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Spruce

  • Posts: 8647
Re: Self Assessment
« Reply #20 on: September 26, 2015, 09:58:52 pm »
As you fill out your self assessment online, there are help buttons next to each question to help you answer it. Some even give examples as is the case with vehicle depreciation, private use percentage and pooling. Copy those but replacing your figures with theirs.

Even if you know what you did the previous year its always good to look at these each year as there have been changes made, as has been the case with the depreciation calculation.
Success is 1% inspiration, 98% perspiration and 2% attention to detail!

The older I get, the better I was ;)

CleanClear

  • Posts: 15388
Re: Self Assessment
« Reply #21 on: September 26, 2015, 11:06:33 pm »
As you fill out your self assessment online, there are help buttons next to each question to help you answer it. Some even give examples as is the case with vehicle depreciation, private use percentage and pooling. Copy those but replacing your figures with theirs.

Even if you know what you did the previous year its always good to look at these each year as there have been changes made, as has been the case with the depreciation calculation.

Copy those but replace their figures with yours?
*Status*--------Currently Online---------

Spruce

  • Posts: 8647
Re: Self Assessment
« Reply #22 on: September 27, 2015, 08:51:03 am »
As you fill out your self assessment online, there are help buttons next to each question to help you answer it. Some even give examples as is the case with vehicle depreciation, private use percentage and pooling. Copy those but replacing your figures with theirs.

Even if you know what you did the previous year its always good to look at these each year as there have been changes made, as has been the case with the depreciation calculation.

Copy those but replace their figures with yours?

What I meant was coping their working-out example but using your vehicle costs.  Sorry for any confusion - my middle name.  :)
Success is 1% inspiration, 98% perspiration and 2% attention to detail!

The older I get, the better I was ;)

Rich Wilts

Re: Self Assessment
« Reply #23 on: September 27, 2015, 09:01:05 am »
If you're under a tax investigation I bet no one can lie well and confidently. I know I couldn't. I declare what I earn because sleeping well at night is high on my list of priorities.

Mike #1

  • Posts: 4668
Re: Self Assessment
« Reply #24 on: September 27, 2015, 09:02:35 am »
If you're under a tax investigation I bet no one can lie well and confidently. I know I couldn't. I declare what I earn because sleeping well at night is high on my list of priorities.

+1

Positivity

  • Posts: 571
Re: Self Assessment
« Reply #25 on: September 27, 2015, 10:21:06 am »
Thanks for all the info. Going to give it a go. Millions do it every year so it can't be impossible! ;D ;D

Katy

Re: Self Assessment
« Reply #26 on: September 27, 2015, 10:37:31 am »
Nice one, good luck.

Tom White

Re: Self Assessment
« Reply #27 on: September 27, 2015, 02:02:01 pm »
They get that from you first bank statement after the end of the April tax year. Mine is usually on the May bank statement in  the summary section. Just use those figures.

I was an accountant in a previous life and I'd often get audited (investigated).  And when small stuff was found to have irregularities, I was never spanked or sent to prison, they'd just ask me to correct it.

If anyone had never put down interest as a profit, from their current account, and you were audited, they'd just ask you to go back x amount of years and pay the trifling sum you owe, I'm sure.

Small errors won't be confused with the more obvious illegal stuff.

Tom White

Re: Self Assessment
« Reply #28 on: September 27, 2015, 02:03:47 pm »
I was a self employed milk man at the age of 19. I made silly money. I got an accountant who did all my accounts for years. My accountant got sent down for fraud. I had to take my accounts to tax office. They said they were no good and had to be re done. They wernt certified or something. Long time ago.
I had to pay another accountant to re do them.
I found out, unless you can claim for things you don't know about, its not worth it. If you screw your accounts up. You wont get sent down. All they are for, is showing your income really. You gain by  having an accountant so you can claim for more hidden things.
Big companies are a totally different thing. They will have clerks etc to help in this.
I got visited by the tax man one day. I had
 a customer who worked at the petrol station. She gave me a receipt for X amount. He pulled out that 1 receipt out of hundreds, many from the same place. These guys are good

The only window cleaner I know who has been investigated was in a position similar to yourself; he used a dodgy accountant who was caught  and everyone 'on his books' received a tax investigation.

