tax return

anmarj

Hi

have a bit of a quandary, think I might have been doing it wrong:

I work full time and PAYE, but I also have a online business which is registered.

As I PAYE I have never included this in my online return mainly because I want to try and keep them separate, don't want to mix things up, but should I be including my employed earnings with my self employment?

It does come up about wanting to recover any money through PAYE (self employment makes a loss not been doing much with it) but always has 0.00 in it.

Thanks

jem16

anmarj wrote: »

As I PAYE I have never included this in my online return mainly because I want to try and keep them separate, don't want to mix things up, but should I be including my employed earnings with my self employment?

You should be yes. The tax return must contain information from all taxable income sources.

It does come up about wanting to recover any money through PAYE (self employment makes a loss not been doing much with it) but always has 0.00 in it.

Thanks

I believe it is possible to offset self employment losses against PAYE through your SA so you may be missing out by not entering it.

anmarj

thank you, now feel better about completing it :rotfl:, I will write to them about the earlier years, next question -

losses for the business - losses from this tax year sett off against other income for 2013/14 £
Losses to be carried back to previous years set off against income or capital gains £
Total loss to carry forward after all other set offs including unused losses brought forward £1477

It does give a self employment losses worksheet but it is all gobbledegook to me and considering I have muck up the previous years, I take it I put the £1477 in the top box??

Thank you

jem16

anmarj wrote: »

It does give a self employment losses worksheet but it is all gobbledegook to me and considering I have muck up the previous years, I take it I put the £1477 in the top box??

Thank you

I would hazard a guess and say yes but I haven't done self employment so don't want to mislead you.

Hopefully someone else will clarify this for you.

anmarj

okay put the 1477 in the top box and according to them at the end I am due £154.80, so now totally confused, if the business made a loss and I have had to put in my PAYE earnings, why am I paying Class 4?

zygurat789

You really have not given enough detail to answer your question, what, exactly, does the detailed calculation show.
If £154.80 is class 4 then it is on profits of £9,676 and class 4 nic is payable on profits of this year. Losses b/f are only relevant for calculating the tax liability.

anmarj

Discovered i had used the wrong figure from wage slip so corrected that. Just shows £ 1.60 now. Will put up figures later when home, i think the main problem stems from before now as i have muckef up the previous years dohh

anmarj

right here goes - pay from employments £18363
total income received £18363
minus personal allowance £9440.

total income on which tax is due £8923

income tax charged £1784.60
minus tax deducted £1783.00

Income tax due £1.60

self employment loss £1477 but this does not show. There was a box it asked about the losses which I posted above, but if I put any figures in there then it says i need to pay £154.80 class 4. But can't understand if I have being paying via PAYE I still have to pay £1.60 surly this should of been done at the time? I also have a Class 2 exemption certificate as well, it did ask about class 4 and I said no to having certificate:undecided

zygurat789

anmarj wrote: »

right here goes - pay from employments £18363
total income received £18363
minus personal allowance £9440.

total income on which tax is due £8923

income tax charged £1784.60
minus tax deducted £1783.00

Income tax due £1.60

self employment loss £1477 but this does not show. There was a box it asked about the losses which I posted above, but if I put any figures in there then it says i need to pay £154.80 class 4. But can't understand if I have being paying via PAYE I still have to pay £1.60 surly this should of been done at the time? I also have a Class 2 exemption certificate as well, it did ask about class 4 and I said no to having certificate:undecided

The 1477 should be entered in the third box on the page headed "Losses in your name"

anmarj

sorry being thick here, do you mean this one?

under losses for kcards
"Total loss to carry forward after all other set offs including unused losses brought forward £1477"

zygurat789

anmarj wrote: »

sorry being thick here, do you mean this one?

under losses for kcards
"Total loss to carry forward after all other set offs including unused losses brought forward £1477"

I am not familiar with "kcards" the title I gave was exactly from the tax return