tag:blogger.com,1999:blog-701894736280253278.post3060968295125892230..comments2024-02-17T09:53:06.168+00:00Comments on Notes from the Slushpile: Taxing Matters: things I wish I knew before publicationCandy Gourlayhttp://www.blogger.com/profile/07802791643303335762noreply@blogger.comBlogger24125tag:blogger.com,1999:blog-701894736280253278.post-67507324608842825412012-06-13T13:08:27.622+01:002012-06-13T13:08:27.622+01:00I've been self employed for more than 20 years...I've been self employed for more than 20 years, and the Inland Revenue forms still terrify me! I am one half of a Business Partnership, which makes tax things more complicated, so we have a fab accountant... but he is soon to retire. I will be lost and petrified without his assistance. And Partnership forms can't be done online... you HAVE TO fill out the paper versions! I still get sleepless nights... Form fobia - there must be a medical term for it!Junehttps://www.blogger.com/profile/09794603896579291245noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-84659949495533989962012-06-13T10:24:46.424+01:002012-06-13T10:24:46.424+01:00Fellow fearfuls, what a good description!Fellow fearfuls, what a good description!Teri Terryhttps://www.blogger.com/profile/13641477543947472370noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-72157431100378448672012-06-12T18:13:50.220+01:002012-06-12T18:13:50.220+01:00I'm going to the talk next Monday! Glad to ha...I'm going to the talk next Monday! Glad to have a bit of preparation, so thanks for the info!Jackie Marchanthttp://www.jackiemarchant.comnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-30072392921773682182012-06-12T16:01:35.817+01:002012-06-12T16:01:35.817+01:00OK. I've done it. I've booked an appointme...OK. I've done it. I've booked an appointment in two weeks!Teri Terryhttps://www.blogger.com/profile/13641477543947472370noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-69872716488256841832012-06-12T15:19:48.069+01:002012-06-12T15:19:48.069+01:00Great write-up, Teri. It was good to be amongst fe...Great write-up, Teri. It was good to be amongst fellow fearfuls, yesterday. Maureen - when you register for VAT, your returns can be due every 3 months. As you say it's good to get used to keeping records - but perhaps more than once a year!Sue Eveshttp://www.sueeves.netnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-42071825305013028692012-06-12T15:04:57.082+01:002012-06-12T15:04:57.082+01:00Note to self: must allow time for sinking, crying ...Note to self: must allow time for sinking, crying into the carpet.Candy Gourlayhttps://www.blogger.com/profile/07802791643303335762noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-91011509562429205582012-06-12T14:02:30.442+01:002012-06-12T14:02:30.442+01:00I handed my tax return over to an accountant on my...I handed my tax return over to an accountant on my publisher's advice when numbers looked like getting big due to a film option. So far (two years) I have not been asked to produce any receipts, just the spreadsheet on which I record my income and expenses.Janet Foxleynoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-14397832094592482712012-06-12T13:40:35.625+01:002012-06-12T13:40:35.625+01:00What a timely blog. I'm about to try and face ...What a timely blog. I'm about to try and face my tax for the year. I'm self-employed and have done my own form for years now - with three different businesses (music, complementary therapist & landlord)! I have to admit, adding my writing revenue is scaring me at the moment. This will be the first year I've done it. I think I might find a friendly local accountant to go through everything with me and then cope on my own other years - it's how I've done it before. And I agree with Amanda, the tax department are very helpful when you call them. I've never had a problem they couldn't sort out - yet!Joolzehttps://www.blogger.com/profile/03772272011768030278noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-73765882254215353852012-06-12T13:26:22.348+01:002012-06-12T13:26:22.348+01:00Thanks for writing it up! Great to see you. :)Thanks for writing it up! Great to see you. :)Sarah McIntyrehttps://www.blogger.com/profile/00799864162571966502noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-69641541428245434282012-06-12T13:11:48.783+01:002012-06-12T13:11:48.783+01:00Good to meet you Teri. I like the description '...Good to meet you Teri. I like the description 'new writing pal'. You don't have to have an accountant. I've found that the basic tax form online is not too scary after you've done it once. You need to take it calmly and allow enough time. That said, the first year I had a go, it took 3 or 4 sessions and I sank crying onto the carpet twice. Second and third years were a relative doddle. Wish I'd known some of the stuff we learnt yesterday though...Rachel Wardhttp://www.rachelwardbooks.comnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-79536813613125521952012-06-12T12:21:59.656+01:002012-06-12T12:21:59.656+01:00And even the tax department can be helpful. Before...And even the tax department can be helpful. Before I had an accountant I mismanaged things one year and was able to sort out a series of payments for my tax bill when I couldn't pay it all in one go. They are ok if you ring them as soon as you can to let them know what is going on.Amanda Lillywhitehttp://amandalillywhite.tumblr.comnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-43445592972910869352012-06-12T12:16:56.490+01:002012-06-12T12:16:56.490+01:00Oh Teri you have my sympathy and admiration. I cer...Oh Teri you have my sympathy and admiration. I certainly could not face a third tax system let alone a fourth!Amanda Lillywhitehttp://amandalillywhite.tumblr.comnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-52098477093821320232012-06-12T11:57:58.955+01:002012-06-12T11:57:58.955+01:00I think you're right. I don't want to go t...I think you're right. I don't want to go through the pain I went through in Australia. My problem is I keep switching tax systems! I sort of had Canada figured out, then I sort of had Australia figured out. I just can't face doing it all again....!Teri Terryhttps://www.blogger.com/profile/13641477543947472370noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-87360366068398141032012-06-12T11:57:19.590+01:002012-06-12T11:57:19.590+01:00That's my method, Amanda. Everything goes in t...That's my method, Amanda. Everything goes in this years folder in the filing cabinet then gets sorted when it needs sorting. It's fine doing it this way. <br />And filling in your tax return online is much easier than filing in a paper one because it only shows you the pages you need for your accounts. Not all pages for all types of businesses.