Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • textbook
    • By textbook 15th Jan 20, 8:27 PM
    • 212Posts
    • 21Thanks
    textbook
    Tax return questions, worth doing yourself?
    • #1
    • 15th Jan 20, 8:27 PM
    Tax return questions, worth doing yourself? 15th Jan 20 at 8:27 PM
    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?
Page 1
    • 00ec25
    • By 00ec25 16th Jan 20, 3:04 PM
    • 8,962 Posts
    • 8,882 Thanks
    00ec25
    • #2
    • 16th Jan 20, 3:04 PM
    • #2
    • 16th Jan 20, 3:04 PM
    what is annual investment allowance composed of

    Where would van insurance go?
    Originally posted by textbook
    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
    Out of interest, does HMRC know if you go abroad on holiday?
    Originally posted by textbook
    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
    Last edited by 00ec25; 16-01-2020 at 3:10 PM.
    • d63
    • By d63 17th Jan 20, 2:50 AM
    • 120 Posts
    • 72 Thanks
    d63
    • #3
    • 17th Jan 20, 2:50 AM
    • #3
    • 17th Jan 20, 2:50 AM
    . . . Out of interest, does HMRC know if you go abroad on holiday?
    Originally posted by textbook
    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 . . .
    • POPPYOSCAR
    • By POPPYOSCAR 17th Jan 20, 2:55 AM
    • 13,188 Posts
    • 29,715 Thanks
    POPPYOSCAR
    • #4
    • 17th Jan 20, 2:55 AM
    • #4
    • 17th Jan 20, 2:55 AM
    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?
    Originally posted by textbook


    Only if you send them a postcard (with your Nat. ins number on it).
    • lindabea
    • By lindabea 18th Jan 20, 11:58 AM
    • 1,211 Posts
    • 193 Thanks
    lindabea
    • #5
    • 18th Jan 20, 11:58 AM
    • #5
    • 18th Jan 20, 11:58 AM
    Only if you send them a postcard (with your Nat. ins number on it).
    Originally posted by POPPYOSCAR
    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
    • Pennywise
    • By Pennywise 18th Jan 20, 12:01 PM
    • 12,507 Posts
    • 25,082 Thanks
    Pennywise
    • #6
    • 18th Jan 20, 12:01 PM
    • #6
    • 18th Jan 20, 12:01 PM
    No. Definitely no need for that - they will know from the photograph of you that was taken as you walked through the departure gates.
    Originally posted by lindabea
    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.
    • csgohan4
    • By csgohan4 18th Jan 20, 12:55 PM
    • 6,878 Posts
    • 4,715 Thanks
    csgohan4
    • #7
    • 18th Jan 20, 12:55 PM
    • #7
    • 18th Jan 20, 12:55 PM
    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?
    Originally posted by textbook
    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"
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

94Posts Today

1,225Users online

Martin's Twitter