Self Assessment Tax Returns!

Another here who does one every year even though my situation is very simple... Every year they offer to not have be do one, but you know what? Every year Ive done one I've either owed them money or they've owed me, so I insist I do one every year.

Once you've done a few, it doesn't take that long, usually a job for me over the festive season. Much easier since being able to fill it all in online, as you can start it and keep coming back to it :D
 
I find self assessment easy and always have done. It's relatively self explanatory (assuming you're PAYE)........that said I now do about half a dozen each year for friends including one has is self employed.........

If you've nothing complicated do it online and fill out the dozen or so boxes required.

If your tax affairs are simple then they might only ask you do a short tax return next year.......

Which bits(s) are you struggling with ? Perhaps we can give some guidance ?
 
With regard to phoning the tax office... In my experience you need to do it early when they open, 8am IIRC. You're more likely to get through, and to get a person who's in a good mood. Oh, and ALWAYS write their name down (ask for it if they don't offer it) and use it. Works wonders on any call to places like this, even if it's only to say thanks at the end.

Egg-sucking advice finished :D
 
uuf361 said:
I find self assessment easy and always have done. It's relatively self explanatory (assuming you're PAYE)........that said I now do about half a dozen each year for friends including one has is self employed.........

If you've nothing complicated do it online and fill out the dozen or so boxes required.

If your tax affairs are simple then they might only ask you do a short tax return next year.......

Which bits(s) are you struggling with ? Perhaps we can give some guidance ?
Click to expand...

The bits I'm struggling with mainly are…

- "Did you receive any other UK income, for example employment lump sums, share schemes or life assurance gains?" I'm PAYE and receive a bonus each year, so not sure if I have to declare this or not. Cant find an answer online anywhere.

- Do I need to declare that I'm a Director of our shared freehold? (It asks if Im the Director of any companies)

- It references a £number under the underpaid tax section, but then asks me to confirm if thats correct. Surely they know if it is or isn't?!

- Adjustments to Tax Due section is just plain confusing!
 
I'll start by saying I'm no tax expert, but I've been filling in tax returns in cluding my own for 15+ years.

So, in answer to your questions above:

1. Assuming the bonus is paid through payroll then you will have been charged tax at the appropriate rate so this does not need to b declared (my bonus gets taxed in this way)

2.Do you get paid to be Director of the Freehold ? Presumably not so nothing to declare, as they can't tax you on £0 (I'm sure they'd love to though :D ) Someone else may be able to confirm this though........

3. Not sure what this number is or what box it's in ? - I think this might just be the amount of tax you owe them or on which they are going to make a calculation (assuming you have income not already taxed, e.g. share dividends, UK interest etc......)

4. Adjustments section is not normally something I'd fill in - is there anything you think you should ?

As you're PAYE there should be very little to fill in, so don't get too worried about it or over-think what they might be looking for.......Hope that helps a bit.....
 
inkey$ said:
- "Did you receive any other UK income, for example employment lump sums, share schemes or life assurance gains?" I'm PAYE and receive a bonus each year, so not sure if I have to declare this or not. Cant find an answer online anywhere.
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if you're PAYE, this should have been included in your P60 and tax taken off before you received it. so NO

inkey$ said:
- Do I need to declare that I'm a Director of our shared freehold? (It asks if Im the Director of any companies)
Click to expand...
no idea, probably

inkey$ said:
- It references a £number under the underpaid tax section, but then asks me to confirm if thats correct. Surely they know if it is or isn't?!
Click to expand...

That always confuses me too...

inkey$ said:
- Adjustments to Tax Due section is just plain confusing!
Click to expand...

agreed...
 
Cheers all. Really helps - even just to know I'm not the only one! Sounds as though I've done all I can. Maybe I need to treat this time of year as something fun; make it go away quicker. Agree that once I've done it a few times it will probably become easier.
 
inkey$ said:
Cheers all. Really helps - even just to know I'm not the only one! Sounds as though I've done all I can. Maybe I need to treat this time of year as something fun; make it go away quicker. Agree that once I've done it a few times it will probably become easier.
Click to expand...


I was certainly thinking that earlier and being careful in my posts, but a normal tax return is a quick easy form and really a non event.

Try being self employed, running your own limited company, being a director and an employee, running a payroll, being registered for VAT, work mainly overseas and then see how many returns you get and how complex they are...

Secret is to just anticipate the questions, keep things filed like statements, BIK, P60's, etc. and then everything is to hand and dead easy to complete each time.

As others have posted I've been trapped by this stuff for decades and in a way I'm pleased I am because it means I earn enough to need to do it :)
 
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