paying my taxes

[pharmabug]

hi
I have a question/anxiety!
I have worked a number of locums in the last year but havent set up as a sole trader yet....eeck yes i know...it was one thing after the other/long finger plus the hassle of the website or anyone i knew that knew anything about it...that it was one of those jobs that got put to one side and never seemed to sort....but obviously i want to sort hence being here now asking about it...what on earth do i do now? im worried about,dont know how to do it and where do i begin..ive kept payslips and receipts.

advice please
the bug

[admin]

hi
I have a question/anxiety!
I have worked a number of locums in the last year but havent set up as a sole trader yet....eeck yes i know...it was one thing after the other/long finger plus the hassle of the website or anyone i knew that knew anything about it...that it was one of those jobs that got put to one side and never seemed to sort....but obviously i want to sort hence being here now asking about it...what on earth do i do now? im worried about,dont know how to do it and where do i begin..ive kept payslips and receipts.

advice please
the bug

Don't panic. Keep all payments both in and out. Contact the accountant that will give you a discount if you mention this forum: -

M Abdul Ghani
Chartered Tax Adviser
Principal

Shipleys Tax Consulting
Email mag@shipleystax.com
Tel +44 (0)114 243 6566
Fax +44 (0)114 249 9183

shipleys tax

[pharmabug]

thanks...but i am worried that I missed paying the tax on these...its seems like such a mess (my own fault!) but how do i rectify without getting myself in trouble...???but is it worthwile getting an accountant for 1 maybe 2 locums a month? i know someone that has an accountant but that is because locums is their full time income...how much would it cost?

[Fleegle]

Yep...that's the way forward Mr. Bug....you must engage an accountant to advise you. do not put it off, as with every pound you earn there will be at least some tax liability. You must also register as a sole-trader, or Limited Company with Inland Revenue (your choice). All locums and proprietors on this forum will agree...no damage so far though, it isn't a mess as your 2008/2009 earnings will only be subject to payment of tax in 2010..assuming UK still operates the most confusing April to April fiscal year. Also be aware of pre-tax, which is a notional advance payment for the succeeding tax year. This catches many people unawares. Best advice?....get registered as self-employed, and get an accountant now, and make sure you have cash saved for your tax, as it must be paid on time or you will be penalised by Revenue. Accountants fees are tax-deductible at your higher rate, and are not as bad as some people make out. Believe me. Pick up the phone and sort it out...I think you'll be pleasantly surprised.

Fleeg.

[lamzee]

Yes, see the accountant as soon as you can, but don't worry--you could well be the most honest person he has on his books !!

[Fleegle]

Ooooooh Lamzee...what are you implying???

[lamzee]

I wasn't referring to anyone in particular, but if you watch the news there is some financial scandal somewhere every day !


Of course there is the Ben Dunne excuse " I do not remember underpaying my tax by 23million as I was high on cocaine at the time"

Drugs, hooker and kidnap wrecked memory - Dunne - National News, Frontpage - Independent.ie