Personal Tax Return

[Liddle Feesh]

G'afternoon guvnors,

I've finally received my first personal tax return (2004-2005), and cor blimey - there's a lot to fill out 'ere!

I have a 100% shareholding in my ltd co. and have only taken payments by salary - fully subject to PAYE.

My accountant is 'offering' to handle the tax return for me, for 59 of my very best golden pound coins.

The tax return seems to be worded such that the Inland Revenue may find that I owe them money - and will let me know next January! How can this be?

So - advice please - do I commission the accountant, or do it myself? Is it really straightforward?

Cheers!

[tim123]

Re: why might you owe money?

Because (they expect that) you have more than one income stream, all of which will be taxed at source based upon them being your only income, but which may accumulate into a total which needs taxing at the higher rate.


tim

[OrangeHopper]

Re: why might you owe money?

Suggest you try doing it online at no cost.

The online version will do the calcs for you and you will see what you owe/are owed.

It saves itself as you proceed and you can always come back later and change it before you submit it.

If you find it too confusing you then have the option of paying your accountant to do it.

[ASB]

Re: why might you owe money?

Here a free on line one. It's worked fine for me for a couple of years.

www.taxcentral.co.uk/

[4Contractors]

Re: why might you owe money?

Liddle Feesh - congratulations on engaging an accountant and running a limited company - is it our accountant by any chance ?

Definitely worth doing the self assessment return yourself. Form looks daunting but most of it is not applicable and collecting the info for the accountant filled return is more than half the battle.

This years form will take you about half an hour after you have collected all the information - next and subsequent years will take around 10 - 15 mins.

[xoggoth]

Re: why might you owe money?

Concur the online thing is pretty easy once you have gathered all the stuff about income, bank interest, expenses received etc. You have to do that whoever does the submission. Most people can safely answer no to the question about having enormous bright orange testicles.

[OrangeHopper]

Re: why might you owe money?

I pray I never get an investigation or should that be inspection!

[Liddle Feesh]

Re: why might you owe money?

Thanks for the inputs lads. They don't need the tax return back anytime soon, so I'll sit on it for a bit and/or do the online version.

Online filing for PAYE was a pain in the ass due to some different wording between the online and paper forms...

And yes, I'm using the ************ accountant. They're pretty good, fast and friendly. But don't do personal tax included.