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spitfire
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spitfire is offline
Warwickshire
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11-01-2018, 10:08 PM
1

Income

In a society where folks worry about a wage rise of whatever %, spare a thought for the self employed. Today I got an Email informing me that that I am due to be 2 grand worse off this year than last year, unless I get inventive, cloth will have to be cut.
CeeCee
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UK
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11-01-2018, 10:35 PM
2

Re: Income

My son too is self employed and has had a startling letter from the HMRC telling him that they are fining him £10 a day for the last six months ongoing, for non-submission of his taxes. He contacted his accountant who said they they were indeed submitted last July. He is meticulous in getting his accounts to the accountant well in time, so this is not what he wants to hear at the start of the year.
Mondays child
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United Kingdom
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11-01-2018, 11:09 PM
3

Re: Income

When I was self employed I used a woman who said she was an accountant to go through my books before submitting them to HMRC.
One day I received a letter from the tax man saying I was under investigation for not answering their enquiries by the due date.
It turned out she had not answered a letter from the tax man about my accounts. She had just ignored it.

I had to get my records back from her and find another accountant who went through them again. He also attended a formal taped interview with me at the tax office. I was cautioned and then interviewed by two tax officials. After lots of questions I was told I owed the tax man £250 in underpaid tax which I paid there and then.

It was a very upsetting experience especially as my wife had just had a baby and was in a psychiatric hospital at the time with severe post natal depression.
Never upset the taxman.
Purwell
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Purwell is offline
North Herts, England
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11-01-2018, 11:34 PM
4

Re: Income

Self employment in lots of cases particularly the building industry, can be a mine field. All fine when there is lots of work about but a nightmare if you are scratching a living.
I was often advised to go "Limited Company" but preferred to work through an Agency.
Robert Jnr.
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Robert Jnr. is offline
UK
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11-01-2018, 11:39 PM
5

Re: Income

Originally Posted by spitfire ->
In a society where folks worry about a wage rise of whatever %, spare a thought for the self employed. Today I got an Email informing me that that I am due to be 2 grand worse off this year than last year, unless I get inventive, cloth will have to be cut.
I never had you down as a tailor Spittie.Now i picture you with chalk and tape measure in one hand && a bolt of cloth in the other.
Sorry about your tax bill, I was self employed during 1996-1997. I've kept all the paperwork these last 20 years just in case*

*shabby chic
spitfire
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spitfire is offline
Warwickshire
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11-01-2018, 11:45 PM
6

Re: Income

There will be divine intervention, I'm sure of that, there is always something to keep you soldiering on. Heaven forbid the flip side.
realspeed
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South coast
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11-01-2018, 11:48 PM
7

Re: Income

What people do not realise is that you have to put your costs up for one reason or another out of your control. It could be wages -rates-insurance and you an only absorb so much ,then customers/clients complain because they have to pay more.

Been there and had the T shirt
spitfire
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spitfire is offline
Warwickshire
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11-01-2018, 11:51 PM
8

Re: Income

It's tough out there, you can be the best, but, if the numbers don't stack up, that's it.
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Longdogs
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SW England
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12-01-2018, 12:11 PM
9

Re: Income

The trouble with being self employed is that everyone wants their pound of flesh for you efforts.
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Barry
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North Notts
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12-01-2018, 12:13 PM
10

Re: Income

I was self employed for virtually all of my working life, you win some and you lose some, such is life...
 
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