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Record keeping as self-employed translator in the UK
Thread poster: Cristina Risueño Fondevila

Cristina Risueño Fondevila

Local time: 00:45
German to Spanish
+ ...
Jan 7, 2004

Hi all!

I recently relocated to the UK and am now getting established. Which records do I have to keep in order to fill in my self-assesment form for the tax return?
Thank you


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Mary Worby  Identity Verified
United Kingdom
Local time: 23:45
Member
German to English
+ ...
All income and expenses Jan 7, 2004

You need to keep a record of all income, so all invoices issued and payments received. Plus records of all expenses made for the business - all office supplies, computer equipment, telephone lines, etc.

How you turn all this into a tax return is another matter! Your best bet is to find a decent accountant who specialises in small businesses!

Good luck!

Mary


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Cristina Risueño Fondevila

Local time: 00:45
German to Spanish
+ ...
TOPIC STARTER
Thanks Jan 8, 2004

That is certainly the wisest thing to do. I have had a look at the self-assesment form and I will surely need professional help. Thanks for your answer!

Mary Worby wrote:

You need to keep a record of all income, so all invoices issued and payments received. Plus records of all expenses made for the business - all office supplies, computer equipment, telephone lines, etc.

How you turn all this into a tax return is another matter! Your best bet is to find a decent accountant who specialises in small businesses!

Good luck!

Mary


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LuciaC
United Kingdom
Local time: 23:45
English to Italian
+ ...
When you register as self-employed with the Inland Revenue Jan 8, 2004

they will send you an information package with everything you need to know. You can also start by visiting their website.

Good luck
Lucia


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jbc
Local time: 23:45
French to English
Don't try filing your tax return online... Jan 8, 2004

...the system is notorious for running very slowly and crashing.

When starting out,I asked another self-employed person I knew if they could recommend someone local who would deal with my accounts and tax return. Although the person recommended to me is not actually a qualified accountant, they have many years of experience in dealing with the financial affairs of people like me, their charge is reasonable, and as I hate dealing with such things, I consider it money well spent.


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Nikki Graham  Identity Verified
United Kingdom
Local time: 23:45
Partial member (2003)
Spanish to English
Business Adviser Jan 8, 2004

I set up business here a year ago and was offered a visit by a business adviser (just ask your local inland revenue office). She came round twice, once to talk me through all the responsibilities, bookkeeping, etc. and then to help me fill in the self-assessment form. She was extremely helpful. (I'm hoping she may be able to come round again, but that's probably unlikely!)

As for the Government Gateway (sending your tax return online), I tried several times to set that up and it just didn't work, despite phone calls to helplines, new pin numbers, etc., so I eventually ran out of patience with it all and sent it by post.


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Anne Lee  Identity Verified
United Kingdom
Local time: 23:45
Member (2003)
Dutch to English
+ ...
Online tax form works Jan 8, 2004

At the risk of sounding smug, I managed to send my form off online, but I registered well in advance of the deadline and remembered that I only needed to fill in a few basic totals. The advantage is that the programme works out straight away what you owe, rather than you having to wait for the dreaded tax bill. I now have an accountant who inspects my paperwork regularly. You can subtract any computer expenses in full, a proportion of your council tax, etc. Don't forget to obtain your 10-digit number from the tax office. You'll have to decide whether to register for VAT or not until your earnings hit the 50,000 pound mark or so. I invested in having a logo designed for me, which gave the presentation of my quotes (and my ego) a real boost.

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Cristina Risueño Fondevila

Local time: 00:45
German to Spanish
+ ...
TOPIC STARTER
10 digit number ??? Jan 9, 2004

Anne Lee wrote:

Don\'t forget to obtain your 10-digit number from the tax office.


Dear Anne Lee:
I have not read anything about this 10 digit number in the IR brochure I got. Can you tell me more about it? Thank you for your help


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Nikki Graham  Identity Verified
United Kingdom
Local time: 23:45
Partial member (2003)
Spanish to English
Unique Tax Reference number Jan 10, 2004

Fondevila wrote:

I have not read anything about this 10 digit number in the IR brochure I got. Can you tell me more about it?


I think Anne is referring to the UTR (Unique Tax Reference number), which has 10 digits. You cannot file a tax return without one. If you have been a taxpayer in the UK, then you should already have one. Otherwise, you need to register as self employed. The Helpline number for the Newly Self Employed is: 0845 9154 515


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