Tax return

Adlibjac

Up until now I have asked an accountant to complete my tax return but I have decided that I am perfectly capable of completing this myself. Most of my income is from savings accounts and the rest in rental income from a flat. I understand tax in great depth as I am interested and can easily calculate what is due. However....

I have never filed a tax return online myself.

I have registered for a government gateway account.

I have a UTR.

Now I am feeling nervous to start this (crazy really but just a lack of confidence)

I have completed a printed out tax return and also worked out how much tax is due from my own calculations.

When I complete the online tax return am I expected to calculate the tax due or does it calculate that for me? Will it also calculate my 'on account' tax?

Any advice would be appreciated

*~Zephyr~*

It calculates your tax due for you once you've competed the form.

There's really no need to be nervous. If you are as knowledgeable as you say you are, you'll find it very, very easy to complete the return online.

ChesterDog

It is no more difficult than the paper version; in fact the whole look and feel are very similar, but it leaves out the sections that you indicate are irrelevant and does the calculations for you.

Furthermore, you can save it for subsequent amendment or checking, as often as you wish. You can go away for a while, then return to it and make changes as you wish before ultimately submitting it.

The hardest part is navigating the somewhat inscruitable website to find your way to the bit you need.

MadMat

I do my own every year (self employed) it's dead easy, once you've got all the figures together it takes 10 mins to stick them in the website!

Mat

colsten

I find the online return way easier than the paper one.

Adlibjac

Oh thank-you so much.

My main worry was that I would start to complete the form and would not be able to leave it/make changes before submission. I suppose the actual 'online' submission part was my worry rather than the figures.

Your answers have made me feel much better

ColdIron

You can even change it after you have submitted it, as long as you are not to close to the cut off date, and simply re-submit it

purdyoaten

ColdIron wrote: »

You can even change it after you have submitted it, as long as you are not to close to the cut off date, and simply re-submit it

You can change any return up to twelve months after the deadline for submission e.g the 2013/14 return can be amended before 31st January 2016.

The process is relatively easy as long as one does not assume that, because one arrives at an amount payable, everything has been entered correctly - the number of times that people claim mortgage repayments as an expense rather than just the interest on their rental accounts on the 'cutting tax' board is unbelievable. See below:

https://forums.moneysavingexpert.com/discussion/5097013=

Adlibjac

Thanks for the replies.

I am pretty knowledgeable about tax (I am so interested in the subject that I took a course in personal and business tax recently - geek huh?). I have already done my own calculations as to how much tax I should owe.

The main issue I have is putting my knowledge into the HMRC online submission. That is really why I have left it to accountants to date. However, I am fed up with paying them to do it for me when I frequently have to correct their mistakes before it is submitted. Some sites are not user friendly and lose your information and you don't know if it has submitted or not. Sounds like it should be fine though.

Do HMRC work out your 'on account' tax for you?

Archi_Bald

Adlibjac wrote: »

Do HMRC work out your 'on account' tax for you?

All you (n)ever wanted to know about self assessment: http://www.hmrc.gov.uk/agents/sa/

gkerr4

you'll be fine - its very straightforward and does the 'sums' for you.

You can celebrate with a nice bottle of wine from the money you saved in fee's!