What Jon has copied in (and the link) is all you need to see. There is no book that specific lists every single thing you can and can't declare. It is a very grey area. Each to their own though in what you choose to declare.
-
Coronavirus Update - If you need to earn money URGENTLY then take a look at our How to earn extra money from home during Coronavirus Blog post which covers around £1000+ of additional income, How to Quickly earn money during Coronavirus on Fiverr. or How to get up to £100 in FREE MONEY during Coronavirus.
Tax return time!
- Thread starter crazie-girlie
- Start date
Blackpepper1
Money Making Megastar!
- Joined
- Feb 7, 2014
- Messages
- 3,081
- Points
- 193
katykicker said:
A qualified Accountant has more details than anything you read.
They have far more info and are more knowledgeable on tax and what counts and doesn't.
I would rather rely on a proper Accountant for info.
[member=117]Blackpepper1[/member] I speak to HMRC direct. I'm happy with the information I'm provided with. The link that [member=1]Jon@TheMoneyShed[/member] posted was also a HMRC one.
I prefer to rely on myself, and the information HMRC has given me. You do what works best for you, I'll do the same.
I prefer to rely on myself, and the information HMRC has given me. You do what works best for you, I'll do the same.
Blackpepper1
Money Making Megastar!
- Joined
- Feb 7, 2014
- Messages
- 3,081
- Points
- 193
I am happy getting info of my Accountant and also the info that Jon has provided. 
I would say a Qualified and Accredited Accountant who has had years of dealing with self employed people and has spoken to the HMRC loads of times and deals with them directly is best at answering any queries.
That is how I look at it anyway. Honesty pays.
I would say a Qualified and Accredited Accountant who has had years of dealing with self employed people and has spoken to the HMRC loads of times and deals with them directly is best at answering any queries.
That is how I look at it anyway. Honesty pays.
Honesty pays... Right. Let's pretend this isn't a thread talking about not declaring vouchers!
I'm happy to deal direct and trust myself. I declare everything I earn so no worries. If I was missing something that was defined clearly then fair enough, but I'm not.
Everyone has to make their own choice on what to declare. I'm sure half the people online who say they declare are talking shit anyway.
I'm happy to deal direct and trust myself. I declare everything I earn so no worries. If I was missing something that was defined clearly then fair enough, but I'm not.
Everyone has to make their own choice on what to declare. I'm sure half the people online who say they declare are talking shit anyway.
Blackpepper1
Money Making Megastar!
- Joined
- Feb 7, 2014
- Messages
- 3,081
- Points
- 193
katykicker said:
Same here. Declaring everything you earn is the right thing to do. Whether someone uses an Accountant or not is up to each individual and is dependent on personal circumstances. For us it fits in since he does not mind doing it and anyway if we do pay him anything we can take that off our yearly profit anyway. So it is actually beneficial too.
Everyone has decided what they personally are going to do and what they declare is their own business.
Those of you that are doing your own tax be careful from scammers
http://www.itproportal.com/2015/07/30/stay-safe-phishing-scams-this-tax-season/?
http://www.itproportal.com/2015/07/30/stay-safe-phishing-scams-this-tax-season/?
sarebear78
Money Making Megastar!
- Joined
- May 14, 2015
- Messages
- 107
- Points
- 126
Still got to do my tax return Need to get myself motivated. Should be relatively easy for last year as I only started being self employed mid- March!
Need to get myself motivated. Should be relatively easy for last year as I only started being self employed mid- March!
Julesfh2012
I will be financially solvent!
- Joined
- May 16, 2015
- Messages
- 343
- Points
- 138
I've got to do mine too. I don't want to put it off like I usually do. It doesn't take me long either as I don't have much to declare (from small craft business) and I was only just getting started with online earning.
It will be more complicated next time)
It will be more complicated next time
)
I have just found out today that my maternity allowance doesn't have to be declared on my tax return as it is non-taxable.
Means £5,400 odd that I won't have to declare, perfectly legally!
Means £5,400 odd that I won't have to declare, perfectly legally!
Hi Everyone, Just filled out my first tax return for 2014-15 whilst I think I've completed it correctly I've not claimed any expenses. Not sure what to put really as I'm sure i have seen somewhere there is a set small claim limit. As I'm Employed and self employed how do i get the tax man to just take my tax from my current employer. The year in question I only earned around £700 and the form is telling me I need to pay £145 in tax is this about right or should I be claiming for expenses such as phone/fuel etc
Any help would be gratefully appreciated
Any help would be gratefully appreciated
hello [member=504]Petrolman[/member] I think [member=1]Jon[/member] can probably answer the question about your employer. I always pay my tax when its due, rather than doing through PAYE.
This post should help more with expenses etc:
http://blog.themoneyshed.co.uk/self-employed-toolkit/
Also, if you're already using your tax allowance then £145 on £700 sounds roughly right.
I personally claim for whatever I can. Fuel, phones, internet, new laptop, percentage of bills (I tend to use simplified expenses from HMRC website for that bit as I'm lazy) website hosting and just about anything else I use for self-employment.
This post should help more with expenses etc:
http://blog.themoneyshed.co.uk/self-employed-toolkit/
Also, if you're already using your tax allowance then £145 on £700 sounds roughly right.
I personally claim for whatever I can. Fuel, phones, internet, new laptop, percentage of bills (I tend to use simplified expenses from HMRC website for that bit as I'm lazy) website hosting and just about anything else I use for self-employment.
katykicker said:
Many thanks for this I'll have a good read. When I started with the likes of field agent etc I never thought I'd get hooked so never kept a record of milage however I have started now lol!!! I think this being my first tax return I'm just a bit nervous.
Things have changed this year as i'm now on reduced hours so I tend to do more jobs with a few of the apps going a bit further afield than I would normally and I worked out it costs me around 10p mile in fuel so if I can complete a few jobs in surrounding towns I know after paying fuel costs then Its worth the effort!
Right
Like you I am employed AND self employed
When you do your tax return you enter information for both your main job earnings and your self employed one so you will need your p60
When you get towards the end there is a screen which asks you how you want them to collect your owed tax from your self employment. You can choose to pay card OR you can tick the box I tick which says to take any tax I owe from my self employed earnings from my main job over the course of 12 months
All that happens then is you get a wry funny tax code and Come the following April they will start taking any tax you owe from your SE earnings over 12 months
Like you I am employed AND self employed
When you do your tax return you enter information for both your main job earnings and your self employed one so you will need your p60
When you get towards the end there is a screen which asks you how you want them to collect your owed tax from your self employment. You can choose to pay card OR you can tick the box I tick which says to take any tax I owe from my self employed earnings from my main job over the course of 12 months
All that happens then is you get a wry funny tax code and Come the following April they will start taking any tax you owe from your SE earnings over 12 months
Genie
Money Making Megastar!
Yes, you can ask for the tax you owe to be collected through PAYE, but you need to have submitted your tax return before 30 Dec to do that. My husband has fallen foul of that deadline this year.
https://www.gov.uk/self-assessment-tax-returns/deadlines
https://www.gov.uk/self-assessment-tax-returns/deadlines
Thiftyhusband said:
Assuming 0 left on tax free allowance it is a basic rate of 20% tax, that is approximately £140. Then any applicable national insurance of course. Obviously if you earn more then your tax rate may be the higher band.
When I was 16 I started working for an oil tools company so I have never not had the worry of tax, unfortunately ;D
Will you not be filing your tax return for this year in April? I file mine as soon as it opens, that way it is done and I can make the payment and not worry for another solid year. I would be dying by this point of the year if I hadn't filed it!