PDA

View Full Version : Self Assesment Tax Returns


sw16girl
27-01-2011, 09:17 PM
I fecking hate them:veryangry

And I hate the January Deadline :veryangry

And I hate the fact that everytime I think I understand capital allowances they change the rules :veryangry

AAAAAAAAAAAARGH!!!!

Eye-dee
27-01-2011, 09:34 PM
I have to do all my accounts, and for the first time, all my own self-assessment . . . . . . tomorrow!!
I shall probably regret ditching my accountant :(

disco mixx kidd
27-01-2011, 09:36 PM
onlines ok............

thought it was by end october....................... last year :-)

greenlight
27-01-2011, 09:48 PM
DONE MINE!!!:lux: :lux: :lux:

jason smint
27-01-2011, 10:33 PM
Just done mine online half an hour ago.

I've only been self employed for under 2 years and it was my 1st tax return, and I'm owed quite a bit of money.

Does anyone know how long it takes to receive your refund?

Thanks in advance :)

Pistol Knight
27-01-2011, 10:41 PM
The money for an accountant is tax deductable.................DOH

why bother with self assement, he will never beleive thats what you earn!

Pistol Knight
27-01-2011, 10:41 PM
Just done mine online half an hour ago.

I've only been self employed for under 2 years and it was my 1st tax return, and I'm owed quite a bit of money.

Does anyone know how long it takes to receive your refund?

Thanks in advance :)


never, he will deduct it off your next return, or until the time when he owes you nothing lol

ebyeeckeagle
27-01-2011, 10:44 PM
Just done mine online half an hour ago.

I've only been self employed for under 2 years and it was my 1st tax return, and I'm owed quite a bit of money.

Does anyone know how long it takes to receive your refund?

Thanks in advance :)

Up to 3 months at this time in my, limited, experience (I normally owe). That's if everything is okay. Normally, a month or 2 (if all docs are clear) but they obviosuly have a backlog right now!

gadford4th
27-01-2011, 10:51 PM
I forgot to save when I was adding things up. Ended up with the form timing out and I had to redo a load of sums again. Wasn't happy

Brumie Allan
27-01-2011, 11:04 PM
I fecking hate them:veryangry

And I hate the January Deadline :veryangry

And I hate the fact that everytime I think I understand capital allowances they change the rules :veryangry

AAAAAAAAAAAARGH!!!!I've used taxcalc (http://taxcalc.com/) for about 10 years now it good because it has all the tax note with it and you can play about with the figures before putting it on line. and next year you just load this years and all the details are entered and it shows the difference between last year and the current year well worth the money full customer support as well

Chillo
27-01-2011, 11:19 PM
I have to do all my accounts, and for the first time, all my own self-assessment . . . . . . tomorrow!!
I shall probably regret ditching my accountant :(

I have a very good accountant I could recommend - he's just demonstrated a big overpayment by me, so I'm due a large sum back :lux:

His fee for doing my tax return is much much less than the saving he has made for me.

I've also just filed my first Annual Report at Companies House, very straightforward and a bargain at 15. :lux:

Eye-dee
28-01-2011, 07:05 AM
I have a very good accountant I could recommend - he's just demonstrated a big overpayment by me, so I'm due a large sum back :lux:

His fee for doing my tax return is much much less than the saving he has made for me.

I've also just filed my first Annual Report at Companies House, very straightforward and a bargain at 15. :lux:

My accountant charged 350, and to be fair, all he had to do was add up all the figures I gave him and submit my form, no more than a couple of hours work I reckon.

Eye-dee
28-01-2011, 07:06 AM
I forgot to save when I was adding things up. Ended up with the form timing out and I had to redo a load of sums again. Wasn't happy

Thanks for that tip, I shall remember to save if I stop for coffee or something :D

jjeagle
28-01-2011, 07:13 AM
Just done mine online half an hour ago.

I've only been self employed for under 2 years and it was my 1st tax return, and I'm owed quite a bit of money.

Does anyone know how long it takes to receive your refund?

Thanks in advance :)

I've been a sole trader for 7 years now. Signed my accounts off back in November. 11 working days later l received a cheque from the revenue!!! 11 bloody days!!!:lux: My return though was submitted by my accountant so possibly your first online accounts might take longer to be approved.

stinky
28-01-2011, 07:46 AM
Tax doesn't have to be taxing

Good bless you Moira

James
28-01-2011, 08:02 AM
I fecking hate them:veryangry

And I hate the January Deadline :veryangry

And I hate the fact that everytime I think I understand capital allowances they change the rules :veryangry

AAAAAAAAAAAARGH!!!!I hate the whole process - and this year has been the very worst for me.

My Accountant has told me that I have a massive tax liability that I wasn't expecting.

