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just wondered how did tax work
so say if I had a job lets say job center plus say if I am employed by them how can you be self employed and what typed of receipts do you need to keep and what do you need to put in the books as well and what form do you need to fill in and wear do you get it from
matthew
What??????????:confused: :confused:Quote:
Originally Posted by Meltmusicdj
Matthew, I'm no expert, so I strongly suggest you do the obvious thing. See an accountant. Believe me, they can save you money.Quote:
Originally Posted by Meltmusicdj
:lol:
Matthew this has made me laugh.
The obvious thing is to ring your local tax office really.Quote:
Originally Posted by Excalibur
Only thing is he might not be earning enough money to declare tax and to use an accountant which arn't cheap.
Matthew go to the tax office and speak to them or ring them there is a threshold for income related earnings, keep receipts for everything to do with your business equipment, petrol reciepts,tools,music you buy etc,etc.....
Matthew, I know there are genuine reasons why your written English is so poor, but try and break up your posts in to short sentences. It will help others work out exactly what it is you are saying.
Also, generally with regard to your DJing business, if you are serious about it, you are going to have to get someone to help you write your paperwork / website / promotional material, in addition to employing experts (such as an accountant) to help you with the books.
Of course, hopefully in time you can study hard and try to catch up on the schooling you've missed, which will help you to write your own material. Are you taking extra classes?
yes I am trying to do lots of studying I do have an older friend who has a degree in english so she has helped me before so she will help me again
matthew
Glad you're making an effort to get yourself back up to speed, but make sure you take it right back to basics - ie capital letters and FULL STOPS! egIt really helps the readability with a bit of punctuation. :)Quote:
Originally Posted by Meltmusicdj
sorry
Is this a joke thread?
no why
Don't be sorry!Quote:
Originally Posted by Meltmusicdj
It should be a capital "S" BTW. :)
Honestly, stick at it and you'll be fine.
That comment should be deleted IMO.Quote:
Originally Posted by NKR
"No, why?"Quote:
Originally Posted by Meltmusicdj
And..don't take any notice. :approve:
:bang:Quote:
Originally Posted by Meltmusicdj
Sorry if it seems like we're badgering you Matthew, but if you don't make the effort ALL of the time, you will never get used to doing it and you will never improve.
This is, after all, primarily a business forum, to offer help and advice in all aspects of a mobile DJ business, and please believe me, you will need to be able to communicate effectively in writing if you want to make a success of it.
Great advice there Charlie...Quote:
Originally Posted by charlie brown
...I give up!
Why? Unless I have missed something it is making no sense at all.Quote:
Originally Posted by charlie brown
I know I am trying to make the post's better.Quote:
Originally Posted by Corabar Entertainment
It wasn't a joke fella just the young lad is having trouble with spelling and punctuation and he was enquiring about tax etc....Quote:
Originally Posted by NKR
Just gave me a thought there has anyone done a joke thread that was hard to distinguish from joke/serious?
NoQuote:
Originally Posted by NKR
You may have overlooked the fact that Matthew is still at school, and has as yet had no grounding in the ways of Tax and the like. Charlie is unusual in being apparently ( sometimes :D :D :D ) au fait with running a buisiness at a tender age, so well done to Matthew for asking what is the way forward. I know he's unlikely to have a big tax liability, but having a word with an accountant is in my opinion the best way forward. A short chat shouldn't cost the earth, and woulkd be invaluable.Quote:
Originally Posted by NKR
I probably have. :D :D :o :oQuote:
Originally Posted by livewire
:daft:Quote:
Originally Posted by livewire
Sorry - had to pull this line out for scrutiny, and to state the bleedin' obvious.
1. If you're trading (ie selling products or services for reward) you MUST tell HMRC (at least).
2. ALL earnings (and expenses) MUST be declared to HMRC who in turn will decide whether tax is payable or not. NOT YOU!!
Just because you have a personal allowance doesn't mean that YOU get to decide at which point to declare earnings.
Even if you only earn 1p in a year, DECLARE IT. Then HMRC will tell you that you don't need to pay anything because you've not exceeded your personal allowance.
