Tax Returns - Advice & Questions

boxrick

Simply put I am currently in the process of sorting out my tax return for year 14/15 for the first time.

To summarize ( I have had 5 jobs in that financial year, much of it leaving part time jobs )
I also have my self employed income and finally I rent out my house I no longer live in.

I have calculated all my earnings and expenses and would like the use the "cash basis" system and simplified expenses for my trips. https://www.gov.uk/simpler-income-tax-simplified-expenses/vehicles-

1) My PAYE income tax is wrong, I overpaid by £500 in that financial year. Can I use this to pay less on my self employed tax rather than separately applying for a refund?
2) Are trips to my rental property from my home addess, to make sure the tenant hasn't trashed the place and to keep on top of any issues valid mileage expenses?
3) Removed because against rules

Cheers for any help or feedback

Savvy_Sue

I'll answer what I can.

boxrick wrote: »

1) My PAYE income tax is wrong, I overpaid by £500 in that financial year. Can I use this to pay less on my self employed tax rather than separately applying for a refund?

You will record all your income in separate sections, and the tax you have paid already, so you won't have to apply for a refund, the tax you've already paid will reduce the amount you're due to pay. That's the amount you're due to pay today.

boxrick wrote: »

3) Is there anyone here who could look through all my final sums, check if everything is good. ( Basically what I should have got an accountant to do ).

Your request here is against the Forum Rules, and very unwise - you have no idea if anyone you contact privately can be relied on (I definitely can't!)

If you post your figures here, someone MIGHT be kind enough to look over them, but frankly at this stage you'd do better to submit something ASAP, get an accountant as soon as the rush has died down, and submit a revised return.

The two things to note are that the process of submission works out how much tax you owe (or are due as a refund), and if your revised return shows that you have not paid enough tax then you'll have to pay interest because you'll be paying late.

However the amount of interest you'll have to pay is likely to be less significant than the fine you'll incur if you don't get the submission done by midnight tonight. So I do hope you can find all the paperwork you need, and that the system doesn't crash.

boxrick wrote: »

Cheers for any help or feedback

Feedback: you've left this far far too late. Advice: start next year's return in April.

(Wanders off to email DS1 and ask if he's got his in from Australia ...)

boxrick

Thanks for the response, much appreciated. Unfortunately I can't even submit my returns since I thought my account was active, I was speaking to an advisor on HMRC and they told me to pay the amount with my tax ref before midnight 31st Jan, then when my code arrives to go through the process online and apparently I have till the 15th of Jan to do that.

I have ultimately removed or reduced things I am not 100% sure about.

boxrick

I guess one final question, is regarding my student loan. Do I need to worry about this for the purposes of tax returns?

With my employment being all over the place this one is particularly tricky.

Savvy_Sue

boxrick wrote: »

I guess one final question, is regarding my student loan. Do I need to worry about this for the purposes of tax returns?

With my employment being all over the place this one is particularly tricky.

I don't know what questions are asked about student loans, but I understand that the online process does add up all your taxable income and then work out whether or not you've paid enough through PAYE. Which is unlikely, so it adds more on for you.

patanne

I'm fairly sure that the 'about you' section asks if you have a student loan. This is the section that makes sure you only get the relevant pages up. You can save & go back later if you need to.

boxrick

Cheers for the reply. A few last questions:

1) I currently can't use the SA online system due to my account not being registered for online assessment.

When I spoke to a HMRC advisor yesterday they said to simply pay my tax before midnight tonight then apply for a pin and fill it in before the 15th of Jan. I know it offers some calculations and guidance, if I was to get some figures wrong how would I be penalised?

2) I paid some rate 1 NI earlier in the year, and I read that this is charged and paid for separately. Am I safe to assume I only need to calculate and worry about Class 4 in this case?

agrinnall

boxrick wrote: »

.. fill it in before the 15th of Jan.

Saying it once can be accepted as an error, twice makes you look incompetent. Unless you have invented a time machine, in which case just go back to the middle of 2015 and apply for your UTR then.