Doing your own tax return

Cook_County

u751904 wrote: »

Thanks for the info I am going to have a go. IT isn't a complicated business to be honest ( I say now) no employees or debtors etc so I'll see. I do agree with the comment on lateness in part but will figure it out ! thanks

Piece of cake then.

I assume you are familiar with the accruals method of accounting and capital allowances basis periods (as well as the self-assessment record keeping requirements).

MoneySavingUser

Premier wrote: »

If you do that, don't forget to ensure your husband is also registered as an employer and pays the employers NICS on the wages he owes you.

Don't forget to file the PAYE returns.

Also don't forget to include the cost of your husbands employer liability insurance. He does have insurance if he intends to employ you doesn't he?

Also don't forget to disclose on your own tax return the amount of pay you earn from your husband for doing his tax return.


... or it may be a lot easier to simply forget the whole idea of being paid by your husband to fill in your husband's tax return

Not necessarily - he doesn't have to employ her as an employee

i.e. if he hired an accountant or freelance bookkeeper they wouldn't be classed as employees but as an expense to the business

(though yes she would have to show the income in her own tax return)

Valueaddedaccountancy

u751904 wrote: »

my husband is self employed and usually just hands all his accounts over to his accountant and pays £600 for them to do his tax return. He does nothing all year except keep receipts in bags etc. So no weekly books. I am going to attempt to sit down tomorrow and sort it out for him and fill in his tax return on line. I've got general management / budgetry experience but not done a tax return before. Got a vague understanding and hopefully can follow what to do online. Got the necessary id and pass codes from inland revenue etc. How easy is it to do ? any tips or places I should be looking at for help etc. thank you.

There not difficult form to fill out but pulling together a proper P&L and balance sheet isnt straight forward. By having an accountant may lead to you saving tax so I would never count it out.

It seems to me though you are a fairly active sole trader of some sort with a lot of paperwork. Id expect to charge about £250 for what your talking about so £600 is just excessive - shop around!!