Tax return help

mambi

Dear all

I know I have left it late, but I really don't know what I need to put on my tax return - My earnings for 2005/06 are £4,200. Do I have to put down all my savings accounts and how much is in them? I don't even know what part of the form I need to fill in. I was selfemployed during the period April 2005 to October 2005. Since then I have been unemployed.

Can anyone advise?
M

Mikeyorks

You have to fill in the self-employed supplementary (I'm assuming this is a paper return) sheet. And include all income for the year to 5th Apr 06 - which includes any Interest paid from your accounts (savings and current accounts) - not what is (was) in them.

roger_c

On page SE1 of the Self-Employed pages there are three boxes at the bottom. One for turnover/income, one for expenses and then the resulting net profit/loss. As your turnover/income is less than £15,000 that's really the only figures you need to fill in.

Technically you should declare all your savings/investment income, I think it is on page 3. However, as your non-savings income is below the annual exemption of £4,895, then you would actually be due some tax back of the tax paid at source on your bank interest. As long as your interest does not exceed ~£30,000/was paid without tax deducted (gross)!!!

mambi

Thank you both for your replies.

I know I am being really thick here but do I just put the tax paid or do I have to put my entire savings down and where they are held.

Also I have quite a large amount of money saved due to a divorce settlement, over £2k. What will happen?

M

whatatwit

You only have to declare the amount of interest paid, and the tax deducted. not the amount you have invested.

WHA

If you received unemployment benefit, you may have to declare (and pay tax on) that as well. Depends on what type of benefit you received - some are taxable and need declaring, some aren't. The Job Centre should have given you a P45/P60 (or similar substitute) to confirm your taxable benefits.

mambi

Thank you again

But I am really panicking now. Deadline tomorrow!!

Because of my savings and only paying lower NI contribs I am not eligible for benefit, but they are paying my national insurance contribs.

I am going to fill the form in on-line. Shall I just fill it in the best I can and then wait and see if I have what happens?

Hoddie_2

This should be what you need to complete. The disclaimer: This advice is based on the information you've given above. I don't take any responsibility if it's incorrect, ultimately it's up to you to ensure you declare your income correctly. That said, I hope it helps. If you have any other queries by all means come back and ask.

You need to make sure HMRC have your return by the close of play on Thursday. But, if you don't owe any tax, you can be as late as you like and they can't fine you. Don't leave it too long though because they'll start sending the threatening letters!

3.1 Name of business (your name if no business name)
3.2 Description of business (your home address if no seperate address)
3.3 Your trade
3.4 06/04/05 **
3.5 31/10/05 **
3.8 31/10/05
3.24 Your income (round down to nearest £)
3.25 Your expenses (round up)
3.26 = 3.24 minus 3.25
3.74 06/04/05 **
3.75 31/10/05 **
3.76 = 3.26
3.83 = 3.26
3.90 = 3.26
3.92 = 3.26
10 Tick
10.1 Any untaxed bank interest you received (round down)
10.2 = 10.4 minus 10.3
10.3 Tax deducted from 10.4 (round up)
10.4 Any taxed bank interest you received (round down)
24.1 Sign and date

** This may depend on whether or not your were self-employed during the previous tax year, and if so what accounting period you used.

mambi

THANK YOU SO MUCH

You have all been so helpful.

I have sent it in and received a message saying it has been received.

But I don't remember signing and dating it.

M