- Joined
- Mar 15, 2015
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- 905
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Hello
Hoping my fellow TMS friends can advise with this. Briefly, my son has been employed for nearly three years and has just been made redundant. He is a plumber and he is now thinking self employed is the way forward. We have some marketing planned and this is currently 'in the loop'.
I will be looking after his admin, book keeping etc - would be grateful for advice on the following;
With new tax year coming up, we are thinking its probably best to start in April - but as we have no idea yet how much work MIGHT come in in March, is it worth starting now? Would he have to do a self assessment tax return for March?
He has a van and tools which he bought over the last few years. As they were for his employed work he never bothered with receipts or anything and these purchases have been over a two /three year period. Would he be able to 'sell' them to his newly formed business - there is no money in the pot so to speak therefore no actual cash would change hands. With the van, he bought it from a private seller - he was unable to get a loan so I took a loan out and he pays it each month. How would we incorporate this into his outgoings?
With regards to purchases for the business he has bought some van signage and cards - would these be able to go on as outgoings if he starts in April?
Book keeping - I've done just one self assessment, years ago when you didnt have to do it online. I like the look of quickbooks which is on offer at the moment then £15 per month. Theres a few things he has to pay at the moment which are "only 15 per month" such as phone, public liabilty insurance, van insurance etc. The costs are mounting up before any money comes in. So can anyone recommend an excel template?
I think thats all for now, no doubt Ill think of something else later on
Thanks in advance
Hoping my fellow TMS friends can advise with this. Briefly, my son has been employed for nearly three years and has just been made redundant. He is a plumber and he is now thinking self employed is the way forward. We have some marketing planned and this is currently 'in the loop'.
I will be looking after his admin, book keeping etc - would be grateful for advice on the following;
With new tax year coming up, we are thinking its probably best to start in April - but as we have no idea yet how much work MIGHT come in in March, is it worth starting now? Would he have to do a self assessment tax return for March?
He has a van and tools which he bought over the last few years. As they were for his employed work he never bothered with receipts or anything and these purchases have been over a two /three year period. Would he be able to 'sell' them to his newly formed business - there is no money in the pot so to speak therefore no actual cash would change hands. With the van, he bought it from a private seller - he was unable to get a loan so I took a loan out and he pays it each month. How would we incorporate this into his outgoings?
With regards to purchases for the business he has bought some van signage and cards - would these be able to go on as outgoings if he starts in April?
Book keeping - I've done just one self assessment, years ago when you didnt have to do it online. I like the look of quickbooks which is on offer at the moment then £15 per month. Theres a few things he has to pay at the moment which are "only 15 per month" such as phone, public liabilty insurance, van insurance etc. The costs are mounting up before any money comes in. So can anyone recommend an excel template?
I think thats all for now, no doubt Ill think of something else later on
Thanks in advance