how do u pay taxes from domestic work

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user_removed

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just need a bit of help here. i am use to sub-contracting but due to the firm i was with laying me off plus been disqualified from driving me and my labourer have advertised with the local newspapers. the firm i was with use to pay my tax therefore it has never been a problem for me, however i am looking to do private work until my licence if given back (august).
so say i did a job for (round number) £100 - £80 would be mine and then the 20% tax = £20 where does it go
do i save it in a seperate account until my accountant does my books and then wait to see what i owe or is there another way where you can declare what you have earnt and pay it say weekly yourself.
i understand that not every1 will know the ins an outs of this subject and just thought i would ask you guys before ringing the tax office and spending best part of a week talkin to a machine.
thanks
Mac_Plastering
 
if you were just a subby before, technically, doing private work means you are working as sole trader and need to declare this to the taxman...i.e set up your business... this means you are now main contractor and can take other subbies on to help...you deduct their tax and pay it on the 19th of every month..
yours you stick in account till end of year, get the books in and pay it then.
you can be a sub contractor and a main contractor no problem at all, in fact you could run a corner shop as well if you like
just ring up/visit the local office and tell em you want to set up as main contractor, theyll send u all the guff, u can buy a small business accounts book from whsmith to fill in, its got all the start up info in it, costs about a tenner...read that and the guff from the taxman and your there...just keep acurate records, fuel, materials, tools, vehicle maintainence, phone bill, stationary, anything that pertains to work...easiest way is do it once a week..
most accounants like your books presented in excel format so get familiar with it...you can set it up to suit you...what u basically need is incoming/outgoing..
e.g.
date amount description....simplest way or if you wanna do a bit of profit/loss then something like...
date fuel tools mtls phone clothes maintainance invoice number
25/4/08 0 0 0 0 £25 (clothes reciept with a number you put on)
26/4/08 £40 0 0 0 0 (fuel reciept (number it))
26/4/08 0 0 £136 0 0 (jewsons invoice or No it yourself)
etc...etc

totals 40 0 136 0 25

gross £201

theres tutorials/info all over the net to get you started if you need it

youll get paid a lot of cash as opposed to cheques etc, (small jobs etc) do with that what you will.. :-X a

very basic this but you get the idea...youll need method of payment, cheque numbers that why its easier to keep on top of it...dont forget you can claim loads back so put everthing you can think of down, training courses you been on the lot...
 
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