Self assessment tax return

Legacy_user

Hello everyone, I need help with paying income tax.

I have to do a self assessment for the 2015/2016 year. I have never done one before.

My earnings for 2015-2016 year are 7k. I did a lot of unpaid voluntary. The 7k came from rental income from my tenants who rent the only house I own. I live with a parent in their home.

Can I do my own self assessment or is it to difficult ?

I am well below allowance so hoping it will be trouble free, but it's hard to know these days.

Any help appreciated.

Mersey_2

Yes, completing the Return is straightforward, ie just entering income figures.


The complicated part (with delays) is obtaining the Gov't User Gateway ID and password in the post first.


It's also an opportunity to reclaim and tax you may have paid on savings or PI reclaims etc during the 2015/16 tax year. HMRC are actually very good at sending this to you via BACS within a fortnight in most cases.

xylophone

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

https://www.gov.uk/register-for-self-assessment/not-self-employed

System

Mersey wrote: »

Yes, completing the Return is straightforward, ie just entering income figures.


The complicated part (with delays) is obtaining the Gov't User Gateway ID and password in the post first.


It's also an opportunity to reclaim and tax you may have paid on savings or PI reclaims etc during the 2015/16 tax year. HMRC are actually very good at sending this to you via BACS within a fortnight in most cases.

Many thanks indeed.

So should I apply for a gateway ID now ?

I have a question about capital gains tax if you are able to help with that ? It is in relation to the same house. I purchased it in 2013 and sank most of my savings into doing a complete refurbishment + extension which cost me around 40k.

Firstly: am I eligible to pay capital gains tax when/if I sell ?

Secondly :can I offset the refurbishment cost against the capital gains tax I pay on the property if/when I sell ?

I was occupying the property between 2013-2014-2015. I began renting it out in 2015 which is where 7k income comes from.

Many thanks.

xylophone

https://www.gov.uk/tax-sell-home/let-out-part-of-home

jobbingmusician

Yes, apply for all the stuff like gateway ID and password, etc, now, and practise logging on to the SA site.

THEN...........and this is the important bit, which really really helps me....

Email yourself all the stuff like your gateway number and password (ideally to 2 email accounts). Open a special email folder called tax and save the email there. If you have a 'day job', scan your p60 and send that to the same folder. Every year I get petrified at the idea of finding the paperwork for my tax return, then remember it is all safely filed on my computer

System

xylophone wrote: »

https://www.gov.uk/tax-sell-home/let-out-part-of-home

Thanks, great information there !

System

Am I self employed then ?

https://www.gov.uk/register-for-self-assessment

There are two links ''you're self employed'' and ''you need to send a tax return for any other reason'' - I take it I am the latter?

jobbingmusician

Ring them - they are v helpful!

Darksparkle

Gold_Anaconda wrote: »

Am I self employed then ?

https://www.gov.uk/register-for-self-assessment

There are two links ''you're self employed'' and ''you need to send a tax return for any other reason'' - I take it I am the latter?

Yes the latter.