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Doing My Tax Return Today

Discussion in 'Off Topic Chat' started by Kevin Muldoon, Jan 29, 2017.

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  1. I can't think of anything less boring that completing your tax self-assessment.

    As usual, I've left it until two days before the deadline to get it done. It's going to be a long boring day.

    Tarannum and Brian Jackson like this.
  2. Good luck! Aren't you a Limited Company? I am, so my tax return doesn't get in until July.
    Kevin Muldoon likes this.
  3. Not at the moment.

    Before travelling to South America I closed my previous company and it was just easier to do self assessment. I'm planning on setting one up again in the future.
  4. Don't you still have to do a pesonal tax return even if you're a limited company?

    My accountant takes care of the details but I had to do a pesonal assessment for January and then the company accounts go in for October.

    Although that could be becase the company has only recently started so there was some overlap between me being a regular freelancer and then working through the company.

    The whole thing is pretty mind boggling - thank god for accountants!

    When you do it yourself, without an accountant, as a regular self employed person, what information do you need to submit?

    Can you just say this year I earned X amount so tax me on that please?

    Or do you have to provide invoices, bank statements, etc?
  5. Yeah pretty much.

    I save all of my credit card statements and bank statements etc. I also save receipts for anything I buy for working (laptops etc). I put all income and expenditure into a spreadsheet and then work out the total profit and loss.
  6. That's cool. So you could just put what you want and hope you don't get audited - not that I would do that of course!

    I've just started using FreeAgent which looks like it will make things a lot easier. It has a feed from my bank account and PayPal and it can sort of recognise when an invoice has been paid and then associate it with a payment via PayPal or the bank account.

    Seems pretty useful so far.
  7. I make sure I note everything that comes in and goes out. If I get audited there is a chance I'd actually have to pay less, not more, as I don't take advantage of certain accounting rules etc.

    FreeAgent looks good. So do you just keep updating it throughout the year and then your accounts are automatically completed?
  8. I don't because (and I'm not an accountant) the amount of money I take out of my business on a yearly basis means I don't hit the £40k threshold for Basic Income and I don't take out enough money to pay myself a wage.
  9. In the US you get hit with double self-employment taxes if you are self-employed... Right now I run everything through an LLC with S-corp election. This saves me thousands of dollars a year. I do pay a tax account though because I have to run payroll to myself and take dividends... It was crazy getting it setup, but pretty easy once you get used to it.

    But, this year I have to file part of year for partnership + my LLC (s-corp) and now in 2017 I have 2 different LLC (s-corps) going lol. About to do my taxes this week, not looking forward to it at all... in fact I have been putting it off lol. I hate taxes! :cry:
  10. Yeah it's such a pain. Using an accountant didn't save me any time because I still had to prepare the same numbers for them as I do the government.

    Sounds you have a complicated setup. Worth doing if it saves you money.

    Good luck. It's such a pain.
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