January is such a miserable month anyway - and the S.A. deadline makes it 10x worse.

Daddy Long
28-01-2011, 08:08 AM
My first self assessment as a non resident. I received a letter dated 16th December yesterday. This letter advises me that I have until 31st January to complete the SA. Ok. So I go online and register and it tells me I'll get an activation code in the post within 7 days! I think it will take a little longer to get to Sydney! So basically I'm going to get the 100 squids fine. I called them up and explained my predicament and they rather helpfully told me I could appeal the fine but that they couldn't put a hold on it. Twats.

DE - Glad All Over
28-01-2011, 08:26 AM
I Feel for you sw16GIRL....HMRC are a joke, the admin is a joke, and they are inept. I got so fed up with them I now pay an accountant, worth every penny, never pay to much, and usually get money abck which pays for accountant, I am convinced most working people pay more than they should.

the digger
28-01-2011, 08:27 AM
Did mine last week, got a tasty rebate which has showed up in my bank account already.

movingForward
28-01-2011, 08:36 AM
I got so fed up with them I now pay an accountant, worth every penny.
Me too, I used to spend almost a day a month sorting out receipts into excel documents and other adminy things. I decided a few years back to just pay accountants to do everything apart from invoicing which is the only thing I still do. Also I can earn more in that day than the accountants monthly costs, so well worth paying them to do the donkey work imo.

James
28-01-2011, 08:44 AM
I Fell for you sw16GIRL.....Wait in line.


Unless you really meant to say that you 'feel' for her - in which case ... well, wait in the other line.

Maz
28-01-2011, 09:10 AM
I fecking hate them:veryangry

And I hate the January Deadline :veryangry

And I hate the fact that everytime I think I understand capital allowances they change the rules :veryangry

AAAAAAAAAAAARGH!!!!If you'd either..

a) got an accountant or...

b) done them last year instead of waiting until the last minute...

...you'd be happy, happy, happy. :)

Thought this advice would help. :angel:

Asagaya_Eagle
28-01-2011, 09:45 AM
Should get round to doing mine soon. Hopefully get a nice rebate. I think I have until the end of Feb.

jason smint
28-01-2011, 10:10 AM
Did mine last week, got a tasty rebate which has showed up in my bank account already.



Thats what I like to hear :p :lux:

brighton_eagle
28-01-2011, 10:23 AM
If you'd either..

a) got an accountant or...

b) done them last year instead of waiting until the last minute...

...you'd be happy, happy, happy. :)

Thought this advice would help. :angel:

Indeed.

Eye-dee
28-01-2011, 01:20 PM
Well, that's my accounts done. I have to admit I was hoping I could get my income lower :(

Now to transpose it on line to see how much I am to be stitched up for :grrr:

Eye-dee
28-01-2011, 03:01 PM
All done, and according to my calculations, and the mush at HMRC that I waited for 35 minutes to answer the phone, I am due a rebate because I overpaid last year.

If this is correct, I shall pat myself on the back as this is my first year without paying an accountant. If it's wrong, send me a file in a cake please :D

saxoneagle
28-01-2011, 03:51 PM
My accountant charged 350, and to be fair, all he had to do was add up all the figures I gave him and submit my form, no more than a couple of hours work I reckon.


Simple, self-employed return should take no more than an hour. I used to do a lot for friends in exchange for a bottle of wine per hour :D

Non-friends, a bit more :p

saxoneagle
28-01-2011, 03:54 PM
These "rebates" you're getting just means that all of you f*cked up previously and could've got away with paying less last Jan 31 and July 31 in your PoA. :p

saxoneagle
28-01-2011, 03:57 PM
If you'd either..

a) got an accountant or...

b) done them last year instead of waiting until the last minute...

...you'd be happy, happy, happy. :)

Thought this advice would help. :angel:


Certainly agree with (b) - why wait until Jan 31 when you are reporting on the tax year that ended over 9 months ago? Unless you have any complications (Inheritance, estate, property issues are the main ones) there is no reason not to have this done sooner.

Don't always agree with (a) as I think someone with a simple sole-trader business or even a directorship should be capable of doing this themselves. The forms are pretty straight-forward compared to how they used to be.

Eye-dee
28-01-2011, 03:58 PM
Simple, self-employed return should take no more than an hour. I used to do a lot for friends in exchange for a bottle of wine per hour :D

Non-friends, a bit more :p

Now that I have done my own I can see how simple it is. I can't believe my previous accountant was charging 700 p.a. and that was about five years ago. No wonder he has a Porsche parked outside. Grrr.

