Self Assessment Tax Request

[Kimbers]

Being PAYE I have never had to do one of these before. But I suspect because Wendy has started her own business they have asked me for my details just to make sure they can't crucify....I mean tax me more....due to her earnings?

Any info would help from those who have done them before or have more knowledge than the idiot at this end of the Computer.

Do I need to claim Interest on Savings considering the interest is nowhere near even £100? Interest rates in the last tax year were 0.1% on my savings.

Do I need to claim some of the stuff I sold on Ebay despite the fact I lost loads of money on the purchasing (Mainly through buying lots for myself and selling what I didn't want that came nowhere near the price I paid for everything).

Do I claim my Volunteering where I do 50 hours a month but don't get paid anything (So it costs me loads)?

What about the fact I man the stands at Wendys Art Fairs but don't get paid a penny by her business?

Winnings at Poker? Do I claim those?

I'm really confused.

[LotusLeftLotusRight]

I have been filing my own tax return for decades. I find it very easy, but my income is very simple. I only need to consider my salary, company car, private pension contributions and a tiny bit of bank/building society interest like you.

[oneshot]

My accountant does our tax returns along with the partnership accounts and return. I just give him the necessary information and he does the rest.

[Dave Eds]

I always do my own Tony. There are guides every step of the way about how to do it and what to include and therefore by inference what not to include. You can amend it as much as you like before you submit it, and even after if you think you need to......give it a try!

Edited December 12, 2023 by Dave Eds

[Sparky]

Yup, same here.  It's really simple nowadays.

[chipp]

Who has asked for your details?  Wendy being a start up should not have anything to do with you apart from money laundering checks and identity verifications.

I'm not an accountant so someone more qualified should come along soon. 😁

[Kevin Wheeler]

2 hours ago, Kimbers said:

Do I need to claim Interest on Savings considering the interest is nowhere near even £100? Interest rates in the last tax year were 0.1% on my savings. You mean declare - technically, yes

Do I need to claim some of the stuff I sold on Ebay despite the fact I lost loads of money on the purchasing (Mainly through buying lots for myself and selling what I didn't want that came nowhere near the price I paid for everything). Again you mean declare, and again yes, but you declare the profit from the stuff you sold and don't claim anything for the stuff that you still have  - caveat being that you are trading (and that is not always easy to determine) - you can also claim a trading allowance against expenses.

Do I claim my Volunteering where I do 50 hours a month but don't get paid anything (So it costs me loads)? You do not declare anything for volunteering, nor can you clam anything.

What about the fact I man the stands at Wendys Art Fairs but don't get paid a penny by her business? Sorry, you do that for love! If you claimed wages from Wendy. she could reduce her profit, but you have to declare the income. There is no point in this for various reasons.

Winnings at Poker? Do I claim those? No. You neither declare winnings nor claim losses (unless you are a professional!)

Best advice (but I would say that!) is go see a local accountant. He will probaby give you an hour's free advice and will be able to clear up all your questions. You never know, he might even be able to save you money. He will certainly (or rather should) keep you out of gaol!

It may be that you have been chosen because of your ebay profile and nothing to do with Wendy. The Revenue ocassionally choose a profession/trade to focus on. One of those recently has been ebay traders who do not declare their income - it is possible this is you!

Again, an accountant can help you out if they decide to investigate earlier years and impose penalties and interest. Again, I would say that - guess what I do for a living!

[C8RKH]

@Kimbers if YOU are PAYE then firstly, when you log on to the HMRC self assessment system you will see that they already have details from your employer (they are legally obliged to supply your payroll details as it happens I believe). You just need to check the details are correct - salary earned, NI Paid, Bonus payments, Pension contributions etc.

You should then add any additional income - so yes, any revenue you have made from selling on eBay, any payments to you from Wendy, etc.

You can deduct payments you have made - e.g. to Charities, for stuff you have bought (example, your silver stock), any fee's for approved technical/industry bodies, any expenses you have not recovered from employer etc.

You can then declare and capital gains or importantly, losses. So where you have sold shares at a profit (profit amount = gain amount) or loss (amount lost on sale from purchase price).

It's a really simple process these days if done online from the HMRC portal.

If you run a business, then it makes sense to pay an accountant to do it for you. A good one will at the very least cover their fees from the tax you would have had to pay without them.

[Kimbers]

16 minutes ago, Kevin Wheeler said:

Best advice (but I would say that!) is go see a local accountant. He will probaby give you an hour's free advice and will be able to clear up all your questions. You never know, he might even be able to save you money. He will certainly (or rather should) keep you out of gaol!

It may be that you have been chosen because of your ebay profile and nothing to do with Wendy. The Revenue ocassionally choose a profession/trade to focus on. One of those recently has been ebay traders who do not declare their income - it is possible this is you!

Again, an accountant can help you out if they decide to investigate earlier years and impose penalties and interest. Again, I would say that - guess what I do for a living!

thanks Kevin but it's impossible to declare a value of the stuff I sell as I buy it all in Job lots. Imagine a TV show like Storage wars where they buy a box for £100 and its full of 300 different things ranging in values from 1 pence to £100. 

