Online Return - Shall I just take the Fine?

Suggs

I know its my own fault for waiting until the last minute and I do not expect any sympathy (though it would be nice)

In short my story is this.

Have been doing Self Assesment for 4 years, using an accountant to do it, due to the fact I work for an American company and Stock Options and Share Save scheme are in Dollars not pounds.

Decided due to cost, to file online myself this year (it cant be that hard, can it? )

Inland Revenue online filing not suitable for me as it does not have provision for filing of Stock and Shares

Bought a 3rd party product, as recommended by IR, and this does not allow $ and cents to be input, although checking previous tax returns my acountant had been using $ in the calculations.

After doing the conversation myself I owe 5 -6 times what I usally owe :eek: So I must be doing it wrong!!! Share transactions are put through my payroll so I am taxed that way on the gains.

I cant seem to get through to the Inland Revenue, been trying all day.

Should I just accpet the fine, and get the self assesment done by an accountant just to be really sure it is filled in correctly?

Sorry to ask, but after spending two days trying my best I am willing to defer to someone with better knowledge than me.

Thank you for your help.

silvercar

If everything else is straight forward it sounds like your double counting your stocks and ahares. Are they included in your payroll calculation and then your adding them in to the stocks and shares section as well?

Suggs

silvercar wrote:

If everything else is straight forward it sounds like your double counting your stocks and ahares. Are they included in your payroll calculation and then your adding them in to the stocks and shares section as well?

Yes Stock Transactions are reflected in the payroll and taxed accordingly, I was using the previous years returns as a guide but it still doesnt look right.

ctm_2

Is the amount of stacks and shares included in the P60 figure of pay? If it is, then you need to make an entry in box 2.41 of the share schemes pages, making box 2.42 0, as the amount is already accounted for on the employment page.

Bordera

You have my sympathy, but now you know why you pay a tax professional to do what it takes us years to learn.

Take the £100 hit and remember that us accountants are a lot cheaper than fines, penalties and the stress you have suffered. Honest, we are .