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Tax return questions, worth doing yourself?

edited 30 November -1 at 12:00AM in Cutting Tax
6 replies 657 views
textbooktextbook Forumite
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edited 30 November -1 at 12:00AM in Cutting Tax
I only pay my accountant only £125 but worry he's not that good. He forgot to put my van insurance and cost of my van through.

Thinking of doing it myself.

He put £1098 for Annual Investment Allowance and £804 Other Capital Allowances.




My van cost £8,000. Last year I took £3535 off that (as it was the first year). Every year after the first year is 18% so £8,000- 3535= £4,465. 18% of £4,465 =£804 so this is capital allowances, but what is annual investment allowance composed of?

Where would van insurance go?

Out of interest, does HMRC know if you go abroad on holiday?

Replies

  • edited 16 January 2020 at 3:10PM
    00ec2500ec25
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    edited 16 January 2020 at 3:10PM
    textbook wrote: »
    what is annual investment allowance composed of

    Where would van insurance go?
    if you intend to DIY you need to know more than the answers to the questions you have come up with so far

    I suggest you spend your time with google, here are 2 to get you started:
    https://www.gov.uk/capital-allowances

    https://www.gov.uk/expenses-if-youre-self-employed
    textbook wrote: »
    Out of interest, does HMRC know if you go abroad on holiday?
    bizzaro question

    what do you intend doing, smuggle income out of the country before it gets taxed?


    there is a reason why it is called Her Majesty's Revenue and Customs dept
  • d63d63 Forumite
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    textbook wrote: »
    . . . Out of interest, does HMRC know if you go abroad on holiday?

    not only do they know where you went on holiday, but who you went with and for how long, how much you were conned into paying way over the odds for that allegedly genuine hand-carved tribal-art face-mask at the souvenir shop in the airport, and even how many extra sheets of toilet paper you had to use after being obliged to return home early on account of contracting a bad case of montezuma's revenge.

    be afraid, be very afraid . . .
  • POPPYOSCARPOPPYOSCAR Forumite
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    textbook wrote: »
    I only pay my accountant only £125 but worry he's not that good. He forgot to put my van insurance and cost of my van through.

    Thinking of doing it myself.

    He put £1098 for Annual Investment Allowance and £804 Other Capital Allowances.




    My van cost £8,000. Last year I took £3535 off that (as it was the first year). Every year after the first year is 18% so £8,000- 3535= £4,465. 18% of £4,465 =£804 so this is capital allowances, but what is annual investment allowance composed of?

    Where would van insurance go?

    Out of interest, does HMRC know if you go abroad on holiday?



    Only if you send them a postcard (with your Nat. ins number on it).
  • lindabealindabea Forumite
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    POPPYOSCAR wrote: »
    Only if you send them a postcard (with your Nat. ins number on it).

    No. Definitely no need for that - they will know from the photograph of you that was taken as you walked through the departure gates.
    Before doing something... do nothing
  • PennywisePennywise Forumite
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    lindabea wrote: »
    No. Definitely no need for that - they will know from the photograph of you that was taken as you walked through the departure gates.

    Not to mention they'd have access to the Border Force database of people leaving/arriving in the country from passport scanning at airports etc.
  • csgohan4csgohan4 Forumite
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    textbook wrote: »
    I only pay my accountant only £125 but worry he's not that good. He forgot to put my van insurance and cost of my van through.

    Thinking of doing it myself.

    He put £1098 for Annual Investment Allowance and £804 Other Capital Allowances.




    My van cost £8,000. Last year I took £3535 off that (as it was the first year). Every year after the first year is 18% so £8,000- 3535= £4,465. 18% of £4,465 =£804 so this is capital allowances, but what is annual investment allowance composed of?

    Where would van insurance go?

    Out of interest, does HMRC know if you go abroad on holiday?

    An accountant is only as good as the info you give them, do you have spreadsheet of expenses you give to them?

    your accountant can't read your mind and know every expense you incur, that is your responsibility to let them know.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie RIP
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