Help with child benefit self-assesment

ourtrudes

Hi,

My partner has just gone self employed opening his own Electrical Contracting company. He is currently a sole trader and prior to this, we were in receipt of Job Seekers Allowance. I am now in charge of book keeping and accounts have a few questions.
In order to keep accounts for April 2013- April 2014, I have been told to put our fortnightly JSA payments down as income as these are apparently taxable. As these can be taxed, am I also able to put forward the fuel receipts used to travel to and from the job centre on these dates? Also, for a good two three months prior to our going self employed, my partner was rallying around daily looking for work and future clients in turn, building the clientèle we needed to do this. Can these fuel receipts also be used? My final question being, as we wanted to start small and not venture into much debt by getting set up loans, we were lucky enough to have a family member borrow us the money to purchase some of the necessary equipment needed to start this business. Some of the items were purchased by this family member and the invoices have their names on them. Can I still use these? Even though they have not been made out to the business? Any help greatly appreciated. Thanks!

capsch

cotswoldaccountant thanks for the response I think I will ignore the p800 overpaid bit, and follow up with them afterwards --makes sense, although I have been on hold for the last 75 mins

capsch

one other thing on submission it says Payment due by 31 January 2014.
im PAYE and stated I wish to pay via tax code, I understand this is not possible ofr child benefit so what do you do now? its very confusing and non-intuitive.

nomunnofun

capsch wrote: »

one other thing on submission it says Payment due by 31 January 2014.
im PAYE and stated I wish to pay via tax code, I understand this is not possible ofr child benefit so what do you do now? its very confusing and non-intuitive.

The deadline date for informing HMRC that you wished an underpayment to be collected through a PAYE code number was 30th December.

capsch

yes thanks but as I owe part unpaid tax/and child benefit does that mean i have to send them a cheque for the full amount?

cotswoldaccountant

capsch wrote: »

yes thanks but as I owe part unpaid tax/and child benefit does that mean i have to send them a cheque for the full amount?

As you have submitted your return after 30 December, then the option to have tax collected via your tax code is generally no longer available. You would usually need to pay all of the underpaid tax in full by 31 January.

However, as noted in my previous post it would be well worth a call to HMRC as they may be collecting the underpaid tax that they are already aware of per the P800 via your tax code and it would be worth clarifying this.

I called HMRC at lunchtime today about my own personal tax (the usual line, not the fast-track agent number) and was only on hold for a small number of minutes.

capsch

ok thanks alot will try again.

capsch

just to wrap this up they said I have to pay the full amount now, and any overpaid tax will be worked out in the long run, and they said they could not rectify my now low tax code -great this.