Tax - Self Assessment

[Munroast]

Anybody do it, and whats involved ?

Retired now and decided the accountant isn't getting another penny out of me. So it's going to be a DIY job from here on in,

 

[bernardgreen]

I have been self assessing since 1996, I was bit of a bind filling in and posting the paper forms but now filing the return on-line is simple and if you have to hand all the figures of income and expenditure that is tax deductible takes less than half an hour,

 

[sodthisforfun]

Only ever paid an accountant once, since then did my own when I was self-employed. It's quite straight-forward, once you know which sections apply and which don't to you and your situation. Used to take me a whole evening, sitting there with all my receipts etc but I quite enjoyed it tbh

 

[transam]

I was self employed for years

Never employed an accountant

Never filled in a tax return

Use to be tax walk in help offices u just walked in with figures jotted down on some a 4 paper

Act thick, yes I know and they did it for me

I. Had it pretty much worked out tbh as to. What I would pay

 

[noseall]

Anybody do it

Never. My accountant handles all my tax affairs. Anything with HMRC on it goes straight to them.

Still managed to get £7'500 going the other way without their help though...

 

[Mottie]

Never. My accountant handles all my tax affairs. Anything with HMRC on it goes straight to them.

Still managed to get £7'500 going the other way without their help though...

I got my £10k small business grant myself but as our accountant does our payroll, I left it to them to sort out our Furlough payments and I suppose they’ll sort the £1k per employee furlough job retention bonus for us in January too.

 

[Munroast]

so where do you go to register online ?

 

[Alec_t]

HMRC web-site.

 

[Munroast]

If your accountant has been doing it in previous years would I have to get my"Unique Taxpayer Reference" from them? or would I need to re-register and get another "Unique Taxpayer Reference" number?

Seems to be two options for registering, either Self Employed or 'Not Self Employed' I have rental income, stock and shares, Interest. That must be 'Not Self Employed' ??

Knowing what a nightmare the HMRC can be if minor details are not correct I am trying not to get started on the wrong foot.

 

[sodthisforfun]

If your accountant has been doing it in previous years would I have to get my"Unique Taxpayer Reference" from them? or would I need to re-register and get another "Unique Taxpayer Reference" number?

Seems to be two options for registering, either Self Employed or 'Not Self Employed' I have rental income, stock and shares, Interest. That must be 'Not Self Employed' ??

Knowing what a nightmare the HMRC can be if minor details are not correct I am trying not to get started on the wrong foot.

It's self employed. This may help you?

https://www.simplybusiness.co.uk/kn...to-self-assessment-tax-returns-for-landlords/

Your accountant will have your UTR, you shouldn't afaik get a new number. If you've a copy of any of the previous returns he's done, you should find it on there.

 

[motorbiking]

I've been doing since the mid 90s. I put it off and put it off and then usually do it mid January. It only usually takes about an hour, once I have all the data together.

 

[crystal ball]

My accountant does my tax return and I do their electrical work, I would hate to miss something I should claim for, & any muck ups by HMRC ( there have been many) are sorted promptly

 

[Munroast]

My accountant does my tax return and I do their electrical work, I would hate to miss something I should claim for, & any muck ups by HMRC ( there have been many) are sorted promptly

And 7 years after you have retired when all the complexity of Ltd Co etc have thankfully vanished - will you continue to pay them 500 +


Anyway - found an HMRC forum for getting help with such matters, guess what, it don't work.. And this is what worries me about anything with gov IT - it don't bloody well work

 

[Ryck]

Check out 'Pandle' accounts package. You can use it for free. Or pay £5 (excl VAT) per month and get some additional capabilities. Makes my life easy as I can import the bank statement and reconcile it with invoices and expenses. If you are VAT registered you can run a VAT report. Then manually enter it into HMRC or use their automatic submission routine.

 

[Notch7]

Never. My accountant handles all my tax affairs

To be fair though, your business will have VAT, CIS, plant depreciation, company vehicles and a substantial turnover. I guess you might a Ltd Co too, so CT600, annual return, directors tax returns blah blah.

Judging by the neatness of your in progress site pics, I have a feeling your paperwork is of the same std.

I used to know a builder that took his paperwork to his accountant at year end in a Tesco bag.