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HMRC: latest guidance for self employed c/ms

(9 Posts)
Italiana Sun 21-Oct-12 12:49:51

Hope you find this useful

MrAnchovy Sun 21-Oct-12 23:35:04

This has been around for a while now (over a year). I'd be interested if anyone found it useful?

Italiana there is a box underneath where you post that says "Convert links automatically" - it helps if you tick that.

Italiana Mon 22-Oct-12 13:29:08

I will try that Mr Anchovy but the links I post seem to be ok everywhere else but not here as I usually copy and paste directly from the source...but thanks for the hint

The video is useful but very simplistic, there are lots more expenses we can 'legally' claim but not even mentioned in this video

MrAnchovy Tue 23-Oct-12 17:36:33

So not very useful then - as the only two things that are likely to happen when a CM watches it is that they don't think they can claim for some things they actually can!

Bear in mind that HMRC's idea of "help" is "helping you pay as much tax as possible". That's why every CM needs proper tax advice. I am working on this grin.

Having said that, I was surprised when I watched it that they did give good advice on caution with respect to claiming exemption from Class 2 NI (they have got much better on this point in the last 18 months) and I think they did mention that CM's might be better off not using the fixed percentages for household expenses in certain circumstances or did I dream that as I was dropping off by the end?

MrAnchovy Tue 23-Oct-12 17:41:44

oops, meant to say that the other thing that will happen is that they will get eight minutes older as an attempt at humour which has totally backfired!

Link is here BTW.

Italiana are you using the iPhone app? You have to put double square brackets around the link like this (only without the spaces) [ [ here] ]. To have it appear like I did it use [ [ here] ]

Italiana Tue 23-Oct-12 19:01:05

No Mr Anchovy no fancy iPhone..just poor IT skills maybe but learning !!!

I do agree that c/ms need proper tax adivisers...I have used my accountants for 19 years and would never give them up...they know their staff even if they cost a pretty penny
The video I found very simple and maybe useful tot hose who use NCMA account books....I do not use them as they are too simplistic and c/ms can miss out on lots of things they can legally claim

One thing that I really would like to get more out of is our household insurance as we get charged such high premiums compared to those who do not run a c/minding business...the 'accidental damage' is so crippling

Akasa Tue 23-Oct-12 20:49:55

I urge you to shop around with your insurances (motor as well as household). We do not pay more because I am a childminder working from home although I do know from friends that different insurers take a very different stance on this.

Italiana Tue 23-Oct-12 20:56:34

I have just done that and got my premium down a huge amount but still so high
John Lewis refused point blank, Morton Michele were slightly cheaper but overall no joy

Can anyone name any insurer they are happy with?...I would try again although I hate the long winding process. Thank you

Akasa Tue 23-Oct-12 21:07:22

Have you tried using a comparison site????

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