Cant do what Justin?
ALAN
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You said 30%. My spend has been a fair way over that. Anyway, my approach is belt & braces.. it doesn't take long as I'm doing cash basis accounting.. the majority of my receipts are electronic (even ones from the local DJ dealer) - no boxes full of dog-eared receipts here.
As I understand it, HMRC will give me a box to put my expenditure into, and that's what I'll be doing. They'd only be interested in knowing the exact ins & outs if I was selected to be investigated - and since I've got everything documented already there won't be any panic knocking it into shape because it already is :)
Back when I was a bar DJ I knew 2 DJs who got absolutely reamed for not keeping tight enough records. One of them almost lost his house & the other had to sell a yacht. One of them got more sympathy from me than the other - can you guess which? ;) Not being able to pay your mortgage because your bank account has been frozen is probably about as much fun as it sounds - even less so when you have a family. Better to spend half an hour every week recording everything than not, I say.
I had a falling out with my accountant today, whom basically was having a strop and blaming all of his shortcomings on me.
I sent him a very concise and detailed professional email and am in the market for a new bookkeeper.
He soon apologised LOL. Too late. I am a laid back guy. but don't appreciate rude people, especially as i am a client. :p
With regards to the small fry comment, all sorts of people are investigated, me and my former accountant spent some time going over figures and making thing look as normal as possible as thats what he thinks gets you singled out. I have always paid my taxes mind you in full, but some expenses have been questionable though. :)
I am probably using a nice lady who lives down the road, so hopefully she is as good.
No problems, however if you are going to be running at a loss for the first few years due to large capital expenditure you may need to be aware that you can offset previous tax paid in your PAYE work, my son did this a few years ago and got a large cash refund immediately through the ACCOUNTANT.
Might be worth getting an Accountant to oversee that--the Inland Revenue wont be helping you with that I GUARANTEE :D:D:D
Then you can get free advice on the other issues:D:D:D