Tax Return

[Mr Toad]

Any one else yet to fill in their tax return :roll:

I'm having some trouble finding my P11D - might have to make it up again . . . [-o<

[Ed]

Only 2 days to go.... I did mine last weekend. And vowed to do it on time next year. I think that's what I said last year though :roll:

[Stu]

I've been let off from doing it. Probably got expenses to claim ... but it's not worth the effort of finding all my records :roll: Don't ask my job

[Mr Toad]

eek, I owe the buggers £225 :evil:

Baked Beans on toast for the next month :cry:

[Ed]

eek, I owe the buggers £225 :evil:

Baked Beans on toast for the next month :cry:

I take it you're employed... one of the nasty things about being self-employed is you have to make payments on account, so as well as paying the tax I had to pay half as much again. And again in July, cos they assume that you'll make at least the same profit as you did last year. That's a nice interest free loan to the Government. Not only that, the other scam is that I have to value my work in progress and pay goddamn tax on that too, irrespective of whether or not I can actually bill it, and whether or not clients pay.

And after that there's the f*cking 'Class 4' NI contributions at 8% - or to be more exact, the self-employment tax.

Make no mistake, the Government really promotes enterprise.

[Filipe M.]

eek, I owe the buggers £225 :evil:

Baked Beans on toast for the next month :cry:

I take it you're employed... one of the nasty things about being self-employed is you have to make payments on account, so as well as paying the tax I had to pay half as much again. And again in July, cos they assume that you'll make at least the same profit as you did last year. That's a nice interest free loan to the Government. Not only that, the other scam is that I have to value my work in progress and pay goddamn tax on that too, irrespective of whether or not I can actually bill it, and whether or not clients pay.

And after that there's the f*cking 'Class 4' NI contributions at 8% - or to be more exact, the self-employment tax.

Make no mistake, the Government really promotes enterprise.

Blimey Ed, you sound like a proper Portuguese! :lol:

[Stu]

eek, I owe the buggers £225 :evil:

Baked Beans on toast for the next month :cry:

You have ticked the box - charged it to my tax code haven't you? :wink:


Sorry if I'm remembering wrong.

[GregK2]

I've had 500 to do for my clients at work, whoever came up with 'tax needn't be taxing' needs a thrashing.

Finished my last one today, hooray!

[Demonz]

:lol: Get someone to do it for you. Mrs G even paid mine last week...

[coombest]

Didn't bother even attempting it!
Not had to do one before (been self employed for just over a year) and I got rather fed up of even doing the business accounts a while back - the rubbish software from the bank didn't help, so got an accountant to do it all!
£80 per quarter for company accounts to be entered, reconciled and VAT return completed isn't bad, I reckon!
Two Personal Tax returns, a Partnership Tax return, a VAT return and an end of year account added about £400 to that this quarter!

Can't be bad!?

I've even received my £580 rebate already! :D :D :lol:

[timwilky]

After about 6 years of having to do them, they finally realised last year that I was not a hard case for them and wrote to say I need no longer fill one in. :lol:. However to then get their own back, they started sending them to my son. I got his done June last year. and 2 weeks got a note to say they calculate that he owes them £0.00. (As I had told them). but next year it is going to be a pain recovering his business travel as the stupid sod will not keep proper records

[Tara]

Who has to do tax returns - forgive me for being thick :?

[Luckypants]

Who has to do tax returns - forgive me for being thick :?Basically anyone they send a form to. Mostly self employed, but lots of people who get benefits in kind (cars / fuel / health insurance etc) also get a form. I sent in the short two page version this year by end of September and they worked it all out. Got a bill from them for £78, which unfortunately was correct. :cry: That is on top of the thousands already paid in PAYE income tax and NI.

[Tara]

Thanks for that i really dudn't have clue

[muffles]

so even if i am in the 40% tax bracket and have savings (i.e. with interest that is taxable) i only have to do a tax return if they send me a form? I've been confused about this recently....people telling me I should do one, etc...

[Luckypants]

so even if i am in the 40% tax bracket and have savings (i.e. with interest that is taxable) i only have to do a tax return if they send me a form? I've been confused about this recently....people telling me I should do one, etc...

Strictly speaking you do need to fill out a form in order to pay the full 40% tax on your savings. Most savings schemes will take basic rate tax at source, so there will be only the difference to pay between 23% and 40% on the interest. However, what they don't know don't hurt em.... :wink:

If you have a mortgage / loans you can skip around this by offsetting your savings against your debts using stuff like Intelligent Finance from Halifax / One Account from RBOS. I have savings, but use them to reduce the interest on my mortgage rather than earn interest on them, but I can still access the savings as required without penalty.

