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#1 13-10-09 00:07:41

Louisa
Verified Member
From: Leicestershire
Registered: 15-06-06
Posts: 468

Tax Returns

Hi all

Im doing my 2nd tax return and my other half tells me i have to pay for half of next years too. He was self employed for 5 years so i believe him although is this 100% true, surely its up to choice as ive heard other self employed people saying its a load of rubbish!! I want to start to pay
it by DD monthly so its not a good wack in one lump sum.
Louisa  :?


http://www.youtube.com/watch?v=9PXGn42tCbc

This is what qualifying as an ADI makes you do!!! smile yes its me smile


www.drivingschoolsloughborough.com

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13-10-09 00:07:41

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Re: Tax Returns




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#2 13-10-09 06:56:01

collywobs
Verified Member
From: Tonbridge Kent
Registered: 07-08-06
Posts: 479
Website

Re: Tax Returns

Hi all

Im doing my 2nd tax return and my other half tells me i have to pay for half of next years too. He was self employed for 5 years so i believe him although is this 100% true, surely its up to choice as ive heard other self employed people saying its a load of rubbish!! I want to start to pay
it by DD monthly so its not a good wack in one lump sum.
Louisa  :?

Has your accountant not explained about the 'payment on account' scheme?

http://www.hmrc.gov.uk/sa/understand-statement.htm


Colin Kentish
Grade 6 DSA Approved Driving Instructor (car)
www.colinkentish.co.uk

Dream as if you'll live for ever
Live as if you'll die today

Offline


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#3 13-10-09 07:01:09

robcooling
Verified Member
From: Nottingham
Registered: 02-04-09
Posts: 1,451
Website

Re: Tax Returns

Yeah, this one came as a shock to me too.

You pay a first installment, second installment, and then the balance.

The first installment is paid in advance.

So I have already paid the first installment for my tax bill next April (its held on account), so when it gets to April I will pay the second installment and the balance and then the first installment of the next years tax bill! Hmm... I think I've made that sound complicated. You don't have to pay it immediately.


Rob

http://www.appledriving.co.uk - Driving Lessons in Nottingham

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#4 13-10-09 07:06:32

driverpete
Verified Member
From: Nottingham
Registered: 06-02-06
Posts: 457

Re: Tax Returns

If, like me, you have another income stream, such as a pension, on which you already pay tax by PAYE you can opt to have your self employed tax added to it thus spreading the load over the tax year. Less painful that way.


RoSPA Gold
Retired RoSPA Approved Tutor
Retired NDAC & NDAS trainer
Retired ADI

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#5 13-10-09 08:56:00

Louisa
Verified Member
From: Leicestershire
Registered: 15-06-06
Posts: 468

Re: Tax Returns

Collywobs

I dont use an accountant i do it myself.

Louisa  smile


http://www.youtube.com/watch?v=9PXGn42tCbc

This is what qualifying as an ADI makes you do!!! smile yes its me smile


www.drivingschoolsloughborough.com

Offline


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#6 13-10-09 12:18:03

collywobs
Verified Member
From: Tonbridge Kent
Registered: 07-08-06
Posts: 479
Website

Re: Tax Returns

Collywobs

I dont use an accountant i do it myself.

Louisa  smile

Do you produce your own business accounts then?


Colin Kentish
Grade 6 DSA Approved Driving Instructor (car)
www.colinkentish.co.uk

Dream as if you'll live for ever
Live as if you'll die today

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#7 13-10-09 13:03:47

robcooling
Verified Member
From: Nottingham
Registered: 02-04-09
Posts: 1,451
Website

Re: Tax Returns

I don't use an accountant either, I do it myself and file it online. Once you get to grips with it, its fairly straightforward.


Rob

http://www.appledriving.co.uk - Driving Lessons in Nottingham

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#8 13-10-09 21:50:46

jonsmithuk
Verified Member
Registered: 27-10-07
Posts: 403

Re: Tax Returns

can you claim 100% of the cost of a new car ? I have been ringing HMRC about it all day and got no answe. One told me instructors cars are taxed differently from regular ones if fitted with duals. Cannot get a callback till thursday ! Oly had one member of staff on duty. Its criminal.

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#9 14-10-09 07:09:29

robcooling
Verified Member
From: Nottingham
Registered: 02-04-09
Posts: 1,451
Website

Re: Tax Returns

can you claim 100% of the cost of a new car

You can claim 50% in the first year, and 20% of the remaining balance each year afterwards.

unless...

You have a car which produces less than 106g/km CO2 in which case you can claim the full 100% in the first year.


Rob

http://www.appledriving.co.uk - Driving Lessons in Nottingham

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#10 14-10-09 07:37:53

howly
Verified Member
Registered: 16-10-06
Posts: 140
Website

Re: Tax Returns

can you claim 100% of the cost of a new car ? I have been ringing HMRC about it all day and got no answe. One told me instructors cars are taxed differently from regular ones if fitted with duals. Cannot get a callback till thursday ! Oly had one member of staff on duty. Its criminal.

in february this year i was told by hmrc that driving school cars can be claimed at 100% in the first year, however the problem with this as far as i can see is you'll get a very small tax bill for year 1, then massive bills thereafter as you've already claimed the maximum allowance.

for me the mileage allowance was the way to go. simple to calculate and for me much more financially beneficial than the actual cost method.  i bought my car incidently.

chris

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#11 14-10-09 09:00:24

Disky
Verified Member
From: Central Scotland
Registered: 10-03-05
Posts: 1,333
Website

Re: Tax Returns

can you claim 100% of the cost of a new car ? I have been ringing HMRC about it all day and got no answe. One told me instructors cars are taxed differently from regular ones if fitted with duals. Cannot get a callback till thursday ! Oly had one member of staff on duty. Its criminal.

in february this year i was told by hmrc that driving school cars can be claimed at 100% in the first year, however the problem with this as far as i can see is you'll get a very small tax bill for year 1, then massive bills thereafter as you've already claimed the maximum allowance.

for me the mileage allowance was the way to go. simple to calculate and for me much more financially beneficial than the actual cost method.  i bought my car incidently.

chris

LOL,, buy a new car every year smile  or do what most do here,, buy an Auto in year 2 wink

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#12 16-10-09 08:42:20

jonsmithuk
Verified Member
Registered: 27-10-07
Posts: 403

Re: Tax Returns

Had clarification from HMRC . Driving instructors are treated as a special case by HMRC in relation to cars. We Can claim 100% and also the cost of buying and installing duals, but only if the car is fitted with duals. I don't know any instructors that don't use duals, so I guess that is the answer.

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#13 16-10-09 12:58:00

mrbrightside
Verified Member
From: Doncaster, South Yorkshire
Registered: 07-05-07
Posts: 189

Re: Tax Returns

Yeah you have to pay half of next years as a "payment on account" if you are making more than a certain amount in the year before.

Also, Im not sure you can pay your tax by direct debit monthly.... this is only used if you tell them you simply cannot make a lump sum payment. You are always advised to put away so much £ per week or month to pay your tax bill when it comes! So you kinda have to guestimate what you think your bill would be. A simple estimate I was given was if you are making about £200 per week net profit, then you should set aside about £20 per week to cover your tax bill.

Just been on one of those self assesment courses with HMRC and my head is still spinning.


Part 1: Passed (11/9/07) 96/100 & 68/75
Part 2: Passed (19/10/07) 3 Minors
Part 3: (2nd) Passed (27/11/08) 4/4
Check Test: Grade 5 (16/03/11)

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