Yep, me.Quote:
Originally Posted by livewire
Some got it, some took a while, some had to be told.
I'll see if I can find it.
Not being rude here and I don't mean to offend but why couldn't he speak to the tax office they are more helpful nowadays and it's free!!!Quote:
Originally Posted by Excalibur
Okay makes sense now.
Best place to start is www.hmrc.gov.uk and look under self employed section. Depends if you are working alone or with someone else as you could enter it as a partnership if two of you rather than a limited company.
If you have another job it becomes a little more complicated as you end up on PAYE and need to complete a tax return form to show all your income including your self employed.
If you are taking less than about £5k if memory serves correct (can't remember the exact figure) you need to complete a form that opts you out of class 4 NI due to small income.
After doing all of that the HMRC will make a complete screw up of it as their super computer understands tax even less than we do and in about ten years time it will send you a bill for a sqillion pounds even though they owe you £14.25.
Get an accountant its easier.
don't worry I don't mind I don't take any notice I've been though that stage all readyQuote:
Originally Posted by livewire
but I see what you mean
where do I get an accountant from and I don't get the last bitQuote:
Originally Posted by NKR
Quote:
Originally Posted by NKR
I was referring to NKR's comment on the apparent "joke" thread.Quote:
Originally Posted by Corabar Entertainment
...Matt doesn't attend School & hasn't for years. He is home tutored where/when possible. :)Quote:
Originally Posted by Excalibur
yellow pagesQuote:
Originally Posted by Meltmusicdj
(if you cant beat them join them:sj:)
There's no reason he couldn't, and it's a good idea, but: the Tax office wouldn't be working for him, and he's unlikely to be able to have a face to face chat.Quote:
Originally Posted by livewire
A chat with an accountant may not cost much, especially if he knows someone who has one. The tax office have no desire to minimise tax liability. Accountants have.
Either option would be a good idea for the lad.
( No offence taken, by the way. It's a forum. Differing points of view are put forward, that's what happens. )
IMO (won't go down well on here) but I don't see why Matt needs an account yet.
How many bookings are you doing a month? I remember you saying sometimes..none?
You charge £60. Most of it gets put back into the cancer charities you support.
Is paying £100+ for an accountant the BEST advice we can give him? Perhaps your mum could phone up the Inland Revenue. I remember speaking to them when I first started and I came under the "interest/hobby" umbrella which meant I didn't need to pay tax OR inform them.
However, if you start earning more and step out of the "interest/hobby" umbrella then you have to let them know (whether you're eligible for tax or not)
Yeah and sometimes the white and red roses agree on things. If this happens more than three times in a row then we will all be transported into a parallel universe.Quote:
Originally Posted by Excalibur
All i know is when I visited they said I didn't earn enough a year to worry as I don't do gigs every night at the weekend e.g Fri, Sat, Sun.Quote:
Originally Posted by Excalibur
Never thought of your point about tax office not wanting to minimise tax liability lol doh!!
I know this is a bit late but I was thinking to set up another business which mite earn more than £5k a year but I don't know reallyQuote:
Originally Posted by charlie brown
What business is that!? :)Quote:
Originally Posted by Meltmusicdj
....Well done on the capital letters by the way. It's a lot easier to read & understand :approve:
A party shop for tradersQuote:
Originally Posted by charlie brown
to sell party things like
balloons
cards
All of that type of stuff
so that I can make some money and get my modeling balloon cheaper as well, it says that you need to be a registered tax ID number. but I would need to register anyway if I go ahead with my idea
Hang on, you're thinking of opening a Party Shop? Like a "real" shop or will it be internet based?
....Just so you can get balloons cheaper? :eek:
An internet party shop maybe lot later down the line I'll have A shop not really just internet,
and also to make lots of money so I can give some of it to my mum, "I shouldn't need it all"
Matt.
Please make the effort as has been asked before.
I don't know how much school you missed, but CAPITAL LETERS are something you are taught how to use in infants school!
SorryQuote:
Originally Posted by Corabar Steve
FFS! You can't even do it in a post apologising for not doing it!
My advice to you is finish school & get your education up to a good standard, before you even think about trying to start to run a business.
