Tax return done!

[Broadside]

I’m PAYE. But I have to submit a tax return due to the changes in child benefits. I also claim a rebate on work motor expenses where I use a private car.
I got £495 back this year. It’s worth a couple of hours of my weekend.

ive only just found out about this tax relief for business mileage as well, form P87 is my new friend!! It can be worth quite a bit of money if you cover up to 10,000 business miles per year and they let you claim back five years in arrears.

 

[midlife]

Don't begrudge the government. They need your money to pay that foreign aid project to repair potholed roads in Nigeria. If you worked a bit harder they could afford to repair some in the UK too.

Just saying that PAYE has advantages and disadvantages as the OP was about filing a tax return which I don't have to do..

 

[Gunk]

I assume you will be utilising entrepreneurs relief to reduce the tax down to 10%?

But of course! 🤓

 

[gavroche]

When I was self employed, I never did a tax return, my accountant did it all. I just saw him at his office and signed it. Last time was 2015 when I stopped being self employed.

 

[Drago]

If you're self employed a halfway decent accountant more than pays for themselves.

 

[derrick]

Not done a return since i retired. Cant say i miss doing them.😂

 

[slowmotion]

I was going to file my tax return this weekend but I've decided to make marmalade instead.

 

[vickster]

When I was self employed, I never did a tax return, my accountant did it all. I just saw him at his office and signed it. Last time was 2015 when I stopped being self employed.

I don't even visit my accountant, she and her team do all the paperwork, send it to me, I sign and return by hand (it's about a 15 minute cycle away). And the cost is a business expense so all good

 

[vickster]

Totally agree Mo, I think we have pretty much the same family living in our street, makes the blood boil.

https://www.gov.uk/report-benefit-fraud

 

[oldwheels]

I agree that the best thing is get a good accountant. Ours was excellent and came to visit us rather than us going to him. Saved us more money than we paid him.

 

[Drago]

I don't even visit my accountant, she and her team do all the paperwork, send it to me, I sign and return by hand (it's about a 15 minute cycle away). And the cost is a business expense so all good

I don't need to visit mine either. She comes round several times a week to eat my food, so that's the time to foist my paperwork on her.

 

[EltonFrog]

I used to get an accountant to do mine, it used to cost about £300.00 then the price went up one year by 60% ! I do it myself now, it's worth the little bit of aggro to save on the the bill and the VAT.

 

[vickster]

I don't need to visit mine either. She comes round several times a week to eat my food, so that's the time to foist my paperwork on her.

Cool. I don't really have a lot of paperwork, I simply send a spreadsheet and PDF'd bank statements once a year when it's time for them to do the tax returns (mine and my company). Once done, I BACS their fee. Simples

 

[Globalti]

I've had to do one for the last two years and despite my hatred for the job it has been remarkably easy since the HMRC website is easy to use, at least for a simple return. However I filed it after 31 December meaning I've now got to pay them £195 rather than get it collected through PAYE. Grrrr!

 

[bikingdad90]

If you can’t afford it ring them and ask to enter into a payment arrangement which effectively mimics the PAYE set up.