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Hello All

 

I am part PAYE and part self employed

 

my accountant has vanished and i think has immigrated but I only found out 2 weks ago.

 

Im stuck and cant find an accountant ebcasue they are all busy

 

So having to turn to you guys for advice

 

My income pre expenses from self employement is £56000

 

 

 

I bought a mac laptop for £1400

 

I paid my daughter who is 17 , £4900

 

I have  to have an indemnity. I forgot to mention to my accountant last year about my indemnity , so we did not enter ~£2700 on last years return of 2018-2019. Can I enter them onto the return from 2019- 2020?

 

Overall the total of my expenses is ~ 18000 ( fuel/travel/subsistence/stationary , daughter wages  ..etc)

 

Questions please

 

1. Can I claim the laptop as expenses. All of it? or part of it?

 

2. Is ~4900 to my 17 yr old daughter reasonable. She helped me on weekends etc as she studying for her A levels etc ?

 

3. Can I enter the indeminty figure that was missed on last years return ?

 

4. are expneses totalling ~18000 reasonable if my self employed figure before expenses is ~56000?

 

Would appreciate if someone with good knowledge can specifically reply to each point

 

Most grateful

 

panicking so much. called like 10 accountancy firms and all say we cant promise to get things done by deadline, so it seems I have to do everything myself this year online. they stared talking about forms 64-8 which I was totally clueless about

 

 

Please please Begging for advice 

 

 

Thanyouxxxx

 

 

 

 

 

 

 

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Don't see a major issue with any of that.

 

1 IT equipment upto £2k is normally ok.

 

2 daughters cost, provided it has been transferred then no problem. Mp's do it all the time and it's below the ni and tax thresholds. 

 

Depending on the business£18k does not sound unreasonable.

 

I've spent the last thirty years doing my own tax returns.

 

Get in touch if you are stuck, if I can help I will. - not sure if that breaks forum rules. Sorry if it does.

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Oh. I don't understand the indemnity. If it was a business expense that has come back and it was an expense last year than it needs to be entered in back on the income side.

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2 minutes ago, Nobby_v said:

Don't see a major issue with any of that.

 

1 IT equipment upto £2k is normally ok.

 

2 daughters cost, provided it has been transferred then no problem. Mp's do it all the time and it's below the ni and tax thresholds. 

 

Depending on the business£18k does not sound unreasonable.

 

I've spent the last thirty years doing my own tax returns.

 

Get in touch if you are stuck, if I can help I will. - not sure if that breaks forum rules. Sorry if it does.

 

Hi.

 

Advising by PM is against forum rules. It's stops us being a resource for people to use in the future and also prevents advice from being peer-reviewed. Please keep advice on this thread.

 

HB

Illegitimi non carborundum

 

 

 

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Nobby- v

 

You are most kind XXXXXX

 

very precise and to the point so thankyou

 

I transferred 4900 to her by bank transfer so its all on the bank statements.

 

Re the indemnity, its professional indemnity. Im a nurse and pay fees to the nursing council etc. But because Im self employed , I have to have extra indemnity in case I am found negligent etc....

 

Last year it was £2700 but  wasnt included in last years return 2018-2019. I forgot to tell my accountant. I hope that clarifies. Can i enter it on SA and in the free hand space on SA  , just mention it?

 

Honeybee, Thanks. will respect the forum rules . Bless ya xxx

 

 

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5 minutes ago, kittyadmirer123 said:

Re the indemnity, its professional indemnity. Im a nurse and pay fees to the nursing council etc. But because Im self employed , I have to have extra indemnity in case I am found negligent etc....

 

Last year it was £2700 but  wasnt included in last years return 2018-2019. I forgot to tell my accountant. I hope that clarifies. Can i enter it on SA and in the free hand space on SA  , just mention it?

 

The urgency here is presumably because you have not yet submitted your 2019-20 tax return and you have to get it to HMRC by 31st January or HMRC will charge you late filing penalties?

 

Is this what you mean by "the indemnity"?

 

Professional indemnity arrangement (nmc.org.uk)

 

If so I understand it to be an insurance premium for professional negligence/professional indemnity insurance which you are required to have as a condition of registration with the Nursing and Midwifery Council. Because you are self-employed you have to pay the premium yourself. In which case  I'm confident that is an allowable business expense. You forgot to claim it as an expense in your 2018-19 tax return and want to claim it now, and also claim it for  2019-20 tax year. 

 

Hopefully that clarification will enable to other posters who know more than I do about self-employed tax returns to advise you.

 

 

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Ok no pms. Was not trying to flout rules.

 

For sure, add in the last year amount that was ommited and drop a note in. Just be honest. 

 

You should be able to get this keyed in now. If you don't have access to the revenue site, I'd get a shimmy on.

 

 

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Thannkyou Ethel for your contribution 

 

exactly you are spot on. The urgency is this year because of the looming deadline of 31 January.

 

Yes I meant the NMC by the indemnity. I will need to claim the current year 19/20, but was clarifying if I could claim the one from 18/19 on the current tax return as i forgot to mention it to my accountant last year. this year Im without an accountant so have to get the skates on and file my SA.  It seems its ok to do that from what i read here

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Nobby- v

 

thankyou xxx

 

 

i will add and drop a note. 

 

i will be as transparent and if they decide to question anything i have proof for all of that.

 

they cant expect t hold me to a standard expected from an accountant so im sure they will understand

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One little thought that may help alleviate that pressure.

