Tax Self-Assessment Advice

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Soldato
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hi,

after comments/opinions on tax self assessments.

I am PAYE but have been claiming child benefit since Nov 2011, and as i earn over £50k (+ BIK) i think i will need to self assess to determine the charge i have to pay back? Is that right?

They changed the rules on this late last year, but it was so complicated i put my head in the sand. Now i appreciate the self assessment deadline is looming, and as i have always been PAYE i never have needed to.

Are these things a major PITA?
Is it worth me getting an accountant to do it?
If so whats a typical cost, and as i am PAYE is there anything they can save me to help offset the cost?

It's such a pain, i'd rather just write a cheque they have all my info!

Any advice appreciated!
 
I'd phone up hmrc and get them to change your tax code so they can claw the money back.

In future, just opt out of receiving child benefit so that payment isn't made but your missus still gets her NI stamps if she doesn't work.
 
Thanks, is adjusting my code a viable option then, and cancelling the benefit to avoid future issues? Is my company car (BIK) considered in the calc for >£50k?

the wife works too, so her NI is safe.
 
Car is considered as are any health benefits that you may have. You can work out how much this lot is worth on your P11d.

You can register online to complete a SA. You then need to register online to complete your form which requires a unique reference number. This will take a few weeks to arrive and then you can register online to complete the SA which then requires an activation code which (i know madness) takes a further 7 days to arrive. You can then begin the task of filling in your wages, OT, Pension etc etc.

Good luck.
 
There's no need to do self assessment if all your income is from your employment. Just call them and they will figure out how much to adjust your code by, plus you can also opt out of receiving CB and you get your full code back next April.

Cars and health insurance all count towards your taxable income.
 
danielanthony said:
There's no need to do self assessment if all your income is from your employment. Just call them and they will figure out how much to adjust your code by, plus you can also opt out of receiving CB and you get your full code back next April.

Cars and health insurance all count towards your taxable income.
Click to expand...

Ignore this post, you need to register and register by the 5th October.

You won't need to do self assessment if you no longer receive child benefits.
 
Yeah, i figured Daniel may have been in error!

If the assessment is straight forward i'm OK, as I have a good grasp of all of my taxable benefits (p11d for car, health BIK, pension contributions and my p60), so i should be able to do it easy enough (aside from the registering which seems needlessly cumbersome).

I guess the issue is the period from dec 2012 - now (which spans two tax years), where we got the benefit. I am happy to cancel it for future, but this won't fix the arrears.

Silly question, is the self-assessment for 2012-2013, or 2013-14?

If the latter, cancelling the benefit will negate the need to do a S.A (but i'll need to sort the arrears?), if the former, i may still need to do it?

So to be clear, whats my best course of action?

Obv stop the benefit, but then:

Change my tax code, and don't self-assess

or

self-assess, and let them figure it all out?

or something i have totally missed! :D

thanks btw guys
 
I would:

1) Unregister for the child benefit.
2) File a self assessment this year.

Luckily I opted out as soon as I heard this was going to happen.
 
I don't believe it can be collected through your PAYE code, it has to be self assessment. So you have to do 12-13 now and again next year for 13-14. But I am a corporate tax advisor so this isn't my specialty :p
 
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