<br />It's not as complicated as it seems. Just something to get used to doing.Maureen Lynashttps://www.blogger.com/profile/16855138050232488108noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-49666456003046790882012-06-12T11:54:52.891+01:002012-06-12T11:54:52.891+01:00Teri I was self employed in Australia for a while ...Teri I was self employed in Australia for a while as well and am now self employed here.<br />In both cases I recommend having an accountant. So much better for peace of mind! Also it is a motivation, my accountant is a lovely person and I feel that I have let him down personally if I don't keep on top of things. I never had that feeling when dealing with the tax department directly and they do seem to like to frighten people.<br />My partner is also self-employed and very good with finances but he chooses to use an accountant for his taxes - again it is peace of mind but also because accountants come up with some good ideas about how to manage things for you.Amanda Lillywhitehttp://amandalillywhite.tumblr.comnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-88086806403042938662012-06-12T11:50:37.438+01:002012-06-12T11:50:37.438+01:00Don't be scared of Vat! The vat office team ar...Don't be scared of Vat! The vat office team are ( surprisingly) generally very helpful and an awful lot can be done on line http://www.hmrc.gov.uk/vat/index.htmKathryn Evanshttps://www.blogger.com/profile/16439670363289229014noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-347355485769354682012-06-12T11:44:52.787+01:002012-06-12T11:44:52.787+01:00Don't forget your bank statements - if you pai...Don't forget your bank statements - if you paid by cheque or card the payments will be recorded on there and that, as far as I understand, should be enough for your records because it is proof of payment. If you ordered stuff online, on Amazon for instance, you may be able to download receipts.<br /><br />Regarding sorting receipts. Organize them by month and then by type and it'll make it less daunting.<br /><br />I've been self employed for many years and used to be organized but then realised I could leave it until the last minute then do it all in one hit and prefer that way now! Though, be aware that some receipts fade over time.Amanda Lillywhitehttp://amandalillywhite.tumblr.comnoreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-27066555691262966562012-06-12T11:42:56.257+01:002012-06-12T11:42:56.257+01:00Blimey. My head hurts. I feel for you fab authors ...Blimey. My head hurts. I feel for you fab authors having to do the tax thingies! Good luck! take care<br />xOld Kittyhttps://www.blogger.com/profile/13185547869183611159noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-76884558177852357172012-06-12T11:02:28.606+01:002012-06-12T11:02:28.606+01:00actually I think my aversion to all this stuff has...actually I think my aversion to all this stuff has a similar source to you, Vanessa - in that I was self-employed (incorporated) in Australia, and I remember all the nightmares of sorting it out. I think I really should get an accountant....Teri Terryhttps://www.blogger.com/profile/13641477543947472370noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-37937181494069786792012-06-12T11:01:22.096+01:002012-06-12T11:01:22.096+01:00how about I'll nag you and you can nag me to s...how about I'll nag you and you can nag me to sort ourselves out? LOLTeri Terryhttps://www.blogger.com/profile/13641477543947472370noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-10659705767893993012012-06-12T11:00:52.044+01:002012-06-12T11:00:52.044+01:00Mine is still there. But the horror! Though I'...Mine is still there. But the horror! Though I've never been very thorough with what I keep - mostly just big stuff, like conferences. <br />Look at it this way: less math to do?Teri Terryhttps://www.blogger.com/profile/13641477543947472370noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-63223510362820337772012-06-12T10:45:34.637+01:002012-06-12T10:45:34.637+01:00This post makes me feel sick. It was the side I ha...This post makes me feel sick. It was the side I hated of being self employed. I think I might go in the corner and hide, rocking gently as I say 'No more forms...' Like Jeanette though, perhaps my fear will bring about that all elusive contract ;-)Ness Harbourhttps://www.blogger.com/profile/07370427313780759711noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-14887004640349671912012-06-12T10:39:46.767+01:002012-06-12T10:39:46.767+01:00I'd been busily saving receipts in a shoe box ...I'd been busily saving receipts in a shoe box for years in the vain hope they might come in useful. Then we moved last year and the box got thrown out. So now I only have a very few receipts for books, printer paper and cartridges. Does that mean I'll finally get the deal given I have virtually nothing to set against it? ;-)Jeannette Toweyhttps://www.blogger.com/profile/02549517044119318384noreply@blogger.comtag:blogger.com,1999:blog-701894736280253278.post-1541252154633633922012-06-12T10:04:30.907+01:002012-06-12T10:04:30.907+01:00Oh man. It fills me full of terror. I've decid...Oh man. It fills me full of terror. I've decided to go with a tax accountant who's local and does other authors/illustrators I know but I'm still struggling to send the form back that he's sent me. Why is it so terrifying?! I PROMISE to send the form back to him by the end of this week. And now I've told you I'll have to do it. I actually really believe in paying tax, but I wish it could be removed at source so I didn't have to work it out and remember things (and be organised, which I'm not). I'm hoping that with an accountant, some of the terror of it will go. And this is from someone who actively really LIKES maths and calculations. I can't think how horrible it must be for those who don't... Thanks for this, Teri.Juliet Clare Bellhttps://www.blogger.com/profile/06020801246132751659noreply@blogger.com