Worth approaching an accountant?

exexpat_2

Hi all,

So far I have always paid my tax through PAYE - however life is changing. I think there are a couple of small things I could be missing out on claiming back for and I'm certain we're not making the best use of our tax allowance as my wife is unemployed.

She is looking to start selling crafts that she makes - so will be getting some income there which we'll need to declare.

Up until now I've viewed the self-assessment with some trepidation especially as I hardly get any spare time (it's a long story but under a lot of pressure at the moment).

So my question is - is it worth switching to self assessment? (presumably yes because want to be declaring everything correctly!).

And at what point is it work consulting an accountant? I have no idea what that would cost - is it every worth it for self assessment and fledgling self-employment businesses? Or is it too expensive to be worthwhile?

Thanks in advance,

e

Mikeyorks

exexpat wrote: »

So my question is - is it worth switching to self assessment?

It's not normally a choice you have. Unless (eg Director / interest received over £10kpa) you fit one of the criteria that invites automatic enrolment to SA? For most people on PAYE the system facilitates most eccentricities that may be claimable ...... what did you have in mind.

we're not making the best use of our tax allowance

....... you have a personal allowance and your wife has one (albeit unused) ...... no such thing as 'our' for many years. If she commences self employment - then she will need to join SA.

But you can legitimately use part of her PA by eg putting all savings in her name?

exexpat_2

Thanks for the advice! I was pretty sure there was no such thing as a shared tax allowance - all the same there are things we're not doing such as putting savings in her name so we don't have to pay tax on the interest.

So out of interest - under PAYE - I earn a small amount of interest on Zopa and each year I pay my membership dues for the Institute of Engineering and Technology (a recognized professional body) - I had understood that I could claim back for the IET fees but should be declaring the earnings from Zopa. If I'm correct how would this work under PAYE?

Understood about SA and self employment - we'll go down that route once she is established.

e

Mikeyorks

exexpat wrote: »

If I'm correct how would this work under PAYE?

You contact HMRC to both advise the taxable interest and to claim for the subscription. They adjust your Code number to collect any tax due on the interest - and to give relief for the subscription - if allowable.