EDIT: P.S. Thank you for going back & editing.
Sorry!Quote:
Originally Posted by Corabar Steve
Fear not, my ruddy flowered colleague. Hell will have had its third ice age first. :p :D :D :D :DQuote:
Originally Posted by NKR
Patience people. :beer1:
Charlie - ever heard the saying 'Cruel to be kind'?Quote:
Originally Posted by charlie brown
If Matthew doesn't make a constant effort, then he will never develop the skills he needs for whatever business he decides to pursue.
Matthew - I really do hope that you understand that people are trying to help you here. Keep going with the basics, and it will become second nature.
I do and I do think that you still need to point out what I am doing wrong as well, believe it or not this dose help my english as well.
Glad you're taking it that way :thumbsup:
PS: You mean 'does', not 'dose' (Dose is a measure of medicine), and 'english' should have a capital letter - English :)
PPS: You'll find that people are more than happy to help and give you little pointers to help you out, so long as they see you are making the effort (which you clearly did with your last post :) :) )
Thank you!!!! you know that I'll still get some things wrong sorry allot wrong still don't you!!!!!!!!!!
:) :muppet: :daft:
Or a case of.... actually on second thoughts :sj:Quote:
Originally Posted by Corabar Entertainment
Indeed! I take comments etc literally/to heart all the time and it gets me upset and into unnecessary trouble. I didn't want Matt to fall into the same trap because I was even worse 4 years ago!Quote:
Originally Posted by Corabar Entertainment
:lol:
...It looks like he's ahead of the game. :beer1:
Most probably :lol:Quote:
Originally Posted by Meltmusicdj
... it's not something that will happen over night, but slowly, slowly it will all come together, so long as you constantly keep concentrating / learning.
(We are all still learning, and I intend to continually keep learning all my life. :D )
Charlie I want pass that stage after I had my treatment I don't care what people think about me anymore.
ps: could you manshon what I need to do about tax please again.
Just to get things into perspective.Quote:
Originally Posted by Meltmusicdj
Forums are useful business tools. I've gained (and given) work from my contacts in forums. How you post, and what you post are the only impression that other forum members get of you.
So - whilst I also do not particularly care what most forum members think of me - I don't want to be seen to be too "clique", there is a need to been seen to be professional.
With forum posts, its easy to read before you send.
Its easy to dismiss poor spelling/punctuation as sign of low intelligence, but this is not normally the case.
Ensure you have a spell checker on your browser and slow down a little. This post had be mis-spelling "particularly" very wrong ;-) but the browser high-lighted this, and I could correct before posting.
As things progress with your DJ business, you will need to send quotes/emails to clients.
Its good to call them for a chat about their needs, but ultimately, you'll need to put something in writing.
Unless the email/letter is correctly with respect to spelling and punctuation, you will find it hard to get good work and this will be their first impression of your business.
Back OT;
Tell the tax office what you're doing. You need to do this within 3 months or starting.
Claim "smaller earning exemptions" for National Insurance (unless you really think you'll exceed £5,075 for 2010/2011);
Keep receipts for anything you buy;
-Music
-Cables
-Batteries for wireless mics
-Speakers, amps, lights etc..
-Printer Ink
-Paper
-Stamps
...anything!
Record mileage for each gig, claimable @ £0.40/mile
(so a gig 50miles away from home is 100 x £0.40 = £40 claimable)
Add the above expenses up, and deduct from your earnings.
What is left is your profit, and may be subject to tax. (we all have some kind of personal tax threshold - average is about £4000-£5000)
If feasible, try to find an accountant to assist. If you only have £1000 profit, its going to be difficult to justify the cost.. (but their fees are also tax deductible.)
If there is only a small amount of profit... provide figures to the Inland Revenue (I think the threshold is September for this?), and they will help you.
You can now see the need to keep ALL expenses related to DJing.
This is a big subject and the above is the raw basics.
Trying to cover another profession with possible legal implications is really not possible in a forum.
:thumbsup: Great post, Jason.
Thanks all!!!!!!!!!!!!!!!!!!!!!!!!! any more:daft: :p ;) :D