Tax return time!

[SarahLu]

Mines now done...it wasn't as bad as I'd expected. There still isn't an option for me to pay the tax though, I'm assuming it takes a couple of days to update

 

[askgar]

Quick question, I'm still trying to sort out 2 years ago tax, should I wait until that is sorted to sort out the tax return for last year, or am I safe to do last years self assessment as soon as I have all the information I need from work?

As a side note, I called HMRC about 3 weeks ago, they promised I'd have either a call back or letter within 14 days, 15 days later I had a letter that says I've forwarded your information onto a different department and they'll get back to you soon! No rush apparently, I'd just like to be able to get my tax code back to where it should be!

 

[drcee]

I am wanting to sit down and do my tax return for last year. I was self-employed for a chunk of the year and had other PAYE jobs on the go too. This has made for a very complex tax situation.

I called up HMRC and got them to send me a letter with all of my employers and tax paid. I noticed, however, that one of my employers was missing from the list. I am wondering why this is the case? Do they only show up at the tax office when a P60 is generated? This is annoying the heck out of me, as I know for a fact that I was overpaying tax in that job. I want that to come off my totals. I guess I better call my old workplace to get the information from them.

 

[RickyRaj]

Did mine on Saturday and am due some money back ;D

 

[Jon]

Well I WAS going to do my return this week however our P60s are online and it seems while I can access out payslips I can't get to my P60 unless I ring up which as I am off work this week I can't be bothered to do lol

It can wait

 

[deepgc]

If anyone needs a hand with their Tax Return, give me a shout, I've been a self-employed Accountant and Tax Advisor for about ten years now

 

[askgar]

Quick Tax Return related question...

On uTest I'm quite often asked to make a purchase, then they refund as a bonus payout via the platform, so it gets lumped into my testing payout.

1) Do I need to include these amounts in the amount I made, then claim them as an expense, or do I just not include them.
2) If I get a benefit from this (e.g. they ask me to buy something from a shop that I can then keep and use), should I then include it in my earnings, and do I need to mention it was an expense?

Thanks if anyone can provide an insight.

 

[katykicker]

1) you include them otherwise your payments won't match what you got. Also claim as an expense which you'll need receipts for.

2) my understanding is you don't need to include items for review etc unless you sell them on. So companies send me items for review and I don't declare this as they are free and I only declare the ones I sell on and the money I make from them.

Hope this helps a bit.

 

[askgar]

1) you include them otherwise your payments won't match what you got. Also claim as an expense which you'll need receipts for.

2) my understanding is you don't need to include items for review etc unless you sell them on. So companies send me items for review and I don't declare this as they are free and I only declare the ones I sell on and the money I make from them.

Hope this helps a bit.

Thanks for your response

These aren't items for review, these are just getting to keep the items as a side benefit. I've also had a test where I had to purchase a gift card, which I was reimbursed for, but I was then free to spend the gift card as well.

I appreciate this is quite a niche question but any insight you can give would be great,

 

[RedAlix]

Feeling rather pleased with myself ... Just completed my tax return. I usually leave it to the last minute and its the last thing you want to do after Christmas!

I did have a little shock the other night when I started to fill it in, for some reason it said I owed over £4000 tax!! I was rather tired and couldn't work out what had done wrong. I waited a few days, mainly because I was worried it was correct, then sat down with a cuppa and worked through what I had entered. Somehow I managed to say on one of my part time jobs I had earned £21000 rather than £2100! I was rather relieved when I saw that mistake!

 

[katykicker]

1) you include them otherwise your payments won't match what you got. Also claim as an expense which you'll need receipts for.

2) my understanding is you don't need to include items for review etc unless you sell them on. So companies send me items for review and I don't declare this as they are free and I only declare the ones I sell on and the money I make from them.

Hope this helps a bit.

Thanks for your response

These aren't items for review, these are just getting to keep the items as a side benefit. I've also had a test where I had to purchase a gift card, which I was reimbursed for, but I was then free to spend the gift card as well.

I appreciate this is quite a niche question but any insight you can give would be great,

From what I understand, although this is in no way a guarantee that it is correct, is that any free items given to you for review or as freebies, don't have to be declared.

 

[Jon]

just started mine, it is not pretty!

 

[Jon]

gah HMRC

You now get a 'message' email from them a few days after declaring and you then get the joy of logging in and seeing you have a bill to pay

 

[RickyRaj]

Still not had my dues, normally they pay in 2 weeks, it's been 3! ???

 

[RickyRaj]

Still not had my dues, normally they pay in 2 weeks, it's been 3! ???

Apparently I had not clicked the 'Submit' button after printing off a copy of my return : TBH it is not clear that you have to do this. I rang them up and the operator said you should have a submission reference number. I logged back in and submitted my tax form last week and am pleased to say I have received funds

 

[Anna]

Hi,

I am considering whether to use the cash basis rather than the traditional accruals basis as think it will be simpler, does anyone else use this?

I started self employment in August but purchased equipment like my laptop in July. Under the cash basis you can deduct capital equipment as expenses rather than claiming capital allowances, but would anyone know if it is allowed even if the purchase was made 'pre trade'? I know it is for the accruals basis but not sure about the cash basis.

Things like laptops - even under the accruals basis, would it be fine to just deduct them as an expense rather than doing capital allowances?

Thanks!

 

[Jon]

[member=920]katykicker[/member]

 

[katykicker]

Hi,

I am considering whether to use the cash basis rather than the traditional accruals basis as think it will be simpler, does anyone else use this?

I started self employment in August but purchased equipment like my laptop in July. Under the cash basis you can deduct capital equipment as expenses rather than claiming capital allowances, but would anyone know if it is allowed even if the purchase was made 'pre trade'? I know it is for the accruals basis but not sure about the cash basis.

Things like laptops - even under the accruals basis, would it be fine to just deduct them as an expense rather than doing capital allowances?

Thanks!

I'm not an accountant so I can only go on what I have done personally.

I declared incomings/outgoings as I receive them, not as the work is done. This means sometimes payments are carried over into the next tax year.

I put items like laptops etc down as an expense, then when I sell them I put that as an incoming, as it is money back into myself/self-employment.

I don't know if this is right.

An accountant can help you more and their fee is deductible too.

If you're not earning over the tax threshold, and don't have another job, as some people online aren't, then it isn't such a big concern.

 

[Anna]

[member=920]katykicker[/member] Thanks very much, that's really helpful to know

 

[asajj]

http://www.litrg.org.uk/tax-guides/self-employment/working-out-profits-losses-and-capital-allowance/can-i-claim-pre-trade

The link should help you [member=4153]Anna[/member] and as Katy rightly points out, better to get professional advice