Annual tax return form

[Evie125]

I've just been told that annual tax returns are being stopped and instead we will have to use an online system 4 times a year... Apparently this will be simpler! Has anybody heard anything about this? Im wondering when I will find the spare time to sort my accounts 4 times when 1 tax return is a chore!!! Ps this is the first time I've started a post so apologies if it's in the wrong place (and if it is it doesn't bode well for when I have to complete an online tax return!!!)

[moggy]

Don't panic... it is a slow roll-out through to 2020, nothing's happening overnight!

Personal tax accounts launched by HMRC - BBC News

[alex__17]

4 times a year...I feel the same, I don't even get an hour to myself having a young family myself to do the tax return once a year let alone 4 times!
I hope it's rolled out to me nearer the 2020 end, can't cope with it anytime soon!

[halor]

To be totally honest I think I'll find it easier. I'm awful for putting things off hence why I still haven't done mine. I did the last one 28th January!

[alex__17]

I actually did mine in April this year as I was remortgaging and not putting much through as expenses so my income was high, then our current mortgage company said they were happy to remortgage us without seeing any proof of income at all, even though I applied for the mortgage when I was employed full time and am now self employed!
So I now need to claim expenses properly as I can amend the return, but have a whole years worth of meals/trips/mileage etc to work out! I've got it all in a big diary but I'm still struggling to find toddler-free time to go through it all, add everything up and do the return, I need a good 3 or 4 hours uninterrupted time, and can't remember the last time I had that!

[BallyH]

Don't panic... it is a slow roll-out through to 2020, nothing's happening overnight!

Personal tax accounts launched by HMRC - BBC News

Thanks for the link.

[Maza]

To be totally honest I think I'll find it easier. I'm awful for putting things off hence why I still haven't done mine. I did the last one 28th January!

That's me too. My biggest fear is that I'll get the call from Mrs O the night before my tax return is due in to tell me that she's coming the next day.

[FloraDora]

For 40 years someone else has worked out my tax so I am finding it quite a novelty to be in charge and a quest to bring my tax bill down, my online childminding package I use for diaries, tracking, medication etc also has a good book keeping section. I complete the invoices to send to parents and it automatically transfers this info including meals taken. You set it up with how many hours you work and it works out your utility and Council Tax saving. Then there is a section for monthly expenses, with your pre set up regular costs already in - OfSTED, insurance etc... The title boxes are there for you to add your other expenses which reminds you what you can off set. it is so easy that it's just automatic for me to complete when I have purchased something, though the receipts just go in a lovely box in my handbag cupboard, as I change my handbag, the odd receipts can be popped in - to be filed when there is more time. (!)
You can click for monthly/ annual summary or any period you like so I can keep track of income earned and expenses as I go along, that's a bit scary and does make me stop buying books!
I have seen a bookkeeping excel type document on here that someone does too which I am sure is similar.
I think the way forward is electronically ....it really helps to keep up to date, my iPad is never far away but my tax file is on a high shelf in the office! My accountant friend has told me of a couple of scary stories about small busineesss being audited by the tax man - it is the law that you keep good regular accountants that can be audited at any time it seems!
If we submit 4 times a year will the tax bill be divided into 4 payments or will that still be end of January?

[Simona]

The new accounts system will not be in place for about 4 years....so maybe this is the time to get into a habit of 'doing our accounts' on a regular basis....maybe once a week enter all the expenses and once a month see if the expenses tally up with the income....any good spreadsheet will do that automatically due to those magic formulas that work everything out for us!!

While the annual tax return is submitted 'once a year'...our financial accounts should always be in order and fairly updated...if at any time HMRC require to audit our accounts they will expect them to be in order and ledgers to be filled and up to date.

I can envisage those trainers getting busy to update their sessions for cms!!