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Thread: Tax return time yay! But... Depreciation as an expense?

  1. #11

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    Quote Originally Posted by juski View Post
    Ahh but in my first year there's been a lot of spends so I can't do that.
    Cant do what Justin?

    ALAN

  2. #12

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    Quote Originally Posted by CRAZY K View Post
    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.

  3. #13

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    Quote Originally Posted by juski View Post
    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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  4. #14

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    Quote Originally Posted by DJ Jules View Post
    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

  5. #15

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    Quote Originally Posted by CRAZY K View Post
    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.

  6. #16
    Benny Smyth's Avatar
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    Quote Originally Posted by juski View Post
    Better to spend half an hour every week recording everything than not, I say.
    Bravo. I tend to itemise monthly as opposed to weekly.

  7. #17
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    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.

    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.
    Your DJ - Mobile DJ The New Forest, Southampton & Hampshire. Toby
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  8. #18

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    Quote Originally Posted by juski View Post
    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.

    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

    Then you can get free advice on the other issues

  9. #19

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    Quote Originally Posted by CRAZY K View Post
    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

    Then you can get free advice on the other issues

    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!

  10. #20
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    Quote Originally Posted by juski View Post
    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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