talkmagic.co.uk

Just out of curiosity, for those that make ANY kind of earning through magic; given the horrific mine field that is VAT compliance and recent hoo-haa on revised tax calculations, does anyone feel that are correctly paying the tax man?

Oh, my e-book "VAT for magicians" will be out next year by the way

I use an accountant to make sure I don't mess things up. They always save me more than they cost, so it's a no-brainer for me.
T.

I don't make enough myself to register for VAT. Luckily, Subversive Circuits has a Finance Director and he talks accounts to the accountant so I don't have to.

Ted wrote:I use an accountant to make sure I don't mess things up.

In agreement that this is the way to go.

But does anyone do their own taxes?

I do but I used to be a chartered tax adviser. I retired in disgust at the complexity of the system. I strongly recommend anyone who is self-employed to use an accountant.


Barry

I remember a VAT inspector complaining to me that the whole bloody thing was so complex that even he didn't understand it.

I do my own taxes, though in all fairness it's for freelance work and not for any sort of performance. (Though if anyone wants to pay to watch me proofread, I'll consider it.)

The tax forms are very straightforward and I've never had any difficulty at all. Doing them online is the most sensible solution, and the site even does all the calculations for you. The only problem I've ever had is finding the time (and inclination) to sit down and do them.

I'm well under the VAT threshold and don't get involved in that area of things, which I understand can get quite hairy.

I used to be VAT registered. In truth, it's pretty easy but it takes a lot of time - you usually have to send in a return every three months. It's only worth doing if you earn lots (when it is compulsory) or you buy lots. I doubt most people's CUPS is sufficient to make VAT registration worthwhile... but I could be wrong

Three basics for successful entrepreneurs:
a) A good and helpful accountant
b) A good and helpful solicitor/lawyer
c) A good and helpful bank manager

However item c) is a very rare beast these days.

magicofthemind wrote:I do but I used to be a chartered tax adviser. I retired in disgust at the complexity of the system. I strongly recommend anyone who is self-employed to use an accountant.

Even the advisors think it's too complex! Ha ha. At least your accepting in this though.

Does anyone class Blackpool as a business trip and reclaim VAT?
Yes...it could be a business trip!

Lawrence wrote:Does anyone class Blackpool as a business trip and reclaim VAT?
Yes...it could be a business trip!

If you're a working magician, Blackpool should count as professional training and advancement. Not sure about VAT, but I'd certainly call it a business expense.

Robbie wrote:

Lawrence wrote:Does anyone class Blackpool as a business trip and reclaim VAT?
Yes...it could be a business trip!

If you're a working magician, Blackpool should count as professional training and advancement. Not sure about VAT, but I'd certainly call it a business expense.

If it's a business expense you can run the input VAT through your return.
The question is how much to put through for your beer though....

Surely that just depends on whether you were in a business meeting while quaffing the ale or simply getting rat arsed.

I seem to remember that entertainment is not tax deductible Sustenance is, though

In that case...
Beer and CRISPS...