[Mark M]

Just submitted my tax return online. I was feeling really pleased with myself as due to a lot of hard work and some luck my profits had gone up by 50%

Got to the end and submitted my return, but when I saw the bill to pay almost choked. A lot higher than I expected, plus they added on 6 months for next year

Not complaining really just wanted to get it of my chest. Also wondering how everyone else got on with their return, and did anyone else leave it late like me.

Thanks
Mark

[Trevor Knight]

Profit up by 50%

What are you moaning about???

Best wishes Trev

[Mark M]

Your right, shouldn't moan really 

My earnings were quite low last couple of years, just suprised by the tax bill. It's all a learning curve just glad I have been putting money away each month

Mark

[JM123]

use an accountant - its their job to make sure your tax bill is as low as allowable, a good accountant will save you money - a brilliant one will prob work from prison!

[windows_chepstow]

 plus they added on 6 months for next year

They made me pay last years tax AND this years based on what I earnt last year; which was a proper kick in the nuts.

In fact I ended up haggling with the tax man over my monthly repayments, and I've only one left after this months payment; whew.

Then I'll have to pay the 'balance' once I submit my return; but I'm going to leave it till the very last moment... as I always do when paying bills.  It's sort of a habit now.

My advice is, if you have problems coughing up for your tax bill, phone the tax man; explain to him that you're skint; and arrange a monthly repayment plan and ensure you get it paid.

[Trevor Knight]

My advice is don't get itchy fingers with your income.

We all know that at the end of our year we have to pay our tax so keep some back, I know its difficult but you just have to be sensible.

Pay yourself a weekly wage and leave the rest in the bank. At the end of the year pay your bill and with the rest have a nice holiday or buy that new car etc.....

Best wishes,

Trev

[eddie d]

tax is not nice .
but on the other hand if your paying a lot of tax your making a lot of money.
our tax bill amounts to nearly 10 k a year ,that is not nice

[*Chris Browne]

Agree with Trevor, dont over pay yourself, be a tight git for the first couple of years, it will be worth it, and also dont make to much proffit


chris

[zeusjazmin]

yes iwould say get an accountant,it is amazing the things they can save you money on,,,,,my accountant puts through £2 a week for me washing car ,it all adds up

[Dick]

Spoke to my accountant regarding claiming, and his answer was, 'you can claim 40% of the value of a 'new' purchase, van, computer etc'. The definition of new, is new to you, not necessarily a brand new item. This is assuming that you use the item solely for business use, otherwise you can only claim a percentage of the business use, after deducting the 40%.
i.e. Van cost = £!000 and is used 50% for business, 40% of £1000 = £400, divided by 50% = £200 claim. 
Hope you understand.
Dick   

[JM123]

don't forget guys that

a) the tax man is no fool - try and take the p and they will investigate you - horrendous, you don't wanna go there.

b) if you are looking for a mortgage (ging for more expensive house etc) then you need to show proof of income, tax bill etc so you could be shooting yourself in the foot again if you don't declare what you REALLY earn.

c) everyone likes to have a good moan about the beer money brigade/dole parade etc but by being dishonest about what you earn means you are doing the same as them.

For the record I make £15 a month.

[Majestic]

It takes me 2 months to earn that