how to fill in self assessment tax form query

sunnygal

I saw a thread once on this site from someone who said they are willing to give free tax advice, but I can't find it now. So I am hoping someone else can help.

This isn't a difficult question for those of you who are in the know, but for novices like me, it is confusing.

I run a small business from home, mostly working evenings. I have decided to take on some paid work during the day for a few hours a week to boost my income. What I want to know is when I am filling in my tax return, I will fill in the part for 'employment' as well as self employment. But do I fill in the employed amount I receive as gross or nett figure?

Thanking you in advance. :A

mrkbrrws

You use the Gross Pay figure and also show the Income Tax deducted (both coming from either your P60 or P45).

alanjoe

I'm very interesed to read Sunnygals questions but I have so many questions of my own on the subject of self-assessment forms!
I've just retired after working with my wife in a retail business for 30 yrs or so.
All this time we paid good money to have our books audited and the tax dealt with professionally. Now life is simpler, I feel I aught to be able to do the job myself. BUT we still own shop and office premises and the rental from these is part of our income: in addition I still manufacture certain goods which we sell from our web site although the amount is very small.

My question is this: When I look at the on-line forms I am asked whether I am in a partnership. If I am, would this include our activity as Landlords or just the on-line sales and how should I enter these separate activities on the forms.

Any comments would be a help as I am completely clueless.

I even thought it might be better to let a professional do this first year for me and then follow his pattern in the future.

mrkbrrws

If the rents are received by the partnership they should go on the Partnership Tax Return (using the section for partnership UK property income). They will then appear on your individual Tax Returns as part of the Partnership pages.

If the rents aren't received by the partnership they should go on your individual Tax Returns on the UK Property pages.

Both methods produce the same result, so just choose which seems most appropriate.

Has a 2008 Partnership Tax Return already been submitted?

alanjoe

Thanks for your comments and help. Our trading company (ie retail business) was closed at 31 Jan 2007 so we haven't submitted a 2008 Partnership Tax Return. Do we have an option either to treat our activities as a partnership venture, which would take care of the rental income and the saes on the internet, the landlord's insurance and the repairs, rates, fees and other outgoings connected with the buildings, keeping our income from pensions, investments etc. for our individual Returns?

Alternatively, we could split all incomes and outgoings associated with the buildings between our two individual Returns. Is there a 'right' or 'wrong' way in these matters?
Thanks again for your advice.

mrkbrrws

As the partnership has ceased, it would seem best to just put half of the rental income and expenses on each of your individual Tax Returns (assuming the properties are jointly owned).

Have you checked that HMRC don't require a Partnership Tax Return?