MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I've always done my own tax return though it has caused me pain & grief in the past. I also do my wife's and my mother's...
I probably don't get it all right all the time but I'm happy enough that I've done it to best of my ability. I signed up for a trial with a tax completion service, in hope this would be easier but have some issues - even at the moment - with the routes I'm being channeled down.
I have a couple of queries that I don't think they are addressing correctly, which gives me a cause for concern.
1/ I have a P2P lending account, the online system says put it in Interest received, but I reckon it's SA101 (which may be a different part). Small thing but if it's not correct, I'm not sure who's at fault..!
2/ self employed (and also property income). FRS for VAT. They say I shouldn't put in VAT payments, but I reckon that'd knock the turnover / expenses balances out of whack..
Sounds like I should just get a local accountant to do it all ...
Or, recommendations for good online tax return filing systems?
And that, in a nutshell, is why I employ an Accountant..
Sorry, no help, I know Callum.. 😳
lol - got me bang to rights Nick :))
Oo, sir I know the second one
https://www.gov.uk/vat-flat-rate-scheme/how-much-you-pay
[b]What you pay
You calculate the tax you pay by multiplying your VAT flat rate by your ‘VAT inclusive turnover’.Example
You bill a customer for £1,000, adding VAT at 20% to make £1,200 in total.You’re a caterer, so the VAT flat rate for your business is 12.5%.
Your flat rate payment will be 12.5% of £1,200, or £150.
VAT inclusive turnover is different from standard VAT turnover. As well as business income (such as from sales), it includes the VAT paid on that income.[/b]
+ 1 on getting an accountant. Sounds like your tax affairs are complicated.
P2P lending interest received is treated the same as any other bank interest you may have had just make sure it is recorded as net or gross as applicable.
[url= https://www.gov.uk/guidance/peer-to-peer-lending ][/url]
VAT payments isn't an expense hence why you don't enter them. Only record the net income and expenses along with the benefit (difference from what you should have paid at 20% to whatever you did at your flat rate).
As others have said get an accountant as you don't understand what you're entering. Regardless of how good the tax return filing software, if you put shit in expect the same out.
cheers all. I could focus on individual items but yes, need assistance overall. It's the leap to facing up to fact you're not as competent as you'd like to be is the hurdle to get over - and not being in control I guess.
C.