Eye-dee
28-01-2011, 03:59 PM
These "rebates" you're getting just means that all of you f*cked up previously and could've got away with paying less last Jan 31 and July 31 in your PoA. :p

To be fair you have to kind of predict what your tax will be next year and pay in advance. Very nice for HMRC.

saxoneagle
28-01-2011, 04:04 PM
To be fair you have to kind of predict what your tax will be next year and pay in advance. Very nice for HMRC.


I am aware of this.

However, you have done your tax return, er, today. That means that your next tax period is already almost 10 months complete (or more if you use a non-tax year basis). You can EASILY do your accounts up to date (if you are doing them late) and make an estimate of your next complete year. If you think it has been a bad year, fill in the box that you want to apply for reduced PoA.

The earlier you do your tax return, the less relevant this is but for those last minute filers you might as well spend the extra time to go the next step. :)

saxoneagle
28-01-2011, 04:04 PM
Now that I have done my own I can see how simple it is. I can't believe my previous accountant was charging 700 p.a. and that was about five years ago. No wonder he has a Porsche parked outside. Grrr.

That rate is taking the piss if your return is that simple... sure you haven't forgotten anything? ;) :vader:

Barbara4003
28-01-2011, 04:08 PM
Certainly agree with (b) - why wait until Jan 31 when you are reporting on the tax year that ended over 9 months ago? Unless you have any complications (Inheritance, estate, property issues are the main ones) there is no reason not to have this done sooner.

Don't always agree with (a) as I think someone with a simple sole-trader business or even a directorship should be capable of doing this themselves. The forms are pretty straight-forward compared to how they used to be.

I agree. I do the tax returns for Mr B and his two brothers and do them in advance so the deadline is never really a problem. I work to a deadline of 31 December so I always have a month in hand in case I hit any problems.

alpha
28-01-2011, 04:09 PM
I have just done my 110th Self-Assessment return this year, got 3 more to do Sunday/Monday and two clients who will probably bring everything in on Monday and expect us to sort it out. And I haven't got a Porsche :)

saxoneagle
28-01-2011, 04:10 PM
I have just done my 110th Self-Assessment return this year, got 3 more to do Sunday/Monday and two clients who will probably bring everything in on Monday and expect us to sort it out. And I haven't got a Porsche :)


Persuade Eye-dee to be your client :D

Gark Moldberg
28-01-2011, 05:37 PM
It should have taken me 10 minutes to do the return as I was only reclaiming the additional gift aid due on the higher rate. Sadly, probably due to alcohol, I started messing around with various scenarios and wasted a couple of hours.

sw16girl
28-01-2011, 07:43 PM
I know I should have done them sooner and the main time is taken up sorting all the information out which I would have to do for an accountant anyway.

Still nearly finished and I feel virtuous as normally they go in on the 31st.

Neil the Eagle
28-01-2011, 11:20 PM
I can't believe my previous accountant was charging 700 p.a. and that was about five years ago.

No easy way to tell you this: you were being completely striped...

Eye-dee
29-01-2011, 08:50 AM
That rate is taking the piss if your return is that simple... sure you haven't forgotten anything? ;) :vader:

Nope :(

Eye-dee
29-01-2011, 08:50 AM
No easy way to tell you this: you were being completely striped...

Why do I suspect you were smirking when you typed that?

Eye-dee
04-02-2011, 10:49 AM
Well, I did my own returns for the first time this year and I have just got an 800 rebate paid into my account :eek:

I am either a brilliant or a stupid accountant :D /:(

Dave
04-12-2013, 10:09 AM
For the first time ever I have been ask to do a Self assessment. I need to do one for 2012-13.

I am totally lost with the system.

They are asking about how much income I made from shares vesting and how much tax I paid :(

I know I paid tax but I have no clue how much :(

I also have a share scheme that I get taxed on the gain but again last year :(

Anyone do Self Assessments for idiots like me based near Beckenham?

Adlerhorst
04-12-2013, 10:41 AM
For the first time ever I have been ask to do a Self assessment. I need to do one for 2012-13.

I am totally lost with the system.

They are asking about how much income I made from shares vesting and how much tax I paid :(

I know I paid tax but I have no clue how much :(

I also have a share scheme that I get taxed on the gain but again last year :(

Anyone do Self Assessments for idiots like me based near Beckenham?

Google chartered institute of taxation. There should be a find a tax adviser section on there. You can search by location I think.

My friend set up her own business doing this sort of thing of you need someone decent. She's based in Scotland but you can do this sort of thing on the phone / email. I had someone do mine and I met him once and frankly that wasn't necessary.

Brumie Allan
04-12-2013, 10:44 AM
Might not help if you haven't got the info you want but I use a program call tax calc you'll find it on line cost about 25. Been using it since 1997 it's got lots of help files and it sends it off on line when you've finished.

Webb
04-12-2013, 10:46 AM
Google chartered institute of taxation. There should be a find a tax adviser section on there. You can search by location I think.

