Tax return time!

lilszi

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HMRC was always helpful with me over the phone, it takes a while to get hold of them, but it's worth it, they mistakenly fined me for self assesment once, called them and they sorted it out.
 
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saffi420

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HMRC was always helpful with me over the phone, it takes a while to get hold of them, but it's worth it, they mistakenly fined me for self assesment once, called them and they sorted it out.

Thanks lilszi, I appreciate your reply.
 

Laurak8

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I’m registered as self employed but hardly did any self employed work in this last tax year as working as employed. I am due my baby in a month and wondered two things;
1) can I do self employed work now whilst receiving SMP as my contract at work doesn’t say I can’t
2) I’ve just gone to do my self assessment online but as soon as I ticked that I had earned less than £1000 is seems to be saying I don’t need to fill it in. So has something changed recently ? Thanks guys
 

Jon

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I’m registered as self employed but hardly did any self employed work in this last tax year as working as employed. I am due my baby in a month and wondered two things;
1) can I do self employed work now whilst receiving SMP as my contract at work doesn’t say I can’t
2) I’ve just gone to do my self assessment online but as soon as I ticked that I had earned less than £1000 is seems to be saying I don’t need to fill it in. So has something changed recently ? Thanks guys
If you earn less than £1000 my understanding is that you don’t need to declare
 

JenC10

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I’m registered as self employed but hardly did any self employed work in this last tax year as working as employed. I am due my baby in a month and wondered two things;
1) can I do self employed work now whilst receiving SMP as my contract at work doesn’t say I can’t
2) I’ve just gone to do my self assessment online but as soon as I ticked that I had earned less than £1000 is seems to be saying I don’t need to fill it in. So has something changed recently ? Thanks guys

If there is nothing in your contract to say that you can’t work then your able to work in a self-employed capacity during your MPP, and such work will not affect your SMP.

@Jon is correct, any self employed earnings below £1000 do not need to be declared.
 

rninja

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Evening all,
Just got a few Q's regarding self assessment tax:

a). I didn't realise that I'd earn much last year, but think I've actually earnt just over £1,000+ in tax year 2019-2020, but my S.A account is dormant with HMRC. Can I retrospectively re-activate it and pay up?
b). When accounting for work such as Lionbridge or Prolific - do we account for when the work was completed or when we actually cashed out? I've let cash build up in both and haven't yet cash out.
c). I noticed that some companies and affiliates pay in US dollars or Euros - how do we account for other currencies?
 

Rs20033

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a) I don't know but I'm sure that would be possible. Just give HMRC a call.
b) I account for the work when I cash out (but I cash out at the end of each month and the end of the tax year). I'm not sure if that's technically correct, but I'm not paying tax on money I can't withdraw due to not reaching minimum cashout!
c) I account for the currency at the conversion rate - so I use the amount in GBP when it's converted. If it's still in the foreign currency at the end of the tax year then I believe that you should use the exchange rate on the last day of the tax year to calculate how much it would be in GBP. I would use the historical rates on XE or similar to find the exchange rate for the last day of the tax year.

That's just what I do/would do so would be good if others could confirm
 

Jon

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Evening all,
Just got a few Q's regarding self assessment tax:

a). I didn't realise that I'd earn much last year, but think I've actually earnt just over £1,000+ in tax year 2019-2020, but my S.A account is dormant with HMRC. Can I retrospectively re-activate it and pay up?
b). When accounting for work such as Lionbridge or Prolific - do we account for when the work was completed or when we actually cashed out? I've let cash build up in both and haven't yet cash out.
c). I noticed that some companies and affiliates pay in US dollars or Euros - how do we account for other currencies?
A) yes just ring HMRC and ask
B) they don’t care about dates or small figures they just want to know how much you earned in total for the tax year from EVERYTHING
C) if you got paid in $ on PayPal and withdrew it should have converted it to £ before it hit your account
 

rninja

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thanks Jon, just a few follow-ups:
B) what i'm wondering is: do I account for the date that Lionbridge actually paid me? ...or the date that I withdraw the money?
c) Thing is i've not withdrawn from Lionbridge, Prolific, etc as I haven't needed the cash yet
 

Jon

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thanks Jon, just a few follow-ups:
B) what i'm wondering is: do I account for the date that Lionbridge actually paid me? ...or the date that I withdraw the money?
c) Thing is i've not withdrawn from Lionbridge, Prolific, etc as I haven't needed the cash yet
Personally I would declare the money when you actually have it in your bank account (ie, can access it)
 

rninja

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cheers. that's what i thought, so probably won't need to do a 19-20 return. Just declare it all for 20-21 (minus expenses of course).

I really need to become good mates with an accountant/bookkeeper type person.
 

Sherliarty

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So I just completed my first self-assessment. Hopefully, I have done it correctly. I opted to pay voluntary national insurance. Will they contact me to ask for the money?

And also I am nervous that I am down as a business although it's just me doing whatever online income work I can find as it sounds so formal. I did explain that on the extra info section, they probably don't care! :rolleyes:
 

Jon

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So I just completed my first self-assessment. Hopefully, I have done it correctly. I opted to pay voluntary national insurance. Will they contact me to ask for the money?

And also I am nervous that I am down as a business although it's just me doing whatever online income work I can find as it sounds so formal. I did explain that on the extra info section, they probably don't care! :rolleyes:
Yeah they won’t care

my “business name” is just my name :)
 
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Jon

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Well it's the end of the tax year next Monday!

Time for all us self employed people to tell them all about your 2020-2021 earnings!!

Literally the least fun event each year for me!
 

Jon

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Well it's the fun time of the year when we have to pay our self employed January tax bill!

For returns you DID have until Midnight 31 January 2022 but you can submit up to 28 February 2022 without getting a late filing penalty!
 

rninja

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Like most similar things in life, fairly simple once you concentrate on it (unless you have complex finances).
 

Jon

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Like most similar things in life, fairly simple once you concentrate on it (unless you have complex finances).
100% for the sort of online work we do on here you can basically put a zero of most of those finance boxes!
 

Jon

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Well a new tax year has arrived.

I hope you've all kept track of your online income over the last year and don't forget to claim every expense you legally can do (ESPECIALLY THE COST OF WORKING FROM HOME ONES!)

For anyone who is submitted their first tax return for earning money online I hope the 'payment on account' isn't too bad!
 
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sianib

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Hi,
I am looking at doing last year's tax return and I am wondering what I can pass on as a legitimate expense. I didn't earn that much and since it was my first year tutoring, I have incurred a lot of set-up expenses. I also am doing some CPD courses. Can I claim tax relief on these?
By CPD, I mean that I am doing dyslexia training but I am a qualified teacher. Does this imply retraining or CPD?
Thanks,
Sian
 

BreeziOG

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Hi,
I am looking at doing last year's tax return and I am wondering what I can pass on as a legitimate expense. I didn't earn that much and since it was my first year tutoring, I have incurred a lot of set-up expenses. I also am doing some CPD courses. Can I claim tax relief on these?
By CPD, I mean that I am doing dyslexia training but I am a qualified teacher. Does this imply retraining or CPD?
Thanks,
Sian
If your courses/expenses are under £1k, just claim the trading allowance.
 

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