anyone done their year end accounts?

[Donkey]

I have and no tax for me this year, not close to the 2/3 rule but I do now have to pay NICS for the whole year

oh well!!!

[Alibali]

Yes, me
I do however need to pay tax - I'm just over 1/2, no where near 2/3rds.

[Donkey]

I was closer than half,

I have a spending compulsion lol

Need to budget for tax this year as need to actually earn rather than spend hahahahahaha

although if I have to pay for my uni fees then that might lose me quite a bit

[melanieabigail2004]

Yes me

[Carpet Monkeys]

I'm a newbie to this, not completed my accounts for last year - what's the 2/3 rule???

[TheBTeam]

Yes, filed both returns today for both of us and the good news is the tax on account we have paid, covers all but about £85 each of what we owe for the whole of this year!

Which gets me back on top of the tax payments, as i spent what i had saved!

[Cammie Doodle]

No not yet as I have not had any paperwork through yet,(although figures all done and ready to enter when it arrives) I think Carolyn had her come today

[singlewiththree]

I'm a newbie to this, not completed my accounts for last year - what's the 2/3 rule???

Your expenses can be up to 2/3rds of your income but obviously you have to justify the expenses

[Joda]

Yes, have done mine - I just can't log onto the HMRC website to enter the figures! It says I don't have permission to do so. I submitted a paper copy last year so may have to do the same again.

[MRS DOUTFIRE]

all done and dusted thank god first tax return , but i do my accounts every week, and was pleased i had made a profit in my first year

[Chatterbox Childcare]

The whole year is sat in a diary waiting for a few hours of peace and quiet

Had to do an amendment to last years return and it will take the HMRC approx 3 weeks to get back to me and I cannot lodge until that is accepted/rejected

A few more excuses for me not to do it yet!

[Carol M]

I have done my books but not submitted. I wanted to see if it was better to use the depreciation way for my new car and yes, it is better. I have also spent the most I have ever spent on resources this year,that and I have been careful in calculating my costs of food and logging them, means that this year my expenses are just over half my income! No tax for me this year
Like Flutters, I must stop spending!!
Carol xx

[MrAnchovy]

I have done my books but not submitted. I wanted to see if it was better to use the depreciation way for my new car and yes, it is better. I have also spent the most I have ever spent on resources this year,that and I have been careful in calculating my costs of food and logging them, means that this year my expenses are just over half my income! No tax for me this year
Like Flutters, I must stop spending!!
Carol xx

If you have reduced your profit below the £6,475 limit for tax it may be worth NOT claiming for some things so you can claim more next year. For example if you have any resources you are claiming Annual Investment Allowance on, don't claim it. You can't claim AIA on these things next year, instead you can claim Writing Down Allowance which would normally be only 20% but if there is less than £1,000 in the pool you can write it all off.

Also make sure that you are accounting for all the income you can in 2010/11 - look at any money you have earned but not been paid, particularly for 1st-5th April.

[sandy64]

just recieved my form today all my reciepts are ready so will do next week whilst im off or it may never get done just finished all obs and updated paper work,planning etc so feel relaxed now

[furball]

It is all confusing, I don't understand the capital gains allowance. I bought a new laptop this year for planning/research purposes and for the children to use but don't know where this cost should go. Do I list as expenses or somewhere else?

[MrAnchovy]

No, not in expenses, put it in the Annual Investment Allowance box under "Tax allowances for vehicles and equipment (capital allowances)". Capital gains are something different.

[Donkey]

No, not in expenses, put it in the Annual Investment Allowance box under "Tax allowances for vehicles and equipment (capital allowances)". Capital gains are something different.

I was told by a technician at the HMRC that unless something costs more than £300 not to bother with AIA or CA as they will not last that long anyway...

I specifically asked about my £150 double buggy, and he said realistically how long will that last?? me erm... well it get used a lot and he was like exactly, its not going to last long enough so put it all through as expenses

got his name