Tax return question

[bombini]

Ok I am really bad at keeping records, I have no excuse apart from being lazy but the bottom line is I have a seriously bad record of my retail sales !! :o

I have to do my tax return for 2007 asap and have now realised that my retail records are VERY patchy, what do I do ? I have sold a lot more products than what I have on record and this is also clear from my bank statements so I don't how im supposed to account for this on my tax return, any ideas ?

 

[pure]

Tax man - yuk!! :lol:

Have you kept records of all your treatment takings? If so would it be as simple at deducting that total from your takings and the remainder would be retail?

btw glad I'm not the only one who hasn't put in their return yet!

 

[Bagpuss]

I have just done mine today...thankfully it was straight forward total in and total out.

 

[Blue Rose]

Just reading the title has made my heart go bumpety bump lol.

I used to leave my paperwork for as long as I could then have loads to do all at once. It used to stress me out no end.

So now I get someone else to do it. My accountants wife does the book keeping while he does the rest. Sooooo much less stress, which I'm all for.

As for your question, do you really need to have it broken down into treatments/retail. Can you not just see by your bank statements how much your turnover is?

 

[Urban Geek]

The dreaded Tax Return. I'll be doing mine tomorrow. It is never as bad a task as I always fear.

Would your bank statements not clarify stock purchases where you don't have a receipt?

 

[izzidoll]

I have just done mine today...thankfully it was straight forward total in and total out.

Me too...did mine yesterday, quite straightforward when you do it online, although getting the bill right away is a bit of a nightmare :irked:

 

[bombini]

Tax man - yuk!! :lol:

Have you kept records of all your treatment takings? If so would it be as simple at deducting that total from your takings and the remainder would be retail?

btw glad I'm not the only one who hasn't put in their return yet!

Yes I might try that and see if it works !

I really am awful at record keeping. I have decided after I have filed this one I am finding an accountant first thing in Febuary to do my 08 return as soon as its due !

 

[Blue Rose]

I really am awful at record keeping. I have decided after I have filed this one I am finding an accountant first thing in Febuary to do my 08 return as soon as its due !

You won't regret it. For me it's some of the best money I can spend throughout the year .

Then again, I do have a hell of a lot of transactions going in & out of my account.

I guess though if you just work part time from home doing just 1 or 2 treatments your accounts would be much simpler.

I have my year end now so all I need to do is collect all my receipts together, make a few notes on my bank statements & hand everything over for Sandra & John to sort out. This will then be me sorted for January 2010 :green:.

No stress, no worry :green: (there's enough already of that going around)

 

[rebelrebel]

eeeew I hate this time of year!!! why do I always leave it until the last minute:irked: best get it done this week, I have never done it online before though so I hope I can work out how to do it!!! fingers crossed.

 

[bombini]

eeeew I hate this time of year!!! why do I always leave it until the last minute:irked: best get it done this week, I have never done it online before though so I hope I can work out how to do it!!! fingers crossed.

I nearly had a nervous breakdown doing it last year !! I am not good with figures and I was calling them every 5 mins with a new question ! That said it looks a damn sight easier than the paper form, that scared the life out of me when it came through the letterbox

 

[Trinity]

Am I the only weirdo on here who does her tax return at the end of the tax year (which is co-incidently the end of my business year)

First things first, get a grip on your books for the future, you're running a business, time to get into some new, better habits. Either start keeping better notes of everything you do and sell on your client record cards, keep a receipts book, or better still start an excel spreadsheet showing every client each day, what treatment you did and what you sold them. It won't take long at the end of each day, or ideally after each client, then you won't have this problem going forward.

With regards to this tax return, my only suggestion would be to go through your suppliers receipts for what you have purchased from them, deduct what you have left on your shelves (or bag/whatever) and the difference is what you've sold. For instance if you've purchased 1 pack of 12 half oz solar oils and you've got 1 left in stock, you've sold 11. Multiply this by whatever you sell them for and you have your retail sales.

It'll be a long winded excercise to go through each suppliers invoice, but you'll have to go through them anyway to tally your purchase ledger figures.

 

[Missy G]

Am I the only weirdo on here who does her tax return at the end of the tax year (which is co-incidently the end of my business year)

First things first, get a grip on your books for the future, you're running a business, time to get into some new, better habits. Either start keeping better notes of everything you do and sell on your client record cards, keep a receipts book, or better still start an excel spreadsheet showing every client each day, what treatment you did and what you sold them. It won't take long at the end of each day, or ideally after each client, then you won't have this problem going forward.

With regards to this tax return, my only suggestion would be to go through your suppliers receipts for what you have purchased from them, deduct what you have left on your shelves (or bag/whatever) and the difference is what you've sold. For instance if you've purchased 1 pack of 12 half oz solar oils and you've got 1 left in stock, you've sold 11. Multiply this by whatever you sell them for and you have your retail sales.

It'll be a long winded excercise to go through each suppliers invoice, but you'll have to go through them anyway to tally your purchase ledger figures.

I totally agree sooooo many people leave it till the last minute!! your not doing yourself any help.

I went on a course last July for a day at the inland rev to be shown how to do my tax on line, I was advised not to leave it till the end of Jan as so many people do, otherwise theres a chance of the systems crashing at the Inland rev.

Im pleased to say I filed my tax return online in September with no problems,and recieved a rebate later , enough to treat myself to a hol in October!

Every day when I come home from work I go straight to my reciept book write down my takings and mileage,and on a monthly basis when my bank statement comes through ,highlight everything to do with the biz,staple reciepts on the back , and write down all my purchases.

I will put my hand up and say I do only work part time, so that could be the reason why Im so organised.:lol:

 

[Blue Rose]

The other advantage of getting the tax return done way before January is if it shows you need to pay any tax, you can work out how much you need to put by each week.

I used to leave it to the last minute then panic that I hadn't saved enough. Now I'll get my books back from my accountant in the next month or so & he'll tell me how much, if any tax, I need to pay next January.

Don't forget, tax is only paid on profit over £6000 & odd & not on actual earnings.

 

[hippy-chick]

I do my accounts on excel and print them all off and take them to my accountant.
He does my tax return for me and its worth every penny as I know he is doing everything he can for me.

I'm a bit anal about it, so once I've got April over I set myself a time limit of getting my books to Harry (my accountant) before the Summer holidays.

I also have a certain amount of money that goes into a separate account per month to cover any tax bill, if I should get one. I try not to touch the money, but dip in to pay for the odd course.

 

[RedAdmiral]

I'm another one of those tax-phobics I havent a clue and pass it all to my partner my 2009 goal is to take control and this is where I'll start my bottom line! How much in how much out.

My tax return has been done already and this week I am doing a full stock take to see what I need and what I DONT!

 

[Trinity]

I do my accounts on excel and print them all off and take them to my accountant.
He does my tax return for me and its worth every penny as I know he is doing everything he can for me.

I'm a bit anal about it, so once I've got April over I set myself a time limit of getting my books to Harry (my accountant) before the Summer holidays.

I also have a certain amount of money that goes into a separate account per month to cover any tax bill, if I should get one. I try not to touch the money, but dip in to pay for the odd course.

See, great minds think alike, my accounts go to my accountant by the end of May, and my 'wages' each month are my takings less one 12th of my stock costs last year, less 25% for Mr Tax man. Then there are no shocks at the end of the year as this years tax is already saved and some slush for stock in case I see some great deals.

Yes some months I'm skint and take home virtually nothing, others I have spare and can splurge a little.