Tax return time!

[Twiggy]

When you say you have reinvested, what is this? What have you bought? Or it is something you can cash out anytime? (I'm not familiar with neobux).

 

[katykicker]

If you haven't received physical cash/vouchers/items of a specific value, then I believe it would be classed as an expense.

For example if I spend £50 on software to develop my website, and £40 for hosting those are both expenses I can claim back. In the same way if you bought a work van to use to complete your job you could claim that expense back.

I would claim it as an expense, as you've not received any physical money or anything of monetary value.

Obviously my opinion is just my own, and HMRC are surprisingly helpful when it comes to online things. I may just get lucky when I ring but the people I speak to know of these online opportunities, YouGov, GlobalTestMarket, Field Agent etc, and are either able to advise or able to read something out for me to interpret in my own manner. A lot of it is guesswork really but as you've not had any money or any goods I would say it could be interpreted as an expense. Although exercise your own caution.

I don't claim many expenses throughout the year. Just this: https://www.gov.uk/simpler-income-tax-simplified-expenses/overview (Which some of you may not know about!), my website hosting, any new tech (laptop, phone etc) that I use for work and a few other bits and pieces. It doesn't amount to that much but can increase my tax threshold by a couple of thousand, which is nice.

I also pay voluntary class 2 National Insurance Contributions, as I want a £150 a week maternity allowance when I have my babies

 

[Blackpepper1]

If you haven't received physical cash/vouchers/items of a specific value, then I believe it would be classed as an expense.

For example if I spend £50 on software to develop my website, and £40 for hosting those are both expenses I can claim back. In the same way if you bought a work van to use to complete your job you could claim that expense back.

I would claim it as an expense, as you've not received any physical money or anything of monetary value.

Obviously my opinion is just my own, and HMRC are surprisingly helpful when it comes to online things. I may just get lucky when I ring but the people I speak to know of these online opportunities, YouGov, GlobalTestMarket, Field Agent etc, and are either able to advise or able to read something out for me to interpret in my own manner. A lot of it is guesswork really but as you've not had any money or any goods I would say it could be interpreted as an expense. Although exercise your own caution.

I don't claim many expenses throughout the year. Just this: https://www.gov.uk/simpler-income-tax-simplified-expenses/overview (Which some of you may not know about!), my website hosting, any new tech (laptop, phone etc) that I use for work and a few other bits and pieces. It doesn't amount to that much but can increase my tax threshold by a couple of thousand, which is nice.

I also pay voluntary class 2 National Insurance Contributions, as I want a £150 a week maternity allowance when I have my babies

You have explained it really well.
Good one. It is tricky when you earn online as to what you count and not.
Expenses like hosting I count towards business expense as well as car costs, postage stamps etc or computer software etc.
Income is counted as money coming into my Bank Account. That is my cash earnings.
I only count it as income once it is actually transferred into my Bank Account just in case Paypal refused to give it to me for some reason. They have done that to people before and even shut peoples Paypal accounts down completely so it is not guaranteed money until I actually have it in my own Bank Account.

 

[RedAlix]

When you say you have reinvested, what is this? What have you bought? Or it is something you can cash out anytime? (I'm not familiar with neobux).

Hi Twiggy, Neobux is a ppc site where you can pay to rent referrals (which is good because it is really hard to get direct referrals). When these referrals click certain adverts they earn you money.

Thanks for explaining it katykicker and blackpepper1

I have always had helpful people when phoning the tax office too, if I get stuck maybe I'll give them a call.

 

[spike241]

I would put the $85 down as an expense and the same with Jon's £80.
You're not spending the money on anything personal, you're using the money to improve your 'business' and, hopefully, your income.

I'd say it's the same whether you paid directly from your Neobux balance or withdrew the money and then paid for gold membership or referrals, whatever it was spent on.

 

[Blackpepper1]

I would put the $85 down as an expense and the same with Jon's £80.
You're not spending the money on anything personal, you're using the money to improve your 'business' and, hopefully, your income.

I'd say it's the same whether you paid directly from your Neobux balance or withdrew the money and then paid for gold membership or referrals, whatever it was spent on.

That is how I would do it. You are spending the money as an investment into the business to be able to make more profit in the end.
It is the same if you were advertising your Blog/site and spending money on that.
They are all costs rather than money you are withdrawing out to use for yourself.

 

[RedAlix]

Thanks everyone

 

[Jlcawthray]

Hi, I have a few questions on self assessment tax and hope some of you may be able to help me. I have read a few posts on here but I am still unsure on what I need to do. I work full time (currently on maternity leave), so already pay tax and NI through my job.

1) I understand I have to declare money made from completing surveys (including vouchers) and mystery shopping but do I have to include money made from shopitize, checkoutsmart etc?

2) What do I have to declare from mystery shopping? For example, I completed a mystery shop in a pub. I was paid £2.75 and reimbursed £15. Do I have to declare £17.75 or £2.75?

3) Can I claim mileage on getting to and from mystery shopping visits?

4) and how do I pay the tax, do I need to save it to pay at the end of the tax year, or will it come out of my regular pay?

Thanks in advance, Joanne.

