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#1 09-05-05 18:12:35

hampshirebabe
Verified Member
Registered: 27-06-04
Posts: 82

doing your tax return yourself

I personaly dont like the sound of paying someone hundreds of pounds to send in my tax return when I've gone to all the effort all year of keeping all my records. So I thought I'd do it myself, and I've just been on a realy good course done by the inland rev, where they helped me work out what goes where. and it realy doesn't seem as difficult as it first looks. If anyone else is interested its ½a day, finished by lunch time, and its free. I've heard so many different things from other instructors as to what you can and cant claim for, and most of it was wrong.
Just thought I'd let you know.

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09-05-05 18:12:35

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Re: doing your tax return yourself



#2 09-05-05 18:44:20

Al Capon
Guest

Re: doing your tax return yourself

Thanks for the tip-off. Can you give a pointer to booking for a course?

Al


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#3 09-05-05 18:45:53

jeni
Verified Member
From: Poole Dorset
Registered: 05-10-04
Posts: 444
Website

Re: doing your tax return yourself

Hi hamp

There is always a moral to the story - I did a small bus course at college run by an ex tax inspector - I learnt how to do my account and sent in the first years myself and got a rather large bill

I went to an accountant who went over the figures (I had an appointment with the IR and saw them when I did my tax return)

It turns out I had not claimed loads of stuff which I should have - like my headboard and car depreciation properly

I had an immediate refund and the next years tax bill was £79 saved me over a £1000

And the Ex tax inspector told us what we could and could not claim for - this was in direct conficlt with the tax office and I got told something completely different the last time

Example - you CANT claim for training as its a capital expenditure - TRUE BUT if you fail the exams three times and dont complete the training it does not come under a capital expenditure as you cannot earn the money to return any capital and you then can claim for it

How many failed PDI's out there have sent in their own accounts without claiming all the training expenses?? 3/4K??

My accountant does everything I just give him a pile of bills and list of income and he sorts it , does the accounts, puts everything in nice neat piles and lists it all and deals with the tax office -- all for £155 a year

It took me over 3 days to sort it last time - I am better off earning pennies in the car

Anyway I hate doing accounts - much better at teaching

Each to their own

regards   lol

Jeni


Jeni Holland ADI Driving Instructor Trainer (Passed Ordit 2006) Pay as you go trainer
www.abfabdec.co.uk

Poole Dorset 01202 259382

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#4 09-05-05 20:55:30

hampshirebabe
Verified Member
Registered: 27-06-04
Posts: 82

Re: doing your tax return yourself

To do the course you phone 01233653673, and they'll tell you where your local one will be and when.
Your right about being careful about what you can claim for, there are so many small things that can be included, but there are things that cant. Another instructor ive chatted to has been told by thier accountant that you can claim for all your clothes, and for snacks during the day,  he claims it and saves lots of money, but its not even a grey area, you cant claim for it. If theres ever an enquiry there, he's going to be fined a lot.
But i did find out I can claim for my computer, not just if its a new one but an old one too. Its so complicated, but once you've got the basic's its not that bad, and if you've keep proper records, as we all have to, then you've got all the figures you need already.

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#5 09-05-05 21:27:52

Mmm
Member
From: W Sussex
Registered: 08-04-05
Posts: 262

Re: doing your tax return yourself

and of course the accountant's fees will be tax-deductible!
I was self-employed for the last 3 years (not as an ADI tho) and always did my own accounts, sure it took a bit of time and effort to suss it all out but if you have a head for such things its saves a lot of time and effort in the long run, or at least it did for me. also i have heard a lot of b/s about what you can and cant claim for so check for yourself rather than listen to a non-expert! (like me!!!)

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#6 10-05-05 10:51:02

ck
Member
From: nottingham
Registered: 09-03-05
Posts: 304
Website

Re: doing your tax return yourself

This is a mine field in my opinion, I have a friend who work for the inland revenue who's wife is self employed so obviously he does her accounts,
he recieved a letter from the revenue questioning some of the things he had claimed for he is adamant the claims are legit the tax office is adamant they are not.So here we have two people working from the same set of rules but commoing to different conclusions so what chance do we the great unwashed stand.
It does seem to me though that as long as you are reasonable with any claims the tax man will also be reasonable.

A warning to anyone out there looking for an accountant BE CAREFUL!
I thought mine was brill untill the tax man decided to investigate my accounts I got a bill for alomst £9000.00 the accountant was claiming for loads of stuff he should'nt but I thought the low tax bills were great, and assumed it was all legal tax avoidance rather than illegal tax evasion.

