FREE PERSONAL/SMALL BIZ TAX HELP. Self assessment deadline looming

MSE_Martin

Thanks for the questions everyone, the answers will be in an article linked to from the weekly email in the next couple of weeks

30 September is the last day to send in your self-assessment paper form and be 'guaranteed' the Inland Revenue will calculate your tax for you, ready for payment on 31 January. Tax Accountant Tony Tesciuba, (who also happens to be my Uncle) has offered to answer your basic tax queries.

Why's he doing this?
First because I asked him to, and he's a site user, and second because I promised if he does I'd put a link to his site www.tesciuba.com in here!

Where else to get help?
If you're looking just for form filling help for the self-assessment form, then just call your Tax Office if it's during office hours (you can find the number online here) or, during evenings and weekends, call the Inland Revenue Hotline on 0845 9000444 (or +44 161 931 9070 from abroad).

IMPORTANT! What to ask about?
Any basic tax questions about small biz or personal tax. Obviously if it's hugely complex then it can't be done. Also don't put any bank account/overly personal details in your question as it can be read by all.

Before asking your question it's well worth reading the previous answers Tony has given.

Previous Articles: Taxing Times 1, Taxing Times 2, Taxing Times 3

As general guidance questions should be no more than a paragraph long.

How long will Tony be doing this for?
All questions should be asked by the end of play on Sunday 3 September. At that point this thread will be closed.

When will I get the answer?
What we'll then do is compile all the questions together into one Q&A article, published (as long as there aren't too many questions!) as soon as possible, probably a week or so from the closing date.

TO ASK A QUESTION SIMPLY CLICK REPLY.
PLEASE ONLY PUT QUESTIONS NOT COMMENTS IN THIS THREAD

Arthur22_2

I am a self-employed sole trader. I currently have two main records for my income, one accounting for every payment that went into my bank account (who paid me the money, deposit no. etc) and one record which lists income by the payee's name.

Does this sound acceptable? Are there any other records which should form part of my "accounts" (apart from original documents such as bank statements, receipts etc).

Thanks very much for your help.

kuniform

I'm a registered self employed sole trader. I'm expecting to make roughly £17,000 for this tax year. I'm a computer programmer so I don't buy or sell stock and have no need to make large investments in my work.

I was wondering whether it is still worthwhile to incorporate a limited liability company? Since I believe dividend tax is only 10% above £2,100 and corporation tax is currently nil, would I save money buy paying myself through dividends?

Thanks for your time.

fbs_4800

I'm a 23 year old Police Officer and I've never ever filled in a tax return or anything along those lines - I've always merrily (well, not merrily really) paid whatever tax they've set me and grumbled about it when I got my P60 at the end of the year.

I also buy and sell occasionally on eBay - does that have any impact? It's usually only a few hundred pounds a year - and the profit I make per item is no more than a fiver normally.

Do I need to self assess or anything similar?

I have a vague recollection of receiving some sort of form from the tax man this year - but I filed it and I can't recall what it was... :-\ (Shameful I know - but I'm sick of paperwork...)

Can you (or anyone) please advise what I should be doing?

(I do recall being told I can ask for all sorts of tax allowances as a Police Officer as well - but no-one I work with seems to be sure. How organised we are...)

Cheers!!

walkerlyon

My Mother died earlier this year (21/3)and my father (age93) has received a tax assessment for 2005/2006 that has removed any reference to married couples allowance.He has already lost his higher personal allowance as his income is about £24K. The loss of Married couples allowance for 2005/2006 seems unfair as my mother's death only occurred about 3 weeks before the end of tax year. Is it correct. Thank you. David

Rhiannon

Who has to complete a self assessment?? I know this is probably a bit obvious, but there's nobody around to tell me whether I need to or not??? Thanks!!

katykitten

i send all my business info to my accountant around about this time - is the deadline the same for my accountant i.e. september or is this not classed as self-assessment, aslo what are reasonable fees for this service - my books are reasonably simple but my accountant puts his fees up every year for the same amount of work, finally - can you recommend a good tax-information book for small businesses so i can ensure im claiming all that i am entitled too (and maybe some more:T Many thanks for this -jan

kfh_ki_eh

I am a higher rate tax payer.
1. Do I need to complete a tax return?
2. What happens about the tax on my savings?
3. My wife does not pay tax. What happens about tax on interest earned in our joint account?
4. How does paying tax at the higher rate affect my personal pension payments and should I be doing something about this?

starlakid

Me and my boyfriend have recently started giving music lessons from our home. We are earning way under our tax paying threshold but I'm not sure if I still need to fill in a Self Assessment form. We've set up this 'business' partly out of financial desperation and as such have had no advice from anyone about what we need to do about paying tax. We do keep records of income and expenditure though.

Thanks

Starla

Marty62

Dear Tony
My main income is from examination marking for which I am taxed at the standard rate and have to claim back overpaid tax at the end of April each year. I also receive some income from supply teaching and this is counted as my main employment so I am not taxed unless I reach the threshold (which I don't). Would I be better to register as self-employed? Also how do I find out whether I owe money for N.I.? I tried to contact DWP last year and they said they would be sending out details but they never did.

bostonboy_2

As self employed when do Class 4 contributions cease to be payable. Is it in the accounting year in which you reach 65 or is it the first full year after ones 65th birthday.