My friend set up her own business doing this sort of thing of you need someone decent. She's based in Scotland but you can do this sort of thing on the phone / email. I had someone do mine and I met him once and frankly that wasn't necessary.

Yeah, I might work for them (in the membership dept, so no technical questions, please!)

The Find a CTA tool is quite useful. Drop me a PM if you need any help/verification.

Adlerhorst
04-12-2013, 10:46 AM
Tbf Dave will lively have some US share options which adds to the complexity, probably some double tax issues. Not sure taxcalc would deal with that (though never used it)

Adlerhorst
04-12-2013, 10:48 AM
Yeah, I might work for them (in the membership dept, so no technical questions, please!)

The Find a CTA tool is quite useful. Drop me a PM if you need any help/verification.

Ah, you might be able to update my contact details on there as pretty sure they are out of date. Lord only knows what my login details are for the website.

Adler CTA, innit.

Dave
04-12-2013, 10:50 AM
Yeah - I get stock every year then half gets sold to pay tax and I get paid the rest

Nightmare

Adlerhorst
04-12-2013, 10:52 AM
Yeah - I get stock every year then half gets sold to pay tax and I get paid the rest

Nightmare

It's a bitch. Have the same issue now I don't work in practice. but thankfully not US stock. W-something forms IIRC.

Dave
04-12-2013, 10:58 AM
wben bollox

Lombardo 888
04-12-2013, 12:14 PM
I hate the whole process - and this year has been the very worst for me.

My Accountant has told me that I have a massive tax liability that I wasn't expecting.

January is such a miserable month anyway - and the S.A. deadline makes it 10x worse.

I know, it sooooooo much a chore. Don't you get your butler to do it? I was thinking of that but I need him with me in Closters - I go there every January because its so miserable. Don't you?

Psychokiller is strangely absent from this thread. I thought there is enough material on here to keep him going for a month.

Dave
06-01-2014, 03:35 PM
My detractors will be pleased to know that got murdered, shot in the face after my self assessment

Away
06-01-2014, 04:58 PM
Might not help if you haven't got the info you want but I use a program call tax calc you'll find it on line cost about 25. Been using it since 1997 it's got lots of help files and it sends it off on line when you've finished.

This looks interesting. I've had a look but it's not quite clear what the added value is. You've obviously found it useful. Is it more than help files and the ability to save some workings?

I admit I've used an accountant since I went self-employed but my situation is so simple and I do all the basic book-keeping that it seems like I'm chucking away 400 every year, so thinking seriously about doing it myself for 13-14.

Brumie Allan
06-01-2014, 05:25 PM
This looks interesting. I've had a look but it's not quite clear what the added value is. You've obviously found it useful. Is it more than help files and the ability to save some workings?

I admit I've used an accountant since I went self-employed but my situation is so simple and I do all the basic book-keeping that it seems like I'm chucking away 400 every year, so thinking seriously about doing it myself for 13-14.I find it so easy each year. I must admit the first year you'll have to go though all of it to see what is relevant to you but then subsequent years it has every thing filled in for you and will give you year on year comparisons. Do you think your Accountant is saving you 400 plus per year and paying for himself if not try TaxCalc @ 25 ish

Shamone
06-01-2014, 05:44 PM
This looks interesting. I've had a look but it's not quite clear what the added value is. You've obviously found it useful. Is it more than help files and the ability to save some workings?

I admit I've used an accountant since I went self-employed but my situation is so simple and I do all the basic book-keeping that it seems like I'm chucking away 400 every year, so thinking seriously about doing it myself for 13-14.


If you do most of the bookkeeping yourself and like you say it is a simple one then 400 seems steep. I've recently set up my own company doing returns if you need help or want me to do them. I guarantee to be cheaper!

Adlerhorst
27-01-2014, 10:16 PM
Deadline this friday people, in case you had forgotten about it (and all your paper work is in various boxes having recently moved house - man that was annoying).

Rebatetastic this year though (which is something of a first).

saxoneagle
27-01-2014, 10:28 PM
Can't help this year as too busy, but if anyone needs any assistance with their returns post-April for 2013/14, please let me know.

Also do cross border stuff, Dave, if you need any help.

Billyd
27-01-2014, 10:47 PM
Can't help this year as too busy, but if anyone needs any assistance with their returns post-April for 2013/14, please let me know.

Also do cross border stuff, Dave, if you need any help.

Are you an accountant?