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#7 10-05-05 22:22:12

Graham10
Member
Registered: 17-02-05
Posts: 185

Re: doing your tax return yourself

£9000 wow did you fall over

Graham

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#8 10-05-05 23:11:07

ck
Member
From: nottingham
Registered: 09-03-05
Posts: 304
Website

Re: doing your tax return yourself

STILL ON THE FLOOR clutching my wallet
still its only money and you can't get blood from a stone can you lol

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#9 12-05-05 06:40:37

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: doing your tax return yourself

Was this back dated over several years?
:cry:


Regards,

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#10 12-05-05 08:53:56

ck
Member
From: nottingham
Registered: 09-03-05
Posts: 304
Website

Re: doing your tax return yourself

Yes, once the tax man had found descrepencies in the accounts they originally looked in to they then went back a furhter 4 years.
So you should make sure your accounts are reasonably accurate, and also remember even if you employ an accountant the onus is still on you personally to make sure your accounts are correct.

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#11 12-05-05 10:07:46

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: doing your tax return yourself

Did you ask for your money back from the accountant?

That's the least I can think of neutral

Regards,

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#12 12-05-05 13:26:14

Graham10
Member
Registered: 17-02-05
Posts: 185

Re: doing your tax return yourself

every year I do my own accounts

I also send them all the details of every invoice. and what it is for

for my car I claim 40p per mile first 10000miles
                   then 25p per mile there on
less 5% for private miles, I only use my car for instructon
that includes insurence fuel every thing. I do keep the detail of all these costs and send them as a spead sheet, I dont know if IR reads them
I break down cost per pupil, miles etc

for any fanchise payment at 100%
for moblie phone 100%
I don`t claim for my home phone
claim for internet 50%
anything else that you only use for work. or % off
yes I sometimes get it wrong but if you send it in early, it will be sorted out in time.
I dont put any of my home costs down, I think you would find it hard to justify it, if it went to court.

So if Im not sure, ask IR or could you stand up in court and justify it.
if yes I put it down.

If an accountant does it for you how on earth. would you be able to arque the point

Graham

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#13 12-05-05 16:36:56

hampshirebabe
Verified Member
Registered: 27-06-04
Posts: 82

Re: doing your tax return yourself

50% for the internet, how do you justify that, is it advertising or surfing? and did you claim for bying the pc?
I'm having a problem working out my phone bills, my mobile calls are included in the line rental, and my home phone is calls, line rental and bradband. I'll struggle on, apart from that its not too bad.
Thankfuly they're very helpful if you phone the helpline with a query.

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#14 12-05-05 21:37:49

Graham10
Member
Registered: 17-02-05
Posts: 185

Re: doing your tax return yourself

use internet to book tests cpd etc etc £12.50 per month not much is it for all the info you would have to spend getting other ways is it


Graham

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#15 19-05-05 15:12:56

Adi1962
Guest

Re: doing your tax return yourself

jeni wrote:

Example - you CANT claim for training as its a capital expenditure - TRUE BUT if you fail the exams three times and dont complete the training it does not come under a capital expenditure as you cannot earn the money to return any capital and you then can claim for it
Jeni

Jeni

As probably like many I have paid for my training up front (lets not go there its been covered enough) I currently work full time and pay tax via paye. When I qualify and register as self employed, my business comes into effect, so any money I spent on training could not have come from my business as it did not exists, so technically its a "startup" loan from myself to my business....could you not claim some relif on that basis ?

Just a thought

Adrian

#16 17-03-06 15:47:06

Delboy27
Verified Member
From: Wales
Registered: 01-11-05
Posts: 10

Re: doing your tax return yourself

When you guys put down figures for using your "home as office" on your self assessment do you include things like a proportion of Council Tax, a proportion of your electricity bill etc. I think it's a bit of a grey area unless you spend a lot of time in your "office" in the house. Incidentally, if several people give you a lump sum payment for, say, 10 lessons during the last week of your tax year. what do you do about it? Unless you can refund it and take payment again in April it could artificially inflate your income for the year and you have to pay tax on it? Is that right? ???

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#17 17-03-06 16:36:52

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: doing your tax return yourself

If you use a room at home as an office you can claim a pretty substantial allowance.

First count how many main rooms you have in your house i.e 3 beds, 2 reception & 1 Kitchen diner (6 rooms). If one bedroom is used for your office then you should be able to claim about 1 sixth of the costs of running the house.

Also a fair chunk of your phone bill and pretty much all of your mobile calls.

If you are unsure, you can check it with an accountant or possibly the tax office.

Regards,

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#18 17-03-06 16:39:44

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: doing your tax return yourself

Sorry - didn't read all of your question. If some one gives you several hundred quid in the last week all I suggest is that you don't bank it until after the end of the year.

Regards,

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#19 17-03-06 17:53:48

Delboy27
Verified Member
From: Wales
Registered: 01-11-05
Posts: 10

Re: doing your tax return yourself

Thanks a lot for the advice. Cheers!

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#20 17-03-06 20:20:19

la.monikita
Verified Member
From: SE LONDON / KENT
Registered: 12-03-05
Posts: 3,064

Re: doing your tax return yourself

geez no one ever pays me in advance :evil:, and i don't have the time to go to the bank, so i put in £700is once in a while. so where do i stand? lol


"What is necessary to change a person is to change his awareness of himself."
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