Tax - Self Assessment

[Barnet Seagull]

Just been issued with a self-assessment form from the taxman.
Nightmare.

Anyone had to do this? It looks like it's a complete arse.

 

[Beach Hut]

Yep got caught out a few years ago - there are a couple of accountants on here who should be able to help just stick around.

Presumably you have moved into the higher tax bracket ?

 

[timbha]

for which year(s)? seems a bit late. A tip - do it asap!

 

[Bozza]

I've never been asked to do one.

So concerned was I, last year, that I asked if everyone had to do one and I'd been 'missing out'. Seems not - only when they ask you.

Long may my luck continue.

 

[Artois]

Barnet - PM me details and I'll see if I can help at all.


Beach Hut - Did you ever get yours done ok?

 

[timbha]

Bozza - be careful, just because you haven't been asked to do one yet doesn't mean you never will. A colleague in my office has just been asked to go back and complete three years' worth - and surprise surprise owes them £hundreds!

If you are employed and your employer sends in P11Ds (summary of taxable benefits excl salary) and P60 (summary of salary, tax paid, etc) each year you should be ok - unless you have alternative income!!

Don't forget the Inland Revenue incentivises staff to collect unpaid taxes.

 

[London Calling]

Got caught as an employee last year. I had to fill in self assessment for over 3 years mighty prompto and told I already owed money plus fines for non-payment.

Actually I have now gone self-employed and am needing assistance over:
1. Whether To use an accountant
2. To be Self-Employed or go to a Ltd Company

So if Artois or anyone else can advise that would be great,

LC

 

[El Presidente]

Bozza, you are obliged to inform the Inland Revenue that a self assessment is due if:

1. You are a higher rate taxpayer

2. You are self employed

3. You are a director of a company

4. You are Dwayne, and therefore a high flyer


Ignorance is not a valid excuse, and fines will be levied accordingly.

PM me if anyone needs further gruesome info on this issue

 

[Easy 10]

I went self-employed for a while.
Took one look at the tax forms and thought....naah, lifes too short. Hired an accountant immediately and let him do the work.
OK, you pay, but you know its being done properly. Plus, get a good one, and he saves you £££'s on yer tax bill.

 

[Artois]

Plus, get a good one, and he saves you £££'s on yer tax bill.

That's right I will.




If anyone on here wants me to look at your accounts / self assessment let me know and I'll be only too happy to help.

Won't cost you much either......

 

[Bozza]

Bozza, you are obliged to inform the Inland Revenue that a self assessment is due if:

1. You are a higher rate taxpayer

2. You are self employed

3. You are a director of a company

4. You are Dwayne, and therefore a high flyer


Ignorance is not a valid excuse, and fines will be levied accordingly.

PM me if anyone needs further gruesome info on this issue

Bugger.

How are you supposed to know this though? I bloody didn't?!?

 

[Barnet Seagull]

It's for the year 2002-2003!

Christ...

I've registered, so will wait 7 days. Thanks for the offer of assisstance, may take you up on it.

 

[Artois]

It's for the year 2002-2003!

Christ...

I've registered, so will wait 7 days. Thanks for the offer of assisstance, may take you up on it.

2002/03 returns were due in by 31st January.

However, if you've only just been issued with a return, then you have two months to submit it. Have a look at the front of the return and it will tell you the issue date.

 

[Artois]

Bugger.

How are you supposed to know this though? I bloody didn't?!?

Which applies to you, no 4?

 

[Lady Bracknell]

It was horrible! I finally managed to get mine done on the 29th January after spending an entire afternoon in front of it. It started badly with the dilemma of the accounting basis - never go self-employed halfway through a tax year - and got worse as I moved on to the contemplation of allowable expenses. I've already got an accountant lined up for next year!!!

 

[trueblue]

I believe I'm right in thinking that accountancy costs are tax deductible anyway - so you might as well get one to ease the pain.

 

[Easy 10]

My accountant was this retired old fella who lives in the Shoreham Beach area (in a house, he wasn't some hobo on the mud flats or anything). He just does a bit of accountancy on the side, and gets his missus to sort out all the receipts and paperwork and all that shit you give to him. The more in order you keep your stuff, the less time his wife has to spend sorting it, and the less he charges you.

He must have lopped off about 30% from my estimation as to what I'd have to pay. All sorts of crap that'd never occur me to use, to whittle away at the tax bill. Wife wash your work shirts ? Right, thats washing powder, etc. Use a room in the house to store work-related stuff ? OK, lets lop some more off for that. Buy a newspaper every day ? OK, we'll skim that off. Dartford Crossing every other day ? Yep, knock that off too.

Unreal. I was keeping receipts from chewing gum I'd bought during my working day. It all totted up like you wouldn't believe. I literally had receipts coming out of my arse by the end of the tax year.

 

[fataddick]

I am self-employed and it takes me around half an hour to do my tax form. Don't be confused by it. Unless you have kids, pensions, shares or benefits etc, you only have to fill in five pages. Just cross No at the top of all the others. They have made the form easier each year. There really is no point nowadays hiring an accountant at £150+ for something that takes at absolute worst an afternoon to fill in yourself.

 

[seagull over sevenoaks]

Guess I might be in trouble then having never filled one of these in and in the higher tax bracket.. I didn't realise it was my responsibility to tell them!!

 

[just_bhafc]

Got caught as an employee last year. I had to fill in self assessment for over 3 years mighty prompto and told I already owed money plus fines for non-payment.

Actually I have now gone self-employed and am needing assistance over:
1. Whether To use an accountant
2. To be Self-Employed or go to a Ltd Company

So if Artois or anyone else can advise that would be great,

LC

Before deciding to go Ltd read up on IR35. It's a stealth tax bought in by this wonderful government to f*** one man band ltd companies over!

I was ltd for years until this but nowadays it's just not worth the risk or the hassle.