Adlerhorst
27-01-2014, 10:48 PM
He is.

adrenalin john
27-01-2014, 10:56 PM
W8 ben is your friend Dave. US witholding tax on dividends is 30 percent but the UK treaty only recognises 15. With a W8ben you lose 15 percent only at source which is then deuctible agin UK dividend tax. Moreover you can claim 10 percent foreign dividen tax credit somehow. Meaning US dividends can be petty proitable. Good luck

A Wooden Fish On Wheels
28-01-2014, 06:00 AM
Did mine at the weekend online for the first year... I was pleased at how well the IT seemed to work and how good the context sensitive help was, then I was pissed off when I realised I was going to have to pay back a load of child benefit thanks to Tory c:nts lining their mates pockets, then I was quite pleased again when they calculated that I was owed 3K at the end. Hurrah! Pop the Bolly boys! (actually that's 3K off an 8K credit card but don't spoil my fun for a moment).

Psychokiller
28-01-2014, 07:06 AM
I know, it sooooooo much a chore. Don't you get your butler to do it? I was thinking of that but I need him with me in Closters - I go there every January because its so miserable. Don't you?

Psychokiller is strangely absent from this thread. I thought there is enough material on here to keep him going for a month.

I'm on PAYE

selhurstparkflyer
28-01-2014, 07:08 AM
Just think, with Land taxes, nobody would have to do this every year.

dannyboy1807
28-01-2014, 07:13 AM
I have to pay back 60p FML

alpha
28-01-2014, 07:13 AM
Still got 8 to do out of 160 and info not in yet on 4 of them.

Psychokiller
28-01-2014, 07:14 AM
Just think, with Land taxes, nobody would have to do this every year.

That's because there'd be no money because Maz and all of the rest of the rich people would leave the country and we'd all be living in parks and eating grass.

selhurstparkflyer
28-01-2014, 07:17 AM
That's because there'd be no money because Maz and all of the rest of the rich people would leave the country and we'd all be living in parks and eating grass.

Maz is only rich in soul.

Adlerhorst
28-01-2014, 07:22 AM
Just think, with Land taxes, nobody would have to do this every year.

Instead you would have a ton of people challenging the valuations. Which would be massively expensive and time consuming.

And in any case the vast majority of people don't have to do this every year.

selhurstparkflyer
28-01-2014, 07:24 AM
Instead you would have a ton of people challenging the valuations. Which would be massively expensive and time consuming.

And in any case the vast majority of people don't have to do this every year.

No it wouldn't; what are you going to challenge, your acreage or local rental values? Good luck. It will certainly cost less than this, which when coupled with avoidnace is massive

http://www.taxpayersalliance.com/home/2012/05/cost-collecting-tax-barely-fallen-50-years.html

And there'd be fewer accountants, which would be a good thing.

Brumie Allan
28-01-2014, 07:27 AM
James was rich till his massive tax liability!

Adlerhorst
28-01-2014, 07:53 AM
No it wouldn't; what are you going to challenge, your acreage or local rental values? Good luck. It will certainly cost less than this, which when coupled with avoidnace is massive

http://www.taxpayersalliance.com/home/2012/05/cost-collecting-tax-barely-fallen-50-years.html

And there'd be fewer accountants, which would be a good thing.

So let me get this straight, your position is that it would cost HMRC less to run a system you are proposing than it would to run the current system? Is that what you are saying?

selhurstparkflyer
28-01-2014, 08:19 AM
Yes, of course. Not just for government either. And not including avoidance, which is about 12% of GDP.

And I know Council Tax today is more expensive but then it is colected by over 100 councils (so no economies of scale) and has to factor in Council Tax relief, which is ineviatble with such a regressive tax.

eaglejez
28-01-2014, 08:20 AM
blimey - SPF's LVT is like a virus spreading across the BBS. Expecting to see him going on about it on the various Pulis moaning threads :D

Dave
06-01-2015, 07:20 AM
It's that time of year again when I have to pay my tax bill.

I'm in the middle of a loft conversion so money is a little tight.

I was going to pay my bill using a credit card and take the 1.25% credit card surcharge as I can then pay off bill over 18 months.

Is this logic flawed?

SA Eagle
06-01-2015, 07:26 AM
Wouldn't it be better to pay off an annual expense over 12 months?

switchboard
06-01-2015, 07:26 AM
It's that time of year again when I have to pay my tax bill.

I'm in the middle of a loft conversion so money is a little tight.

I was going to pay my bill using a credit card and take the 1.25% credit card surcharge as I can then pay off bill over 18 months.

Is this logic flawed?

http://www.cpfc.org/forums/showthread.php?t=247444

Shamone
06-01-2015, 07:33 AM
You'd be better off telling them you can't afford to pay it and pay off monthly as the interest rate is a lot lower that your credit cards would be.

Dave
06-01-2015, 07:40 AM
You'd be better off telling them you can't afford to pay it and pay off monthly as the interest rate is a lot lower that your credit cards would be.

Sadly it's too much to allow for monthly payments

Dave
06-01-2015, 07:41 AM
Wouldn't it be better to pay off an annual expense over 12 months?