 

[Jon]

Hi, I have a few questions on self assessment tax and hope some of you may be able to help me. I have read a few posts on here but I am still unsure on what I need to do. I work full time (currently on maternity leave), so already pay tax and NI through my job.

1) I understand I have to declare money made from completing surveys (including vouchers) and mystery shopping but do I have to include money made from shopitize, checkoutsmart etc?

2) What do I have to declare from mystery shopping? For example, I completed a mystery shop in a pub. I was paid £2.75 and reimbursed £15. Do I have to declare £17.75 or £2.75?

3) Can I claim mileage on getting to and from mystery shopping visits?

4) and how do I pay the tax, do I need to save it to pay at the end of the tax year, or will it come out of my regular pay?

Thanks in advance, Joanne.

Forget the fact you are on maternity pay, you are still employed by your employer and you also do work from home

Exactly the same setup as myself

1- do you make a profit from those apps? If so then its earned money

2 - £2.75

3 - yes more Than likely

4 - I am assuming at this point you are registered with HMRC as being self employed as well

After April wait for you employer to send you your p60 and the you go onto and tell HMRC both your income from your mail job and separately you self employed income

You can elect to pay any tax you owe from self employed work through PAYE in your main job which is what I do

So say I owed £500 in tax for self employment. That would get taken out of my main wage in my main job over the course of 12 months starting the following April

Any other questions please just ask

 

[Jlcawthray]

Thankyou, that has made it clearer for me.

 

[Jon]

Thankyou, that has made it clearer for me.

no worries - happy to help as always but It is very confusing when you first start out

 

[katykicker]

The window for submitting tax returns is now open

I can't believe I hadn't actually forgotten that today was the first day I could submit.

As I was proactive, for a change, I had everything ready a few days ago and luckily no new payments came in to mess things up (I have intentionally avoided cashing out on a few sites).

All done, I don't owe anything now as I had a nice amount on account and so I've got the next 18 months of class 2 NICs sitting on there too now.

Feels good to be organised and actually take care of doing things myself for a change (I used to pay an accountant - which is mad as it is so easy!).

Anyone else getting theirs done early?

 

[Jon]

Good God woman you are organised!!

I can't sucmit mine until I get my p60 from my main job - that usually takes a month or two

I imagine for some on here it will be their first year having to submit a tax return

 

[Jegglejeggle]

The window for submitting tax returns is now open

I can't believe I hadn't actually forgotten that today was the first day I could submit.

As I was proactive, for a change, I had everything ready a few days ago and luckily no new payments came in to mess things up (I have intentionally avoided cashing out on a few sites).

All done, I don't owe anything now as I had a nice amount on account and so I've got the next 18 months of class 2 NICs sitting on there too now.

Feels good to be organised and actually take care of doing things myself for a change (I used to pay an accountant - which is mad as it is so easy!).

Anyone else getting theirs done early?

Your quite right it is easy, it just sounds hard the way they word their form

 

[Jegglejeggle]

This is for Katykicker, do you not sleep!! All your posts seem to be very late at night or in the morning!!

 

[Twiggy]

I haven't done my accounts yet but will be submitting today or tomorrow - it really doesn't take long and so no point putting it off. What I am not looking forward to sorting out today and this week is the accounts, PAYE and annual return for my Ltd company that I have in the process of getting struck off. I used to pay an accountant but decided to do the winding up and final accounts myself as I just couldn't afford her anymore - argghh

 

[katykicker]

Good God woman you are organised!!

I can't sucmit mine until I get my p60 from my main job - that usually takes a month or two

I imagine for some on here it will be their first year having to submit a tax return

Thanks, I'm salaried and things never fluctuate, there is no overtime, no extra pay, nothing, but then again it is a guaranteed wage each month so it is all nice and straight forward. I used to pay someone, quite a bit, to do it all for me, bet they were laughing their ass off!

This is for Katykicker, do you not sleep!! All your posts seem to be very late at night or in the morning!!

I'm a real insomniac I did sleep last night, from about 11:30ish for about 45 minutes. Then figured I might as well wake up and get some paid work done. Then before I knew it was lunchtime so I had a small nap (1 hour) before the phone ringing 16 times woke me up.

I am actually going to go to bed soon, as I'm up at 4:30am, but I imagine I'll watch at least 1 film, if not 2, before I nod off. Sometimes I sleep like a normal person, other times not so much. This week not so much

I think perhaps I was worrying about my tax return but glad it is all done and sorted now I had been putting money away too so no big shock for me which was nice.

I haven't done my accounts yet but will be submitting today or tomorrow - it really doesn't take long and so no point putting it off. What I am not looking forward to sorting out today and this week is the accounts, PAYE and annual return for my Ltd company that I have in the process of getting struck off. I used to pay an accountant but decided to do the winding up and final accounts myself as I just couldn't afford her anymore - argghh

Good luck to you, hope it goes as smoothly as possible

 

[Jon]

This topic has been moved to Off Topic - Financial Chat.

http://www.themoneyshed.co.uk/index.php?topic=2937.0

 

[RickyRaj]

Waiting for some paperwork to come in before I do mine. Will be done this month.

 

[RedAlix]

I'm going to try and get mine done early this year, rather than waiting till January!