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Originally Posted by
juski
Ahh but in my first year there's been a lot of spends so I can't do that.
Cant do what Justin?
ALAN
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Originally Posted by
CRAZY K
Cant do what Justin?
ALAN
About half my turnover has been spent so I doubt I'd get away with just having a blob of expenses. Better to itemise it all anyway I think. I know HMRC aren't immediately interested in breakdowns of expenses but for completeness sakes I've got everything.
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Originally Posted by
juski
About half my turnover has been spent so I doubt I'd get away with just having a blob of expenses.
Yup, you would. We're small fry.
Julian
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Originally Posted by
DJ Jules
Yup, you would. We're small fry.
Julian
Exactly very small fry--long as you can back it up no worries--but if you want to spend time on it its up to you.
I havent bothered for 25 years
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Originally Posted by
CRAZY K
Exactly very small fry--long as you can back it up no worries--but if you want to spend time on it its up to you.
I havent bothered for 25 years
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.
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Resident Antagonist
Originally Posted by
juski
Better to spend half an hour every week recording everything than not, I say.
Bravo. I tend to itemise monthly as opposed to weekly.
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Originally Posted by
CRAZY K
Oooo I'm not making a loss. Far from it. This return, I'm gonna owe HMRC a good sum. Next one's gonna sting!
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Originally Posted by
juski
Oooo I'm not making a loss. Far from it. This return, I'm gonna owe HMRC a good sum. Next one's gonna sting!
i don't mind that, if i was not paying much then i would be wondering why I was not earning much.
I think I paid about 7-8k this year?? Could be double that for all I know.
Accounting is not my forte, I like marketing.
Last edited by yourdj; 22-04-2016 at 10:12 PM.
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