You mean put something away every month in advance?

SA Eagle
06-01-2015, 07:53 AM
You mean put something away every month in advance?

In this specific instance I meant pay off the credit card (or at least the amount of the tax bill you put on it) over 12 months rather than 18. This time next year you'll presumably have another bill, so it seems illogical to still be paying the previous year's, unless this year's is higher than normal due to a one-off event.

Dave
06-01-2015, 07:58 AM
In this specific instance I meant pay off the credit card (or at least the amount of the tax bill you put on it) over 12 months rather than 18. This time next year you'll presumably have another bill, so it seems illogical to still be paying the previous year's, unless this year's is higher than normal due to a one-off event.

Indeed I will pay it off relatively quickly

Gooders
06-01-2015, 08:04 AM
Non-PAYE Johnny surprised by tax bill shocker.

Dave
06-01-2015, 08:08 AM
Non-PAYE Johnny surprised by tax bill shocker.

I'm entirely paid by PAYE thanks very much

Adlerhorst
06-01-2015, 08:10 AM
Far, I will have some time later and can plough through the HMrC guidance and legislation looking for options of you have not done that already.

Or more precisely I will look for 15 minutes, get confused and then get one of my employment tax girls to do it for me.

Dave
06-01-2015, 08:13 AM
Far, I will have some time later and can plough through the HMrC guidance and legislation looking for options of you have not done that already.

I have been through this quite a bit. I can ask for an exceptional waiver but I don't really have a leg to stand on. I appear to owe the tax and have to pay it by Jan 31st.

No complaints really although one might think that PAYE would have all this stuff covered.

Adlerhorst
06-01-2015, 08:28 AM
Going back to your original plan, it depends on how quickly you can pay it off, and more importantly whether there is interest on the credit card.

It may be that suffering HMRC's late payment penalties and interest is cheaper than the credit card (taking a 1.25% surcharge and then a balance transfer charge to get it interest free on another credit card is going to be fairly close to the HMRC penalties if you can pay it off in three months or so).

Dave
06-01-2015, 08:32 AM
Going back to your original plan, it depends on how quickly you can pay it off, and more importantly whether there is interest on the credit card.

It may be that suffering HMRC's late payment penalties and interest is cheaper than the credit card (taking a 1.25% surcharge and then a balance transfer charge to get it interest free on another credit card is going to be fairly close to the HMRC penalties if you can pay it off in three months or so).


0% interest obv

Adlerhorst
06-01-2015, 08:32 AM
I'd use the card then.

Feather
06-01-2015, 09:16 AM
You have likely done this (and I'm sure it's fine) but for a large amount I would absolutely check with the credit card company that the payment is treated as a purchase rather than a cash advance.

Gooders
06-01-2015, 10:28 AM
I'm entirely paid by PAYE thanks very much

My bad.

I was confused by the "it's that time of year when I have to pay my tax bill" reference.

Dave
06-01-2015, 10:30 AM
My bad.

I was confused by the "it's that time of year when I have to pay my tax bill" reference.

well technically it is.

I get a self assessment, they tell me I owe a bunch of money and have to pay it by 31st January

it's happened that last few years :(

Adlerhorst
06-01-2015, 10:34 AM
My bad.

I was confused by the "it's that time of year when I have to pay my tax bill" reference.I would imagine most people who have to do self assessment tax returns are still PAYE types. most higher rate tax payers have to do self assessment I would think.

Gooders
06-01-2015, 10:37 AM
I would imagine most people who have to do self assessment tax returns are still PAYE types. most higher rate tax payers have to do self assessment I would think.

I didn't.

I used to do them every year when i had a company car but once that stopped they lost interest and told me not to bother.

I did pay extra tax a couple of years because an incompetent at my company declared expenses wrongly but it wasn't a huge amount and I couldn't be arsed arguing about it.

It's only money.

Adlerhorst
06-01-2015, 10:41 AM
I didn't.

I used to do them every year when i had a company car but once that stopped they lost interest and told me not to bother.

I did pay extra tax a couple of years because an incompetent at my company declared expenses wrongly but it wasn't a huge amount and I couldn't be arsed arguing about it.

It's only money.Take something like interest paid by a bank. The bank, by law, withhold's tax at the basic rate, but if a higher rate tax payer doesn't do a tax return then the additional tax they should pay on that income is not collected. Obviously it is the taxpayer's responsibility to inform HMRC of situations like this, but they don't.

All higher rate tax payers should be forced to do tax returns.

Gooders
06-01-2015, 11:16 AM
Take something like interest paid by a bank. The bank, by law, withhold's tax at the basic rate, but if a higher rate tax payer doesn't do a tax return then the additional tax they should pay on that income is not collected. Obviously it is the taxpayer's responsibility to inform HMRC of situations like this, but they don't.

