Tax Return

[m4tty]

Hi,

Boring poll but wanted to know if anyone does their own self assessment, paper or online or do you all use an accountant.

Ive not made enough as only started in September so its not worth me getting an accountant this time around so im going to do it myself. Ive kept records of everything, all receipts are in date order with a spreadhseet showing them all too.

Next year ill probably use an accountant tho.

Any replies are appreciated

Thanks

Matt

 

[kme]

We do them ourselves.

Mrs. KME is the co. book keeper; and partner in the business.

In previous years, we`ve done personal returns (SA 100) online; but had to file a paper copy of the partnership (SA 800) by end Sept.

This year; all done online; using a proprietary bit of 3rd party software for about

 

[Theorysparky]

done by the missus

online

 

[NozSpark]

I had an accountant in my first year, it cost me

 

[batty]

The only thing I will say if you don't have an accountant you are more likely to get investigated.

 

[Sidewinder]

Voted for the Apache option as Ltd. Co. & VAT reg!

I use an accountant as I am an employee of the Ltd. Co.

There is a bit more to do.

A/C also deals with HMRC & does my wages & those of my 1st 4 employees too all in.

 

[m4tty]

We do them ourselves.Mrs. KME is the co. book keeper; and partner in the business.

In previous years, we`ve done personal returns (SA 100) online; but had to file a paper copy of the partnership (SA 800) by end Sept.

This year; all done online; using a proprietary bit of 3rd party software for about

 

[kme]

The software we chose for the partnership bit is called "Andica" - simple to use, and does the FBI (File By Internet) for you automatically - enter the info & go.

KME

 

[Theorysparky]

Also I've checked the hmrc website and net but can't find an answer to my question. If I registered as self employed in August 2010 then will I have to do a tax return on 31 January 2011 as I've been told that this tax return is for period 1st April 2009 to 31st March 2010. Is this correct?

Thanks

correct

april to april

so u are 2010 - 2011

return to be in by 31-jan-2012

 

[wozz]

i use a accountant, does monthly CIS returns aswel as lazy and have enough to deal with as it is!

 

[Robojin]

Matty if you registered last September 2010 then you have been trading for 7 months in 2010-11 tax year, your first return is any time after next April, but before Jan 2012

Don't get confused with when you will have to pay your first tax and file your first return as self-employed

I registered as SE October 09, and as a new start up will likely pay my first SE taxes in 2012 (according to my accountant) for 2011 and the part payment for 2012

If you have a friend who is an accountant it helps on costs, but at least they will advise what you can/can't claim for and how not to paint a big red target on your back

But some tips

If you are under

 

[sellers]

where can I find what certain percentages of what I can claim for?

I have no problems with doing my books showing my earnings and then outgoings, just not sure how to go about, putting my van on the books, and my laptop etc, are there any guides on it? Thanks

 

[Apache]

where can I find what certain percentages of what I can claim for?I have no problems with doing my books showing my earnings and then outgoings, just not sure how to go about, putting my van on the books, and my laptop etc, are there any guides on it? Thanks

Pay an accountant this year, let them do it. May save you in tax their fee. Then if you feel more confident in future copy what he claimed [but remember the rules change all the time].

 

[m4tty]

Someone on here sent me a copy of their excel worksheet which showed what they was claiming for (through an accountant) and here are some examples what was on it.

Mobile phone 100%

home phone 50%

utilities Inc gas elec and water 10%

Internet 50%

It had 10% of mortgage interest ?

If you pm me your email address Tom I'll email you the spreadsheet so you can have a look.

Cheers

 

[kme]

I don`t think those figures would be looked on favourably by HMRC, TBH.

What you CAN do is speak to the local tax office - they regularly do free 1 day seminars, where they give you all the info you need, and a contact point for queries - Mrs. KME did one when we started the business

---------- AUTO MERGE Post added at 20:00 ---------- Previous post was at 19:55 ----------

From Mrs. KME:

Someone on here sent me a copy of their excel worksheet which showed what they was claiming for (through an accountant) and here are some examples what was on it.Mobile phone 100% 100%

home phone 50% 100%

utilities Inc gas elec and water 10%

 

[spinlondon]

One of the problems associated with claiming part of you home for work, especially the mortgage. Is that thhe home then becomes a business asset and when sold is subject to capital gains tax etc.

Vehicles as with plant and machinery are deemed as capital expenditure, and only a proportion of their initial cost can be claimed each year. The first year it is 40%, and each year susequently it is 25% of what is left. Running cost and maintenance can be claimed in their entirety.

It can be more cost effective to lease vehicles rather than purchase them outright, however all of the VAT can be claimed if you are VAT registered.

Myself, I claim 100% for:

Mobile phone

Computers, peripherals and software

Internet access

Rent and bills for premises

Stationary and postage

Laundry and work wear

Travelling

Tools including batteries

Subsistance if I'm away from home overnight.

 

[m4tty]

If your claiming for 100% home phone. If you wanted a new Line put inwould you consider this a business cost which could be offset against your tax?

 

[Sidewinder]

M4tty,

Depends on whether you were going to split the lines, personal/business.

if yes then yes, however, IMHO you could only then charge one rental / calls after a reasonable time, say 12 months.

 

[kme]

Agreed.

 

[Robojin]

It had 10% of mortgage interest ? Not a chance!

Quite right KME, if you read through the guidance notes one section specifically states interest on mortgage for a home office is not allowable

Interesting about the 100% on Home phone, my accountant felt HMRC would take a dim view, however without internet I could not run my business so 100% eh