, depending on how busy I am. A bit of a pain though going to the bank to deposit cash to transfer into savings to then transfer back at end of tax year to write a cheque. An envelope sounds much less complicated.LOL
 

Baggybear

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Thank you very much,you are an expert! Sorry, last question is that 45p for the each treatment you visit your client? or can includes you shopping for your goods and go out ? same a silly question really, just no idea how many client can I have, but already spent a lotx
You can claim 45p for every business mile you do. So going to and from your clients, going to the wholsalers or any shop where your getting your products.
So if you pop to Tesco for a kitchen roll for tanning then you can claim that milage.
 

HairByCharlotte

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There's loads of forms what one would I click on. As I pay national insurance monthly as it is ?! Confuseddd
 

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