[Finance] Self assessment return help please

[Garage_Doors]

Part of my income is from a contractor who pay me through the government CIS scheme where tax is taken at source.
I get paid £200 thus I get £160 and £40 get paid to the government via the CIS scheme
My question is does the full £200 go down as income or the £160?
Thinking is as the tax has already been paid if I put in £200 then I would being paying tax on it again, or at very least on the £40 tax each day?

Appreciate any advice.

 

[MACCAPACCA]

You will need to include the gross £200 as income. You can then take off any expenses you have suffered. As the tax is taken up front, you will usually be due a refund, as your tax free personal allowance has not been taken into account. You will need to enter the tax suffered in your return.

 

[1066familyman]

You will need to include the gross £200 as income. You can then take off any expenses you have suffered. As the tax is taken up front, you will usually be due a refund, as your tax free personal allowance has not been taken into account. You will need to enter the tax suffered in your return.

Sorry to piggy back here, but a quick related question please if I may?
Apologies to the OP.

I do some extra self employed work that I'll likely have to fill in a self assessment form for. I get paid for my hourly rate and also my travel expenses.

Will I include the travel expenses as part of the income and then just knock off the travel expenses on the expenses column?

Sorry, I haven't had to fill out one of these for years and now not really sure how it all works.

 

[Weststander]

Always include the gross pre deduction amount in your self employed turnover total.

CIS tax suffered is dealt with much later on within the tax return.

You won’t necessarily get a repayment if you have other taxable income and gains in that year. But way one or another, you will pay that much less in tax.

 

[Weststander]

Sorry to piggy back here, but a quick related question please if I may?
Apologies to the OP.

I do some extra self employed work that I'll likely have to fill in a self assessment form for. I get paid for my hourly rate and also my travel expenses.

Will I include the travel expenses as part of the income and then just knock off the travel expenses on the expenses column?

Sorry, I haven't had to fill out one of these for years and now not really sure how it all works.

Yes. Income includes disbursements received from your client.

Then also in the self employed section you’ll have the opportunity to deduct allowable expenses from the income.

 

[1066familyman]

Yes. Income includes disbursements received from your client.

Then also in the self employed section you’ll have the opportunity to deduct allowable expenses from the income.

Thanks

 

[NooBHA]

Sorry to piggy back here, but a quick related question please if I may?
Apologies to the OP.

I do some extra self employed work that I'll likely have to fill in a self assessment form for. I get paid for my hourly rate and also my travel expenses.

Will I include the travel expenses as part of the income and then just knock off the travel expenses on the expenses column?

Sorry, I haven't had to fill out one of these for years and now not really sure how it all works.

If it is less than £1000 for the year. It won't be taxable and you don't need to declare it. That's because it will be covered by what is known as the " Trading Allowance" . So if it falls below that level. I wouldn't bother bother doing a Return just for that income alone if you don't normally do a Return otherwise and the extra income is covered by those allowances

 

[1066familyman]

If it is less than £1000 for the year. It won't be taxable and you don't need to declare it. That's because it will be covered by what is known as the " Trading Allowance" . So if it falls below that level. I wouldn't bother bother doing a Return just for that income alone if you don't normally do a Return otherwise and the extra income is covered by those allowances

Yes, I was way under £1000 the previous year (not quite previous as stopped that work during Covid) and they told me I didn't have to declare when I phoned up.

I think when I come to tot up the figures from April last year to April this year, hourly rate total earnings might be borderline £1000, but very likely to be over when I include the travel expenses received.

 

[NooBHA]

Yes, I was way under £1000 the previous year (not quite previous as stopped that work during Covid) and they told me I didn't have to declare when I phoned up.

I think when I come to tot up the figures from April last year to April this year, hourly rate total earnings might be borderline £1000, but very likely to be over when I include the travel expenses received.

You can still claim the £1000 Trading Allowance and deduct it from whatever the total adds up to if that works out better than what your actual expenses would be

 

[Garage_Doors]

You will need to include the gross £200 as income. You can then take off any expenses you have suffered. As the tax is taken up front, you will usually be due a refund, as your tax free personal allowance has not been taken into account. You will need to enter the tax suffered in your return.

Thank you.

 

[Garage_Doors]

Always include the gross pre deduction amount in your self employed turnover total.

CIS tax suffered is dealt with much later on within the tax return.

You won’t necessarily get a repayment if you have other taxable income and gains in that year. But one or another, you will pay that much less in tax.

Thank you