New to Tax returns

[victoriabvl]

Hi everyone, I am new to tax returns and dreading starting! I have been minding since November 2011 and just about to do my 2011/2012 return, I was very quiet when I started so I am pretty sure I will be within my personal allowance.

Please tell me it is ok once you get going and get your head around it!

[lizduncan72]

Don't worry it's really easy if you do it online

[cathtee]

It is easy, just add up all your income and expenses and take exp. off income and that is your profit before tax and then deduct the personal
allowance which is 7495 this tax year and anything over that is taxable and class 4 national ins payable. Online opt to do the short version
tax form and its over before you know it and calculation done. Good luck

[MrAnchovy]

Not quite Cath, different amounts apply before Income Tax and Class 4 NI are payable. This financial year (2012/13) it is £8,105 (Tax) and £7,605 (National Insurance), next year it is £9,440 and £7,755.

The online return works it all out for you anyway

[Susana0600]

Hi everyone, I am in the same situation as victoria bvl, someone out there can advice me about some program or software that I can use to facilitate this, thank you in advance

[MrAnchovy]

I would always say that there is no substitute for the personal service a good accountant can give, but then I am biased

However the next best thing is probably TaxCalc which is a version of the software many accountants use.

[Susana0600]

I would always say that there is no substitute for the personal service a good accountant can give, but then I am biased

However the next best thing is probably TaxCalc which is a version of the software many accountants use.

Thank you MrAnchovy, I just was looking at this website, is quite interesting and you are right there is no subtitute for the service of a good accountat.

[Belly2009]

Hi

I was wondering whether anyone could help. I've sat down this evening to do my tax return (got all figures ready to go) and now have a few questions. I started minding in Feb 2012 but was in paid employment from April 2011 changing to a new employer May 12 and then unfortunately broke my leg and was signed off on SSP from September until Feb when I started minding.

How will my tax return work? Will I need to pay some tax as I was working but my minding was a loss as I was still starting out? Does this make sense. The online return has made me get so confused or maybe I'm doing it wrong.

Thanks

[Kiddleywinks]

Not entirely sure, but I do know you only need to use figures from 6th April 2011 to 5 April 2012, so your wages from April 2012 won't need to go on this tax return, but will go on this years one (2012 - 2013)

If it was me, I'd be using my P60 (issued every tax year till April) for proof of my income plus my income from Feb - April, and including expenses from minding

Hope that makes sense

[MrAnchovy]

Hi

I was wondering whether anyone could help. I've sat down this evening to do my tax return (got all figures ready to go) and now have a few questions. I started minding in Feb 2012 but was in paid employment from April 2011 changing to a new employer May 12 and then unfortunately broke my leg and was signed off on SSP from September until Feb when I started minding.

How will my tax return work? Will I need to pay some tax as I was working but my minding was a loss as I was still starting out? Does this make sense. The online return has made me get so confused or maybe I'm doing it wrong.

Thanks

The tax for when you were working will have been deducted from your pay then - in fact you have almost certainly paid more than you should have done. As long as you have your P45s from the two jobs you were in and you put the details in the Employment section of the online return it will work out the refund for you. You can reduce your tax bill for 2011/12 even further by deducting the loss from childminding, but you are probably better off saving this for 2012/13.

[MrAnchovy]

If it was me, I'd be using my P60 (issued every tax year till April) for proof of my income

You only get a P60 if you are still employed at the end of the year.

[Kiddleywinks]

You only get a P60 if you are still employed at the end of the year.

Belly said she was in employment from April 2011, changing to a different employer in may 2012, so would employer no 1 not have issued a p60...?

[MrAnchovy]

I think May 12 should read May 11 because she started minding in Feb 2012.

[Belly2009]

Thank you. Yes it should have read 12. A refund is what it worked out as and ive left it for next year. Thanks for everyone's help

[Holy]

Hi, I'm also new to self employed tax returns and have found this thread very helpful. I'm going to have a look for the on line form now.