All higher rate tax payers should be forced to do tax returns.

Nah.

All I ever had to put on mine, apart from the earnings of course, was a benefit in kind (BUPA) and the amount I had paid personally into my pension (to receive the higher rate tax relief) and it was a lot of work for nothing really - they obviously took the same view in the end.

Any savings we had apart from the pension were in the wife's name and she hasn't been earning for years.

Selhurst300
06-01-2015, 11:21 AM
I would imagine most people who have to do self assessment tax returns are still PAYE types. most higher rate tax payers have to do self assessment I would think.

Most of my colleagues (higher rate tax payers) don't do self assessment. They just rely on getting the coding right and then allow the employer to deduct the right tax.

I do self assesment as I have some complicating factors that PAYE can't deal with.

Dave
06-01-2015, 11:25 AM
PAYE only really works when you get the same amount every month and indeed struggles around the 100k mark

Adlerhorst
06-01-2015, 11:33 AM
It's pretty straightforward above 150k but the 100-150k is a little messy, sure.

Lumpy income (Bonuses and the like) don't help.

Maz
06-01-2015, 12:03 PM
PAYE only really works when you get the same amount every month and indeed struggles around the 100k mark
Oh dear.

Gooders
06-01-2015, 12:27 PM
lol - you knew it was coming, surely. :D

Maz
06-01-2015, 12:29 PM
lol - you knew it was coming, surely. :D

:D

If I could do a "Click this link to ignore Dave's Displays of Wealth" I surely would.

adrenalin john
06-01-2015, 01:27 PM
I am not sure what the current rates are but they are on the HMRC website.

A little while ago they were charging 7% interest on money owed them and giving 0.75% interest on money they owed you. ( I know this from a dispute with them where at the end of it not only did I have to pay a significant lump in tax that I shouldn't have had to but a further 3k in interest)

If then you can get an interest rate of less than that which they are charging borrow the money to pay them.

Also why are your PAYE payments not correct? It could well be that your employer is wrongly reporting your expenses and that HMRC is treating them as a benefit - worth checking.

Gooders
06-01-2015, 04:23 PM
:D

If I could do a "Click this link to ignore Dave's Displays of Wealth" I surely would.

Doesn't bother me that the man is wealthy. I'm sure he works hard for it.

And I look forward to the new and inventive ways he finds to subtly remind us. :)

Same with Adlers.

adrenalin john
06-01-2015, 06:15 PM
Doesn't bother me that the man is wealthy. I'm sure he works hard for it.

And I look forward to the new and inventive ways he finds to subtly remind us. :)

Same with Adlers.

I find it hard to know what is wealthy. It is such a comparative thing.

Gooders
06-01-2015, 06:17 PM
I think we can probably agree that anyone pulling in north of 100k is wealthy? 99.9% of the world's population would probably think so.

Billyd
06-01-2015, 06:20 PM
Is this the thread where we pretend to be earning more than we really are?

Gooders
06-01-2015, 08:07 PM
I find it hard to know what is wealthy. It is such a comparative thing.

Just chatting to Marc in the car - he defines wealth as someone that doesn't have to worry about PAYE. :)

Maz
06-01-2015, 08:33 PM
Just chatting to Marc in the car - he defines wealth as someone that doesn't have to worry about PAYE. :)

Not least because they use an accountant. And claim it as a chargeable expense.

sw16girl
06-01-2015, 11:52 PM
sigh - this thread reminds me what I am going to have to do tomorrow - I have given in and have an accountant now but although I no longer have to understand capital allowances in the same detail it seems to take me as long to work out everything to give to the accountant. Every year I am going to do it early and every year here I am in January not even started.

Gark Moldberg
06-01-2015, 11:55 PM
Is this the thread where we pretend to be earning more than we really are?

If that is the case, I am becoming fed up with my tiresome accountant. He cannot find my P11d. Apparently it's either in his bureau or perhaps in his sock drawer. Either way he'd better pull his Finger out.

krupa 2
07-01-2015, 01:48 AM
Surely this should be the thread where we make out we earn less than we really do.. .!!! You never know who's watching

adrenalin john
07-01-2015, 05:19 AM
I think we can probably agree that anyone pulling in north of 100k is wealthy? 99.9% of the world's population would probably think so.

Logically yes. But housing is so expensive in the centre of 'world' cities such as New York, London etc That it isn't necessarily so.

I see wealthy as being able to live in spacious accommodation, eat out and buy what you want in the shops.

On that basis 100k a year in Doncaster works, 150k a year in Knightsbridge doesn't.

There is also the social comparison thing. In my work/client social/business milleu I feel distinctly poor. Walking past those living on the streets makes me revoltingly rich.