[mac99]

so even if i am in the 40% tax bracket and have savings (i.e. with interest that is taxable) i only have to do a tax return if they send me a form? I've been confused about this recently....people telling me I should do one, etc...

Is this your first year in the 40% bracket? If so then expect a pack through the door in late April / May. I think they start sending them to you when you go into the upper range, then if you return really basic ones for a few years they stop, as Tim points out.

Of course I may be wrong about this.

If you do get one I recommend signing up for the online self assessment. It makes things easier. Don't leave it till next January though, as it requires registering, and getting a password through the post.

[muffles]

what do you classify as a year? i don't remember what the form was called (P46 rings a bell?) but i have previously (once before, i.e. last year) had that form through that is your annual summary and tells you how much you earnt (i guess i got it around april 5 then, lol). That was in the 40% bracket, and I also had savings then.

But what is confusing is that i haven't had any forms, or packs, or anything through! i have a loan with the same bank i have my savings with (well, excluding my ISA, but I assume that gets excluded from all this since it's tax-free). But i don't think these 2 are offset - it's a fixed rate loan that had all the interest charged up front....

hey, while we're on this, do us PAYE people have any tax breaks accessible to us, similar to the way contractors fiddle everything? i'd like to get my own back if possible :D

[Sudoxe]

what do you classify as a year? i don't remember what the form was called (P46 rings a bell?) but i have previously (once before, i.e. last year) had that form through that is your annual summary and tells you how much you earnt (i guess i got it around april 5 then, lol). That was in the 40% bracket, and I also had savings then.

But what is confusing is that i haven't had any forms, or packs, or anything through! i have a loan with the same bank i have my savings with (well, excluding my ISA, but I assume that gets excluded from all this since it's tax-free). But i don't think these 2 are offset - it's a fixed rate loan that had all the interest charged up front....

hey, while we're on this, do us PAYE people have any tax breaks accessible to us, similar to the way contractors fiddle everything? i'd like to get my own back if possible :D

April I believe is the start of the tax year?

From some government propaganda:

The Tax Year runs 6th April to 5th April


Dan

[Luckypants]

hey, while we're on this, do us PAYE people have any tax breaks accessible to us, similar to the way contractors fiddle everything? i'd like to get my own back if possible :D
Of course, you have the same personal tax breaks as anyone else. Anyone can claim legitimate tax reliefs, it is just that self employed folks have some opportunities to be more creative as to what constitutes a business expense, but they would still need to defend any claimed breaks to the revenue.

[Ed]

hey, while we're on this, do us PAYE people have any tax breaks accessible to us, similar to the way contractors fiddle everything? i'd like to get my own back if possible :D
Of course, you have the same personal tax breaks as anyone else. Anyone can claim legitimate tax reliefs, it is just that self employed folks have some opportunities to be more creative as to what constitutes a business expense, but they would still need to defend any claimed breaks to the revenue.

True, but you run up a fortune in accountants' fees arguing with the Government

[Luckypants]

hey, while we're on this, do us PAYE people have any tax breaks accessible to us, similar to the way contractors fiddle everything? i'd like to get my own back if possible :D
Of course, you have the same personal tax breaks as anyone else. Anyone can claim legitimate tax reliefs, it is just that self employed folks have some opportunities to be more creative as to what constitutes a business expense, but they would still need to defend any claimed breaks to the revenue.

True, but you run up a fortune in accountants' fees arguing with the GovernmentAbsolutely, often these things are a waste of time. However accountants fees are an allowable expense :twisted: :-) If they were found to have acted unreasonably (in court) then you should be able to recover expenses.

However, I wouldn't bother and haven't for years.

[muffles]

so where can i find out about any available tax breaks? :D

[Luckypants]

so where can i find out about any available tax breaks? :D

Start here robbing barstewards (http://www.hmrc.gov.uk/)

[Ed]

so where can i find out about any available tax breaks? :D

On PAYE there are very few - they would have to be 'wholly exclusively and necessarily' incurred for your employment. There's prolly some guidance on the Inland Revenue website but they are hardly going to tell you how to reduce the bill, are they?

[the_runt69]

Filled one in for 15 years as my mortgage wasnt MIRAS when we actually got something back for not occuping council houses, one year had a tax code of 958 as theyd screwed up the previous two years assessments. Then two years ago they decided i didnt nee to fill them in anymore. Must say thats a relief, can never find where the wife hides the P60's every year

H

[muffles]

so where can i find out about any available tax breaks? :D

On PAYE there are very few - they would have to be 'wholly exclusively and necessarily' incurred for your employment. There's prolly some guidance on the Inland Revenue website but they are hardly going to tell you how to reduce the bill, are they?

:( my lack of effort resulted only in me finding out i don't qualify for working tax credit, whatever that is lol