Tax Return done already!

lex

Am I officially the sadest MSE member today??

I've just submitted my 05/06 tax return online. Phew :j

That's one less thing to worry about

lex

MPH80

I think I can beat that.

I had mine almost complete on the morning of the 6th April. I have to wait for my P11D though because it has my cash value for my private medical insurance on it.

Otherwise I'd have submitted it then too ....

So on actual submission you beat me ...

On sadness - I think I beat you hands down.

M.

lex

Maybe we'll share the title then! All my information was together at the beginning of April too, just didn't get round to submitting it til today.

I'm impressed it's not just me that is sad! :beer:

lex

Jays

How can you be so organised to have all the information together already? Ours is still coming in in dribs and drabs.

I really wish we were so organised and 'sad'.

Jays

Cook_County

Of course doing it as soon as you have means you can't claim relief in 05/06 for charitable contributions in 06/07 carried back to 05/06.

It also means that you can't have the "thinking time" between completion & submission during which you might think of further tax deductible items.

Remember, the aim here is to get the biggest refund, not necessarily the fastest...

MPH80

Remember, the aim here is to get the biggest refund, not necessarily the fastest...

Absolutely!!

However, in my case - my affairs are very simple ... some extra tax on interest ... extra tax relief on a personal pension and no major gift-aided charitable contributions (£20 here and there). So submitting as fast as possible simply gets the money back into my pocket (actually into my pension as it happens).

I prefer to fill in the full return rather than that single page for the pension relief because I didn't really get the prediction element of it (+ it has a very nasty "do you have anything else you want to tell us about" section which I felt was a bit of a trick from them) - and I prefer the ease with which you can just claim on the SA form.

Oh - Jays - because my affairs are simple - I can take my earnings from my last payslip (along with tax/NI), my interest from my stored information in MS Money, gift-aided contributions from the same place and pension contrib figures from my pension providers online service (which has a neat one-click "how much did I pay in the last tax year?" button)

As I said - the only thing missing is the P11D - which, if my firm runs to form, won't be around until June.

M.

shykins

ok i am a saddo to then cos i sent mine off the same day it came in the post lol

mind u mine are pretty straight forward

xx

lex

Totally agree - Jays, but my affairs are also relatively simple.

I also take my employment figures from my last payslip, and the interest and dividend amounts from MS money.

My self employment income is very small, and is fairly black and white, I've accumulated the expenses during the year, and have been thinking about it as I go, I'm not going to suddenly manage to remember something that is tax deductible after the event, because there were very little things in the first place.

Whilst I would like to make large charitable contributions, it's not logistically possible at the moment, so not worth carrying back.

I'd rather not have it hanging over me.

lex

ctm_2

Cook_County wrote:

Of course doing it as soon as you have means you can't claim relief in 05/06 for charitable contributions in 06/07 carried back to 05/06.

It also means that you can't have the "thinking time" between completion & submission during which you might think of further tax deductible items.

Remember, the aim here is to get the biggest refund, not necessarily the fastest...

Don't be silly. Of course you can claim relief and any other things you 'think of' after submitting your return by simply writing to your tax office and asking for an amendment to be made to your tax return, detailing which figures you want changed. YOu can do the same with carrying back or bringing back pension contributions, gift aid etc...

Just because your return has been submitted doesn't mean you can't change it.

Cook_County

ctm - I am sure you didn't mean it that way, but your email comes over as slightly offensive. I am sure we are both equally qualified to advise on tax, I am also widely published on tax and finance, nonetheless while we may have different opinions on the best course of action for each person, I would prefer it if you would respect other contributors opinions.

I am not "silly", rather I never send any emails or letters without time to think them over. Ditto for all official forms.

There is nothing wrong in repairing a tax return if necesary, but the more times one gives an tax inspector the chance to look at it, the more likely that s/he will find questions to ask, which we'd all want to avoid.

ctm_2

Apologies if my post came across as offensive in any way. It certainly wasn't meant that way, it was meant as a lighthearted comment. I was in no way trying to dis-respect your comments.

The fact is that your post implied that once submitted nothing more could be done, and it was this point that I was trying to clarify.

While I agree that it is important for all letters/forms etc to be checked thoroughly before being submitted, I don't agree that making amendments to a return will in any way increase the likelyhood of an inspector taking a look at the return, unless any amendments made are extreme. In any case, one should not be scared of an inspector asking any questions unless they are hiding something, or have knowingly completed a return (or any other official document) incorrectly.