I don't mind some people being rich - particularly innovators and inventors. However if the price to be paid for that is we have those that are genuinely poor it isn't worth it.

Gooders
07-01-2015, 10:52 AM
I understand what you're saying John. It's all relative, as you say.

I am now relatively poor - and happier than I have been in years. :)

eaglejez
07-01-2015, 11:33 AM
Logically yes. But housing is so expensive in the centre of 'world' cities such as New York, London etc That it isn't necessarily so.

I see wealthy as being able to live in spacious accommodation, eat out and buy what you want in the shops.

On that basis 100k a year in Doncaster works, 150k a year in Knightsbridge doesn't.

There is also the social comparison thing. In my work/client social/business milleu I feel distinctly poor. Walking past those living on the streets makes me revoltingly rich.

I don't mind some people being rich - particularly innovators and inventors. However if the price to be paid for that is we have those that are genuinely poor it isn't worth it.

150K pa is wealthy wherever you live !

Maz
07-01-2015, 04:16 PM
You forget the Micawber principle.

congress
07-01-2015, 05:33 PM
My dad is semi retired now so wants to actually shut down his company but is still owed by the taxman about 4 grand from about 3 years ago.Last year they sent him a letter saying he underpaid last year by about 500 which they have been chasing.
His accountants assistant sometimes just phones up HMRC and spends about two hours on hold apparently.

ob13
07-01-2015, 08:10 PM
i payed my little bit of tax i owed for jan 31st earlier than ever this year infact i paid it last year! i save enough each month to cover it in a separate account and paid it before christmas whilst i thought of it and didnt want to risk forgetting about it.

alpha
07-01-2015, 08:43 PM
sigh - this thread reminds me what I am going to have to do tomorrow - I have given in and have an accountant now but although I no longer have to understand capital allowances in the same detail it seems to take me as long to work out everything to give to the accountant. Every year I am going to do it early and every year here I am in January not even started.


I have many clients exactly like you :)

Just done return no. 102 and 40+ still to go. Of those, I am waiting for records on about 30 of them.

Adlerhorst
18-01-2015, 04:34 PM
Just done mine. I owe HMRC for some reason, not sure why.

Mrs A is owed a refund of a few thousand.

A Wooden Fish On Wheels
18-01-2015, 04:46 PM
Yes, a timely reminder that I need to get online and do the tax thing pretty quick. I hope I have the password and that bollocks :/

Gooders
18-01-2015, 05:57 PM
I'll be owed a few grand at the end of this tax year as I only worked up to mid-August but I have no idea how long it'll take them to pay it to me.

Adlerhorst
19-01-2015, 07:48 AM
I now don't owe them any money. :)

Apparently our pensions are not SMART, so go in with basic rate tax deducted, rather than taken off gross pay.

And sorted out vesting share awards which were messing everything up.

Adlerhorst
19-01-2015, 07:48 AM
I'll be owed a few grand at the end of this tax year as I only worked up to mid-August but I have no idea how long it'll take them to pay it to me.Last year I was owed about the same. Got it back in about a month.

deanchilds
19-01-2015, 08:23 AM
I done mine early last year (April) as was getting mortgage needed to plan ahead.....

Fell behind with tax as had deposit and everything for house eat up all the money I had saved up, so playing catch up now with weekly payments.

jimos_uk
19-01-2015, 08:58 AM
I've learned over the years that, whether I am called upon to do a self-assessment or not (I'm on PAYE), HMRC will invariably take far more off of me than they should do.

Last few years they've asked me to do one. Last few years, I've ended up with a cheque for a few grand. The few years before that, no SA, cheque for a few hundred.

I have variable pay due to commission, shares, bonuses, etc, but surely it can't be that bloody hard to work out some clever algorithm?

Adlerhorst
30-01-2015, 02:39 PM
Got my refund today, maybe HMT are not as hard up as everyone thinks

A Wooden Fish On Wheels
31-01-2015, 10:40 AM
Bah. Just did mine. Goodbye 1000 :(

Oikboy
31-01-2015, 08:31 PM
Ditto. :sob:

Gooders
01-02-2015, 01:56 PM
Last year I was owed about the same. Got it back in about a month.

Cool. Might get a holiday this year after all. :)

Dave
20-02-2015, 10:38 AM
Anyone know much about W-8BEN and can help me out over PM?

Adlerhorst
20-02-2015, 10:39 AM
Have looked at it for companies with the new forms and the like, might be able to help.

Dave
20-02-2015, 10:44 AM
Have sent PM

swissroll
20-02-2015, 10:55 AM
Anyone know much about W-8BEN and can help me out over PM?

Find someone else to invest through and tell the US to go forth and multiply.