Helping paying tax?

Rocket92

Hi all, I am looking for some help in regards to filing my tax for 2015.

I registered as self employed in September 2015. From September 2015 - April 2016 I received around $25,000 via PayPal, all in USD.

The tax year ended a few months ago so I really need to get this all sorted but it's super scary for me. I'm young and it's the first time I have received any money at all.

The money is all sent through PayPal. I have expenses of around $300 USD per month.

For the whole duration I have withdrawn the months profit to my bank account which is automatically converted to GBP.

What do I do? Can I do it myself with tools PayPal provide? I contacted Crunch for help but they said they couldn't help me.

Thanks for reading.

[Deleted User]

Rocket92 wrote: »

Hi all, I am looking for some help in regards to filing my tax for 2015.

I registered as self employed in September 2015. From September 2015 - April 2016 I received around $25,000 via PayPal, all in USD.

The tax year ended a few months ago so I really need to get this all sorted but it's super scary for me. I'm young and it's the first time I have received any money at all.

The money is all sent through PayPal. I have expenses of around $300 USD per month.

For the whole duration I have withdrawn the months profit to my bank account which is automatically converted to GBP.

What do I do? Can I do it myself with tools PayPal provide? I contacted Crunch for help but they said they couldn't help me.

Thanks for reading.

You have until 31st January 2017 to submit this return.

Just one piece of advice - seek an accountant unless you are 100% sure that what you submit is correct and can stand up to any queries. The cost of this advice (tax deductible) is very likely to pay for itself in terms of tax saved, minimising errors and ...........do you really want this stress???

Rocket92

[Deleted User] wrote:

You have until 31st January 2017 to submit this return.

Just one piece of advice - seek an accountant unless you are 100% sure that what you submit is correct and can stand up to any queries. The cost of this advice (tax deductible) is very likely to pay for itself in terms of tax saved, minimising errors and ...........do you really want this stress???

I am happy to pay for an accountant, can I visit any accountant that is local or would I be best searching for one online who has experience with PayPal?

xylophone

http://menwithpens.ca/money-matters-part-1-of-6-declaring-paypal-income/

A US bias but may be worth a look.

See also

https://www.gov.uk/tax-foreign-income/overview

https://www.gov.uk/self-assessment-tax-returns/overview


https://www.gov.uk/self-assessment-forms-and-helpsheets - you can print these off and fill them in to help you get a handle on your financial affairs.

https://www.gov.uk/government/collections/self-assessment-helpsheets-main-self-assessment-tax-return

For an accountant you could try

https://www.unbiased.co.uk/

Apodemus

Good advice above, but please don't get overly worried about tax matters. For simple self-employed businesses it is often very straight forward and easily done by yourself, using the online forms and support from HMRC. Contrary to a lot of what you may read, I have never found HMRC to be anything other than helpful.

A good way to feel your way in to the process might be to use an accountant for this year, but make sure you follow everything closely so that you can do it yourself next year. Make sure you ask how much it is likely to cost, before you commit to any particular accountant, as otherwise their fee could become a significant item in your year's finances.

Savvy_Sue

[Deleted User] wrote:

You have until 31st January 2017 to submit this return.

Just one piece of advice - seek an accountant unless you are 100% sure that what you submit is correct and can stand up to any queries. The cost of this advice (tax deductible) is very likely to pay for itself in terms of tax saved, minimising errors and ...........do you really want this stress???

The thing that no-one's mentioned explicitly which a half-decent accountant should pick up on is the possibility of owing tax in the US.

However I've just posted something here - similar situation with earnings in USD via PayPal- which might be worth a read.