Tax return blues - would a bit of solidarity help?

[iamwithnail]

I did my own company returns, they're fine if you're not doing anything complex and are comfortable with self assessment for income tax. That company only made a 656 loss the whole year though and took no income so it was pretty straightforward - my actual company will be a bit more complex but now I know what I'm doing I'm pretty solid on it - can do my own r&d claim as well.
Nerdily, I've already started my own self assessment so that I could get it done, it's about 60℅ there, just need a few bits and pieces really.

ETA: this isn't really solidarity, more smugness. Sorry.

 

[bi0boy]

So apparently annual returns are no longer a thing - it's now "confirmation statement" which sounds like something to do with baptisms

 

[bi0boy]

So the HMRC is being a total cunt again. Logged in using my password to submit my annual returns and at the very last step it asks again for my password so i input my password again and it says not recognised

So of course I check, I log out, I log in again successfully using my password, go to submit and it asks for my password so i type the same password and it says no

Then it fucking locks me out for an unspecified period

 

[bi0boy]

 

[quiet guy]

It's a cunning plan to have a load of people file late annual returns and incur penalties

 

[crossthebreeze]

Was gonna use my "snow day" to chill, but ended up finishing last years accounts, filling in my tax return, and paying tax and NI (first time i've paid tax for a few years, it came as a bit of a shock even though i knew i would have to pay something). Think i need to get wrecked now!
Solidarity to anyone else who's doing theirs!

 

[lazythursday]

I did most of mine yesterday - worked out all my accounts, apart from a pile of travel receipts I need to work through. So I more or less know how much it is and it's painful. I had an exceptionally good year in 15/16, so what I've paid on account for that year is not enough by quite some margin, whereas 16/17 has been my worst year since going self employed so I'm really short of cash and am likely going to have to pay it on a credit card, arrgh.

 

[wayward bob]

still writing up my income/expenditure atm.

what's your oddest business expense? mine is sparrow wings

 

[lazythursday]

Just had a debate with someone about how much you are allowed to claim for home office - they are sticking to the HMRC 'standard rate' which is something ludicrous like £10/month - I claim a large portion of my heating bills and chunks of most other bills according to a formula. Always makes me nervous that I might be overclaiming everytime I go through this process, I wish they made it clearer what's allowed.

 

[iamwithnail]

I've got a rental contract with myself / my limited company that sets out the basis of the remuneration/contribution for home office, and the contribution is declared back on my self assessment, as I needed to cover both ends - are you limited co or sole trading? Suppose that's different as I'm declaring it as income on SA and as a cost to the company.

 

[lazythursday]

I've got a rental contract with myself / my limited company that sets out the basis of the remuneration/contribution for home office, and the contribution is declared back on my self assessment, as I needed to cover both ends - are you limited co or sole trading? Suppose that's different as I'm declaring it as income on SA and as a cost to the company.

Sole trading. I have read so many different ways of doing it and what I've settled on isn't exactly consistent but it's what feels fair. Eg, I take 50% of mobile phone and internet costs, because that feels like an accurate fair split - both are fixed cost bills and I probably use more for work than home. For energy, I divide the bill by 7 and multiply by 5 (to get weekdays) then take 50% of that on the basis that I don't use any at night. On other bills (eg council tax) I divide by three (number of rooms in the house minus kitchen / bedroom) and take 80% of that as the room is used 80% for business. It's really confusing though - some guidance would suggest that I should divide by time for something like council tax too - but that seems bonkers, given that the room doesn't magically turn into a useable non-office space at 5pm.

 

[iamwithnail]

Tbf, that's very similar to how I worked out a suitable rate for mine, if that helps! It makes sense, it's not taking the piss, etc.

 

[lazythursday]

Tbf, that's very similar to how I worked out a suitable rate for mine, if that helps! It makes sense, it's not taking the piss, etc.

Thanks, that's useful in bolstering my confidence at this horrible time of year! What unnerves me is the huge difference between doing it this sort of carefully calculated way and just using the no-questions-asked 'simplified expenses' that HMRC offer as an easy alternative.

 

[wayward bob]

for fuck sake i tried signing in and now it says it "can't confirm your identity". wtaf? tried it twice now and it asks the same questions, i've double-checked the answers and i'm fucking stuck now i can't go any further

 

[wayward bob]

tried their verification thing and that doesn't work either. i have no passport or driving license and their bank account check is "unavailable"

 

[iamwithnail]

Oh my god. I just logged in to do my tax return, to discover that I'd already done most of it. I fucking love past me. I'm never this organised. Hugs to all of those still doing it.

 

[TikkiB]

Ok, I'm going in and logging on. Hopefully this will be as simple as last year - income below the tax allowance while I was studying so nothing to pay.

 

[editor]

Oh God. How I fucking hate this time of year.

 

[editor]

 

[iamwithnail]

*cheers editor on*

 

[wayward bob]

View attachment 99543

it goes from 1 to 95 all in one go

 

[wayward bob]

i managed to get in and i've gone through all the whole lot. they just asked for 2 numbers - total expenditure and income - i always struggle to work out which column to put stuff so that makes it a fucking doddle

all i need to do is check my bank account against the expenditure and remember to submit it

 

[bi0boy]

remember to submit it

I was fined £100 for forgetting to do this once. I filled everything in early and thought "I won't submit it yet in case I remember something else to add". I then forgot that last bit and had it in my head that I'd done it all and submitted it.

 

[wayward bob]

 

[lazythursday]

Well I submitted mine, several days early feeling very proud of myself not to be quite so last minute as usual only to discover today that my bank have picked this time of year to freeze my card and all online payments due to a suspected fraudulent transaction. So I can't bloody well pay it. Aaargh.

 

[wayward bob]

help please tax thread!

do i want to voluntarily pay my class 2 national insurance contributions? i've been out of the tax and benefit systems for years so I'm guessing my chance to top all the way back up is screwed anyway?


eta: no worries, my bank card is currently awol - unless hmrc accepts paypal i don't think i'd be able to pay anyway. so done. dusted. whisky

 

[editor]

I'm still in full 'let's clean behind the fridge and do anything but this fucking tax return' panic mode.

 

[wayward bob]

i highly recommend losing money over the tax year as a sure-fire way to get your return done quick

 

[wayward bob]

g'wan ed, you only have to do a page at a time it all auto saves

 

[1927]

Just had a debate with someone about how much you are allowed to claim for home office - they are sticking to the HMRC 'standard rate' which is something ludicrous like £10/month - I claim a large portion of my heating bills and chunks of most other bills according to a formula. Always makes me nervous that I might be overclaiming everytime I go through this process, I wish they made it clearer what's allowed.

i dont use an accountant, but consulted a mate this year and discussed what i claim just to make sure there was anything i was missing. His advice was that as lo0ng as you can justify the expenditure then you'd be ok claiming £100 a month and they wouldn't question it.

Sole trading. I have read so many different ways of doing it and what I've settled on isn't exactly consistent but it's what feels fair. Eg, I take 50% of mobile phone and internet costs, because that feels like an accurate fair split - both are fixed cost bills and I probably use more for work than home. For energy, I divide the bill by 7 and multiply by 5 (to get weekdays) then take 50% of that on the basis that I don't use any at night. On other bills (eg council tax) I divide by three (number of rooms in the house minus kitchen / bedroom) and take 80% of that as the room is used 80% for business. It's really confusing though - some guidance would suggest that I should divide by time for something like council tax too - but that seems bonkers, given that the room doesn't magically turn into a useable non-office space at 5pm.

Council tax is fixed tho, and payable whether you work from home or not, i think claiming anything might be questionable!