Tax Return Time

Flukester

Flukester

Flukester

Man of Honour
Joined
1 Nov 2007
Posts
4,402
Location
Christchurch UK
Anyone else been good upstanding citizens and done theirs today ?

Was a uphill struggle with HMRCs treacle slow server.... But I always feel a pressure lifted once it's it of the way so get it done ASAP. (Can never understand people leaving it to last minute)

My calculated tax owed was a whole £30 out on what HMRC calculated which I was pleased about plus they now owe me £300 due to overpayment :-)
 
I'll give my basic personal expenses to my accountant in next couple of weeks and then I think they will file it by about September so they have a good quarter past our financial year end. The only advantage of a super early return is to see how much my payment on account will be which I already have a good idea if and will have saved the correct amount already
 
Flukester said:
Why leave it so late, surely better to get it out of way and know exactly where you stand ?
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Not last minute if you always do the return in January and I do have a view of tax owed. With a variable tax bill and payments on account still going out at the end of July it's convenient to do it in January.
 
heeeed said:
I'll give my basic personal expenses to my accountant in next couple of weeks and then I think they will file it by about September so they have a good quarter past our financial year end. The only advantage of a super early return is to see how much my payment on account will be which I already have a good idea if and will have saved the correct amount already
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Ditto, although I'm generally lazy putting it in order and don't get it to them until the summer.
 
Hikari Kisugi said:
I haven't received all the information required to submit a return.
End of tax year bank statements etc.
Amazed you have all your information on the day after the tax year has ended.
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I calculate everything on an massive spread sheet so it's always accurate real time.. works out my self employment tax / NI, PAYE to wife, vat returns, and earnings from two employments on top. It's the mother of all spreadsheets... probably would be better with Sage, but I'm old school :)

This is my first year paying wife PAYE and it has destroyed my profits, which is FANTASTIC!!!
 
Filed mine in November with my accountant and already paid my payment on account and first half payment :(
 
Hikari Kisugi said:
And how did you calculate your bank interest rates over the past year and add that into the equations?
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Not that I'm answering your question but I've set mine up so that my savings is offsetting my mortgage so Im literally getting an interest free mortgage. Offset mortgages don't pay interest so doesn't attract tax. I also take advantage of my ISA so I pay no tax on any savings I have.
 
Hikari Kisugi said:
And how did you calculate your bank interest rates over the past year and add that into the equations?
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Good point..

I don't keep large sums of money in business bank account so interest is pretty much nothing. (a few quid tops) I know it should be on self assessment, but for all intention purposes it's zero, especially with business bank account rates being so low.

Basically anything I earn I have as wages or spend on stock (don't claim tax relief on stock until it's sold of course)...the only balance I build up is purely for VAT that is always up to date and Tax that is always paid as soon as I can. (this year my Tax is hardly anything due to low turnover and PAYE to employee)

I actually enjoy accounts, and over last 5 years have learned tons. I paid a accountant in first year of trading, but after he presented everything to me and did my self assessment I thought I could easily do same and save some money on accountancy fees. So made a spread sheet that mirrored his figures exactly but in a format that I could replicate using my own figures.

My tax is quite complicated as I am employed by two company's held by a single plc. I pay basic rate on one, personal allowance and pension on the other, then my self employment on top :(

I have a relative who doesn't worry about tax until the last possible moment, and has no clue how much he will owe... I couldn't live like that. You could easily run up 10s of thousands in surprise debt.

Feel free to correct me on any points though... I admit I'm just a beginner :-)
 
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With self employment any interest gained through any personal bank accounts, not through the business bank accounts has to be stated an declared.
Even if it is all at the 20% rate, you need to included it and state it has been paid.
Perhaps this is negligible also, by use of the offset mortgage.
ISA doesn't need to be mentioned to them at all.

I have to await the statement of end of year from the bank, as if audited these are what the tax men will look for, not the projected figures, so can't file my return until such statements are provided.
Usually 6-8 weeks, occasionally longer.
 
Hikari Kisugi said:
With self employment any interest gained through any personal bank accounts, not through the business bank accounts has to be stated an declared.
Even if it is all at the 20% rate, you need to included it and state it has been paid.
Perhaps this is negligible also, by use of the offset mortgage.
ISA doesn't need to be mentioned to them at all.

I have to await the statement of end of year from the bank, as if audited these are what the tax men will look for, not the projected figures, so can't file my return until such statements are provided.
Usually 6-8 weeks, occasionally longer.
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That's interesting didn't know that... My personal account is always overdrawn though and accrues no interest at all. Even if it did most would be from my two employments (I would somehow have to break down interest on employment and self employment earnings ouch)
 
Flukester said:
Why leave it so late, surely better to get it out of way and know exactly where you stand ?
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If they are likely to owe you, get it done ASAP. They pay up pretty quick, as I imagine it's mostly automated.

If you are likely to owe them, leave it till Jan and let the money you owe accrue interest.
 
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