He's been a window cleaner for must be around 25-30 years and that was the only investigation he's ever had.

paulben

  • Posts: 1041
Re: Self Assessment
« Reply #29 on: September 27, 2015, 05:39:35 pm »
Many years ago in another business I had a visit from tax man and woman . They came in cup of coffee / tea pointed out error of my ways and off they went simples .

Still wanted their pound of flesh
Do not steal the government hates competition

Re: Self Assessment
« Reply #30 on: September 27, 2015, 07:13:29 pm »
Many years ago in another business I had a visit from tax man and woman . They came in cup of coffee / tea pointed out error of my ways and off they went simples .

Still wanted their pound of flesh

The tax man came in your cup of coffee ??
I heard they were sickos , by the sounds of it, it's true  ;D

paulben

  • Posts: 1041
Re: Self Assessment
« Reply #31 on: September 27, 2015, 07:23:15 pm »
No think they came in a Mondeo   ;D
Do not steal the government hates competition

Re: Self Assessment
« Reply #32 on: September 27, 2015, 08:04:41 pm »
 ;D

Small but perfectley formed

  • Posts: 1747
Re: Self Assessment
« Reply #33 on: September 28, 2015, 01:51:28 pm »
We had an VAT inspection only they dropped a ollock  they owed us a load of money ;D, Never had another since :o
Spit and polish

Katy

Re: Self Assessment
« Reply #34 on: September 28, 2015, 03:52:02 pm »
I think when it gets complicated if your VAT or LTD, or you have expenses that are in the realm of other businesses - mine is so straightforward, not taking people out to dinner or going abroad, etc etc, so its quite simple, think I would be reluctant to pay anybody..

paulben

  • Posts: 1041
Re: Self Assessment
« Reply #35 on: September 28, 2015, 07:29:09 pm »
Was talking to a woman on a burger van about accountants next time showed her a blank self assessment form she said she supplied all that info to accountant ( she was even adding up income / expenses ) he was only filling in the boxes and his pockets
Do not steal the government hates competition

DaveG

  • Posts: 6348
Re: Self Assessment
« Reply #36 on: September 29, 2015, 06:06:14 pm »
they follow you in umarked cars

Is that the opposite to following you in cars with "TAXMAN" in huge letters on the side?

 ;D
You can't polish a turd

Positivity

  • Posts: 571
Re: Self Assessment
« Reply #37 on: October 29, 2015, 10:05:14 am »
Hi
Just an update for anyone who is interested.
I found it a bit tricky as it was the first time filling in the forms and we are a partnership so it's a bit more complicated.
There is a partnership tax return, a partnership statement for each partner and the online self assessment to complete for each partner.
Took about a morning for the paper returns (believe it or not you can't file a partnership tax return online to HMRC you have to buy commercial software). So I sent paper forms to beat the deadline of 31st October.
About a morning for the online self assessment.
Tax bill just about the same as last year, slight increase but I think that's because NI contributions are now collected with your tax return or maybe I could have claimed for a bit more expenses.
Overall, for the time invested and now that I know how to do it quite pleased with saving £450 on the accountants bill and just the same amount of tax to pay! ;D

8weekly

Re: Self Assessment
« Reply #38 on: October 29, 2015, 12:26:37 pm »
Hi
Just an update for anyone who is interested.
I found it a bit tricky as it was the first time filling in the forms and we are a partnership so it's a bit more complicated.
There is a partnership tax return, a partnership statement for each partner and the online self assessment to complete for each partner.
Took about a morning for the paper returns (believe it or not you can't file a partnership tax return online to HMRC you have to buy commercial software). So I sent paper forms to beat the deadline of 31st October.
About a morning for the online self assessment.
Tax bill just about the same as last year, slight increase but I think that's because NI contributions are now collected with your tax return or maybe I could have claimed for a bit more expenses.
Overall, for the time invested and now that I know how to do it quite pleased with saving £450 on the accountants bill and just the same amount of tax to pay! ;D
I thought the deadline was the end of January?

Positivity

  • Posts: 571
Re: Self Assessment
« Reply #39 on: October 29, 2015, 12:52:49 pm »
Yes it is for online.
For paper it's end of October.
I didn't have time to shop for software maybe next year.
Print half a dozen A4 forms.
Proof of postage 95p.
Old fashioned but cheaper. ;D