[Brian Nunn]

So now we have established that 100% of earnings must be declared, do any of you complete your own tax return forms?

No need to reply if you are the lucky ones with wives, girlfriends or friends that are accountants or if you are so well established paying an accountant is no problem for you or your company.

I am more interested in one man bands, especially if you have only been in business a couple/few years.

I know the first £6035 earned is tax free and anything after that is taxed at 20%
I know the first £5225 class 4 is ignored then 8% after and £2.20 class 2 a week.

I guess you can take the cost of ladders, tools and consumables if earnings are above £6035 the first year.

A % for car use, insurance, telephone.

How easy/difficult are they to complete for a pleb like me?

[Ian W]

You will probably get a printed version to complete for the first return. It comes with a booklet to explain about allowances and how to work them out. After that they ask you to complete them online.
It is fairly easy to complete, but you may actually gain more by paying for an accountant.

[ok cleaning]

accounted will not cost you toomuch and it is much more easier and less hustle try to find one with reasonable fee

[adixon]

my accountant charges me £150 and you claim that back anyway off your tax bill,saves me quite a bit, they know exactly what you can claim for

[Brian Nunn]

OK thanks, I did not realise the cost of the accountant could be taken off gross earnings.
If so I am sure they would do a much better job than me.

[Bobs Window Cleaning]

So how have you established that 100% of earnings must be declared by us on here.

You seem to have an hidden agenda or real bloody nosey.

Go get an accountant :

[Brian Nunn]

Don't misquote me, I wrote,

"So now we have established that 100% of earnings must be declared"

This was from a question I asked in another thread where many answered that 100% must be declared. The "we" was kind of tongue in cheek.

Hidden agenda real bloody nosey, thanks.
Perhaps I am just trying to find out what you already know.

[trike]

my wifes an accountant she does all mine,

[Tosh]

Brian,

If this is your first year of self-assessment, then you'll get the full tax return to complete; most of it will not be applicable to you (unless you have other earnings from other areas, such as property or investments).

Don't be frightened by it, it's still very simple; you don't need an accountant; and a trip to the library will get you a good book called, 'Self Assessment for the Self Employed' which is updated every year.  It'll explain other stuff; like what you can claim if you've bought a brand new van.

Next year, if your earnings are under 30K, then all you get is the simple tax return, which looks much less daunting than the full one.

Remember it's called SELF ASSESSMENT, not 'Get an accountant to work it all out for you assessment'.  It's simple really.

If you're going to do the paper one, it has to be in by the 31st October now (it used to be the 31st of Jan), but if you do it on-line, you've got till the 31st Jan.

I also pay a monthly Standing Order to the tax man which covers my annual tax bill; and more.  I was actually in credit after my tax bill was paid.

[Dean Taberner]

Tosh,

How do you set up your standing order mate?

Dean.

[Tosh]

I used the internet banking to set it up; I've been doing it for a couple of years now, so I can't exactly remember.

I know I use the tax mans sort code and bank account number and then as a reference you use your tax reference number.

I hope this helps; give the self-assessment helpline a call (if you can ever get through to them) and ask; it is simple; honest.

[Ian Lancaster]

I also pay a monthly Standing Order to the tax man which covers my annual tax bill; and more.  I was actually in credit after my tax bill was paid.

The tax man should pay you interest on any overpayments, make sure you get it.  It's nice when they have to pay you

[detec52]

If you want to do tax returns online ie self assesment i was told maximum earnings per year was £15,000 anyone know if this is right??

[trike]

yes thats right

[Jago]

Detec or Trikke
So if you earn more than 15k you can not do self assesment online? or have  I got that wrong?
or do you mean you as a person can not but the company earns more?

[trike]

inland rev have changed all the boundries,i will check and get back to you on that one

[scrimit2]

If you get you return it by the deadline do they still calculate the tax for you?

[Jago]

Did you manage to find out Trike?