A friend of mine said there is a short tax form when doing accounts where you can put your account details in less pages and only takes about 10 mins rather than 40-60 mins like the long one is that right and of so what does it come under ?
A friend of mine said there is a short tax form when doing accounts where you can put your account details in less pages and only takes about 10 mins rather than 40-60 mins like the long one is that right and of so what does it come under ?
It depends on how much you earn (i think) ....... i am not sure on the earning tho. sorry not much help.
CWR
You have to earn a heck of a lot or have complicated tax figures to fill out a long tax return.
A normal childminder / self employed short tax return is 4 pages... well mine is anyway.
My partner has 4 pages for self employed then a few more for employment.
Hth
You have to earn over £68,000 per year before you have to fill in a long Tax return if you are self employed and there is nothing extra which you need to include.
If you use the NCMA account book you end up with the figures you need to put on your return.
When you first log on online it will ask which form you wish to complete.
If you are claiming for your car as capital expenditure I believe you will do the long form
Debbie
Actually you don't quite (at least, not in the versions I have seen although they do change it from time to time).
You need to take the total of everything shown as expenses in the NCMA book, add on the 10% wear and tear allowance and put that figure in as "Total Allowable Expenses" (box 19 on the 2010/11 return).
Your total income (before the 10% wear and tear allowance) goes in "Your Turnover" (box 8 on the 2010/11 return). Any start-up grant you have received goes in box 9 (make sure you claim the corresponding expenditure too).
The difference goes in "total taxable profits" or "net business loss" as appropriate.
Ok redone all food accounts after finding some of my lost month. Redone phone accounts (hope thats right)
Now tomorrow I can do my tax return . Just gone onto HMRC and logged in with ID and password and its taken me to a section for this years tax return. Now last year it took me ages and there were lots of papers and I had to break everythig down. Just gone into my form and there are 8 sections is this this the right form as been told should only take 10 mins to complete and dont want to get stuck spending hours again like last year.
Paperwork and accounts really get me down in this job :-( and dont earn enough to use an accountant x
Oooh just been flicking through website and found this
SA103S - Self-employment (Short) (2011)
I know it says short but is the one thats a few pages long --definitely earn less than £70,000 a year
Last edited by It's a small world; 19-07-2011 at 09:39 PM.
SA103S is the right one, it is only two pages long and make sure you note the bit that says "If your annual turnover was below £70,000 you may just put your total expenses in box 19, rather than filling in the whole section."
You also have to fill in the main tax return as well, but unless you have dividends or other income or need to claim any tax relief for pension payments etc. that is just your name and address which is pre-filled plus a few ticks and a signature.
Anyone know what you would pay on earnings of £6800 ? think I need to find some more reciepts
£151.
If you can find £325 of expenses that would get it down to £60 - have you claimed all the mileage you can? What about mobile phone costs? Subscription to this forum ?
Need to dig out some gas /electric bills someone told me today I can claim even though dh pays the bill I'm still working in the home is that right ??
In order to claim against your income, you must have incurred the expense. If the bills are in your husband's name or he has paid them and is financially independent from you this is going to be difficult to establish.
Getting fed up of this now. Keep getting told different things from different people so confused. Several people have told me I can claim electric etc as working from home (regardless of whether hubby pays bills or not im still having to use it as part of my business) Also got told can claim for MOT /Service of car- despite me saying I claim for mileage as works out better for me as car also used for personal usage. People claiming for decorating, carpet cleaners etc. When I thought this would come under wear and tear !! and to top it off been told today I will not get funding for NVQ Level 3 as I have a degree and it was suggested to get a job in the area my degree covers. Err tried that but couldnt work around my children as no family to help with childcare and unlikely to get tax credit help towards childcare because of his income.
This accounts is a pain. So many things mentioned on here about what you can and cant claim but I know people are claiming and been told the reason they are claiming is because theyve been told cm's dont get chased often unless theyve had a very high income and expenese super exceed income making them suspicious... ..Fed up know feel like all Im doing complainig about one thing or another... heres to the weekend and a nice cold drink
Just found this so am I ok ?
http://childmindinghelp.co.uk/forum/...ousehold+bills
I am afraid this will happen - much of tax is a grey area which people sometimes try to oversimplfy into black and white. And sometimes things are taken out of context and misreprestented.
There are only three things you can rely on:
- information on the HMRC web site (I often link to this when it is not widely known or easy to find)
- a statement made by an HMRC official (which should be confirmed in writing to avoid any confusion over exactly what was said)
- advice given to you by a qualified accountant or tax consultant under a contract for professional services and backed by professional indemnity insurance
Several people have told me I can claim electric etc as working from home (regardless of whether hubby pays bills or not im still having to use it as part of my business)
Give HMRC a call. In future it would be better if you have the bill in your name, you pay it and he pays you back.
Also got told can claim for MOT /Service of car- despite me saying I claim for mileage as works out better for me as car also used for personal usage.
No - if you claim mileage the only other motoring cost you can claim is interest on a loan/HP to buy the car.
People claiming for decorating, carpet cleaners etc. When I thought this would come under wear and tear !!
The 10% allowance is "to cover the wear and tear of furniture and household items", not cleaning, maintenance or decoration.
Can't help you with the rest I am afraid, except the nice cold drink for the weekend
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