Online Self Assesment?

comping_cat

Ive been doing mine online for the last 3 years, never had any problems, mind you, i dont earn very much, which makes it a lot easier!!!

shameless-about-money

Bunnyinthelights wrote:

Ivrytwr,
Good idea!
I do have it all in my filing cabinet.
Thanks all, I'll be getting started tonight actually adding up how much I made, then working out how much I sold at discount and charity (so not earned/no profit etc) then working out expenses. As far as car is concerned, I'm wondering which would make more sense, 40p a mile or actaully adding up all expenses like petrol, repairs etc.
Bunny

That rather depends on how much you use the car on a daily basis for work!

If you use it a fair part of the day then you can use your car as a Capital Allowance. You would calculate how much of your "personal use" is involved. This would probably be 30%

You can then take the cost of the vehicle as tax allowable.

So, if the car cost £4000, as an example

You would get 25% allowance in the first year, so £1000

say your petrol cost you £1000 the first year (you must keep receipts)
your car repairs were £250, your RFT is £150, car insurance £300 - you add the total together

£700 tax allowable - 30% (personal use) = £490

so your allowance that year would be £1000 - 30% = £700
+ £590 = £1290 in total.

Or you can claim mileage allowance at xp per mile. The figure you would use for this is the AA calculator for your particular make and model of car

I have been self-employed for years, this is the way it is done.

Please do ask if you need any more help!

Hope this helps!

jobbingmusician

Hmmmm - have now registered and need to wait for them to send me YET ANOTHER code before I can actually do the self-assessment online. Or I can do it in hard copy (when they get round to sending me one) - and although they said on the phone that I would have 6 weeks to do this after registration, the letter they sent me seems to expect I'll be able to do it by 31st!

I can do it today if only they'll get off their backsides and send me what I need!

(In case anyone is wondering why I've left it until the last minute, I tried to register online months ago, and couldn't because of a !!!!-up at their end...:mad: )