Now image it in smaller form but with a cardboard box of 200 items. Some are worth junk, others £1 and some £100. I can't say what each individual item was valued at as I genuinely don't know. The whole lot cost me £100 but I may have kept a load for myself worth £120 and sold £30 worth of the junk I don't want. But thats a loss not a profit! And it's not trading because I bought it for myself with my own money thats already been taxed and been sitting in my ISA. It's not a business. (or is that niaive)

 

[C8RKH]

2 minutes ago, Kimbers said:

thanks Kevin but it's impossible to declare a value of the stuff I sell as I buy it all in Job lots

Nonsense. The cost is the cost of the job lot.

3 minutes ago, Kimbers said:

The whole lot cost me £100 but I may have kept a load for myself worth £120 and sold £30 worth of the junk

The cost is the cost, what it is worth is irrelevant surely.  So you spent £100 on stock, you received £30 in as cash. That means you have £70 of "stock" left and £30 of cash. No profit to decalre at that point, but you cannot just "lose" the £70 of stock. It remains as an asset until sold.

 

5 minutes ago, Kimbers said:

And it's not trading because I bought it for myself with my own money that's already been taxed and been sitting in my ISA. It's not a business.

Unfortunately that is bollocks and matters not a jot - it's extra income they are after and if you generate extra income from your taxed income they will be after it (just like the interest they want you to pay tax on on your savings is from money you had already earned and paid tax on before you could save it!). Remember, you are allowed a certain amount of "free" capital gains per year (£6000 per year but please do check to be sure, for sure).

[andydclements]

I count myself lucky as employed with only other things being interest on savings, few expenses and share saves in a governed plan so no self assessment needed.

[C8RKH]

Until they decide to ask you to fill in the self assessment. I was the same, PAYE only, investments in pensions and ISA's only, and no side hustles on ebay etc. Still had to fill one in...

Edited December 12, 2023 by Bravo73

[pete]

@KimbersI assume you have an hmrc gateway account 

[ChrisJ]

If you have a simple set of income - PAYE, bit of interest, Child benefit - filling in the self assessment is easy, 30 mins tops.

However, for me last year was a bit of a nightmare as probate for my Mum was settled and there was some backdated income - dividends etc. that I needed to file with HMRC. Had to go back and re-do my previous 2 years self assessments. This would have been a PITA, but my brother, who had to do the same, found some software that allowed us to do this - and submit the amended returns to HMRC, and calculate the outstanding taxes that we needed to pay (about £2k), without us having to contact HMRC at all. You have to have the HMRC gateway account as pete has said. I understand if you want to amend your previously submitted tax return manually, this can be a right pain without this sort of software.

Mine has now become complicated as I do have a load of dividends and CGT, and I've just bought licences for year's software - £30 for 5 tax returns (£25 is VAT registered)for this and previous years - but not for future years, you have to buy 5 licences again for next year after Apr 2024. This is the software Absolute Tax. You can get a free trial, but I have no idea what this does, although I'm sure that it won't submit a tax return.

 

 

 

[pete]

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

[MPx]

Its no big deal Tony just do it online - read the guides, do what you think is right inline with the guides and get it to the stage where it works out your tax bill. If the result seems reasonable submit your form.  If it doesn't go to an accountant and get more advice (at a cost).

I've no idea why some of us get selected, but despite all of my income being on a PAYE basis forever, I've had to fill in a tax return every year for as long as I can remember...as has my wife...as has my Mum who has been on a FIXED pension for many years.  I just regard it as a complete waste of everyone's time (particularly mine) but I assume we must fall into some kind of high risk group for some reason.  The calc usually works out to within +-£5 of what we've paid so you'd think they'd back off, but it doesn't happen.

[Kimbers]

14 hours ago, pete said:

@KimbersI assume you have an hmrc gateway account 

No. Whats that?

[Bibs]

https://gprivate.com/68bs2

[Kimbers]

7 minutes ago, Bibs said:

https://gprivate.com/68bs2

you are talking about someone who has just had to ask his Accounts department for a link to our Wages website because I haven't looked at a wage slip or P11D for 3 years and can't even remember the name of the website where they post them.

[Sparky]

I'll complete it for you FOC mate.  Send me all your financial details (incl. passwords and PINs), sit back, and relax.

[internets]

I know its that time of the year again as I am getting hundreds of passive aggressive emails and texts from Mr Hunt and his merry men telling me to get my arse into gear, do I need help (that is for sure! ) and time is running out. I've got a good month and a half yet or might just take up @Sparky on his very kind offer 🤔 

 

[Kimbers]

Apparently I hit some kind of threshold in my PAYE that means I have to do one. Doh.

[Sparky]

1 hour ago, internets said:

I know its that time of the year again as I am getting hundreds of passive aggressive emails and texts from Mr Hunt and his merry men telling me to get my arse into gear, do I need help (that is for sure! ) and time is running out. I've got a good month and a half yet or might just take up @Sparky on his very kind offer 🤔 

 

Yup, drives me nuts!  I swear they start hassling me around September FFS.

[Chillidoggy]

Last week, I spent a whole hour waiting on the phone to speak to an HMRC advisor, before finally giving up, and I’ve now written to the twats in desperation. 

One thing you can be sure of, is that the HMRC minus button is about the size of a dustbin lid, yet the plus button is locked down tighter than nuclear launch codes.

[C8RKH]

I've had refunds, alway quickly paid, many times.