Self-employed filing tax return online

b-b-b

Hi there,

I am self-employed and in the process filing my tax return for 2010-2011.

Does anyone know if the HMRC system takes your personal allowance into consideration or do I need specify it somewhere? I have completed all the sections through the online portal on HMRC and I haven't seen any options or questions relating to personal allowance?

Last year I did it online and I am pretty sure it wasn't calculated automatically so I must need to add it somewhere?

payless

it is applied in the final calculations

b-b-b

payless wrote: »

it is applied in the final calculations

Are you sure? I don’t think that it is right I am looking at the view calculation section now and doesn’t make any mention of it personal allowance or confirm the actual allowance?

BoGoF

It should, unless you earn over £100,000 whereby you are not entitled.

KiKi

They know what your tax code is, and will apply it automatically.

Why post a question, get an answer then tell the person who replied that they're wrong?! The form doesn't have anywhere for you to state it, nor do the instructions ask you to put it anywhere on the form.

KiKi

b-b-b

[FONT=&quot]It is under £100k... All the calculation page reads:

Total tax, Class 4 NIC and Student loan due for 2010-11 £x.xxxx
Plus
First payment on account for 2011-12

It makes no mention of Personal Allowance deductions?[/FONT]

b-b-b

I didn't say payless was wrong I said I didn't think that was right based on previous experience. I agree with your point they will know tax code, etc. I just didn't think it was right and wanted to checked here for advice before submitting.

KiKi wrote: »

They know what your tax code is, and will apply it automatically.

Why post a question, get an answer then tell the person who replied that they're wrong?! The form doesn't have anywhere for you to state it, nor do the instructions ask you to put it anywhere on the form.

KiKi

BoGoF

There should be a full calculation which shows your profit then it should deduct the personal allowance of £6475 then it should show at what rates the tax etc has been charged at.

b-b-b

Cool thanks Bog. I will check out and see if I can find that info on there - as if the HMRC would hide information from us... never....

BoGoF wrote: »

There should be a full calculation which shows your profit then it should deduct the personal allowance of £6475 then it should show at what rates the tax etc has been charged at.

BoGoF

If you're still stuck then let me know your profit and I'll tell you what your tax & NIC should be.

b-b-b

I'm all good thanks only part I'm left wondering about know is the Annual Investment Allowance - what is this and how it would apply.