Remember that, after you've filed your Tax Return, you have 12 months (to 31 Jan 2022) to re-open/amend it, claim any more expenses overlooked - or fix any other errors - and re-submit the corrected Return online.

So long as your re-submission does NOT trigger additional tax/N.I. bills then the re-submission itself won't cause any fines or penalties.

Get the Return filed as accurately as you can, and pay whatever tax/N.I. is due, by the end of this month THEN, if necessary, reopen the Return to amend/re-submit asap after that.

Good luck with it all.

Edited by taxhelper
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Thankyou Taxhelper. I like your username :)

 

so if my accountant summitted my tax for last year 18/19 ( he is no longer my accountant), are you saying that , because I missed out an expense on last years return, I also have till 31/1/2021 to amend last years return and claim that expense?

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The choice is yours - yes, you can reopen the 2018/19 Return and resubmit it online - corrected - by the end of this month to include that overlooked expense.

Alternatively you can include it in your 2019/20 Tax Return declarations if you wish.

 

Obviously the first action will ensure both Returns are more accurate.

i've often seen this now and again when they inadvertently overlook something. It's fairly usual practice.

Once again .....good luck!

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Taxhelper

 

Dont know how to say it, but a Genuine Thankyou

 

Shows what a great person you are that you are prepared to offer such advice for free .

 

Im vey much indebted.

 

Thankyuo again

 

stay safe 

 

xxx

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Goodmorning

 

I hope everyone is well and thanks to everyone so far for their advice

 

Just about to submit SA online

 

wanted to check a few things please

 

1. for my fuel mainly, lot of the receipts have faded and i use my internet bank statements for evidence of fuel etc. For example if I wen to BP petrol station, and filled up £40, it would show up on my bank statement and thats my evidence. If i do buy a coffee whilst there, I tend to pay separately, thus keeping the fuel payments e separate. i thn aportion 60% of the fuel cost to business, as ~40% i for personal use.

 

 

Therefore, is this method of keeping records acceptable to HMRC?

 

 

 

2. on the online SA form, there is a box for signature. if Im submitting online, do i have to sign that and if yes, how?

 

3. NIC2. It asked if i had profits over ~£6,500 ( cant remember exact figure). Thats a yes. So next was if i wanted to give NIC2. When I choose yes, a red message error comes up preventing me from proceeding. Only when I enter 'NO' onto the NIC2 that it allows me to contribute. Does that mean the system thinks I shouldn't pay NIC2?

 

 

4. Last year, on the SA of 18-19 ( that my acct had done for me and submitted), I ended up making an overpayment of £800 by 31/1/2020. I also made the first payment on account for 19-20 of half that amount , ie 400.

 

in this years return, im asked if theres any underpayment or underpayment from previous years. hen I enter the overpayment, again i get a red error message which stops me proceeding with the form. Only when I enter, 'NO', meaning theres no over or underpayments , that the online portal allows me to proceed with my SA application.

In effect it means for this year I will have to pay what i owe, without taking into consideration that I had overpaid a ttal of £1200 ( 800 + 400), last year. How can I address that please?

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A few thoughts.

 

1. Providing those percentages are accurate that should be fine.

 

2. There is no need for an actual signature on the form. Just submitting it valid enough.

 

3. Are you sure the form asks you to mark the box if your income is OVER £6365? I think you may have misread. The entry is usually needed if your income is UNDER £6365 AND you still want to pay Class 2 NIC voluntarily.

If your income is greater than £6365 I don't think you need to mark that box.

 

4. Remember - the filing of the Tax Return itself is handled by one section of HMRC, different from the section that tracks your payments. The Tax Return does NOT want to know about any money you sent to HMRC. 

The reference to  "underpayment or underpayment from previous years" refers to PAYE tax codes where you are in employment. In short this box does not refer to you, as a self employed person,  and should be left blank.

Your various overpayments from the past and "payments on account" for 2019/20 will be processed by the collection department computers after your Tax Return is submitted.

If all goes as it should then everything will come out in the wash.

From what you describe I think you still have that £800 credit on your self assessment account. If so HMRC should use that credit to cover the £400 you say is now due leaving £400 credit remaining on your account.

Bottom line - submit the Tax Return THEN go into your account a day or two later to check the balance owing to them  or repayable to you.

 

Good luck.

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Thanks dear taxhelper. I really appreciate it.

 

As a nurse i am part self employed and part PAYE ( i think i had mentioned that in my initial post#1).

 

But I totally agree, everything should balance out.

 

I have kind of worked out how much I owe them. I wont be able to pay it all because I am short of funds. The hospital had delayed processing one of my invoices and so the payment may r may not be in my bank account by the end of the month. I dont know that. If it does get into my account then im Ok paying my tax. if not then I wont have enough.

 

How should I play this? Shall I call HMRC and give them advance notice, stating that I may not be able to pay the lot as a lump sum? I have called the hospital and tried y best and they promised to pay me but they have let me down in the past, so I remain in limbo whether they will pay me in time or not

 

 

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My advice - submit the completed Tax Return first. Then worry about who owes what to whom. That's dealt with separately from the form itself.

Have you checked your account with HMRC to see what they owe you (or you owe them) as of today?

What's the situation?

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Hello Taxhelper

 

Thanks again . Your so kind and Im very grateful.

 

I am about to submit the form in the next few hours. Before clicking the submit button there is a calculation page that has been generated by the site based on the info I provided ( income from PAYe and income from self employment etc...with all expenses deducted). their calcs are correct.

 

The figures are correct and I do owe them a sum as well as 1st payment on account for 20-21. I just am not sure I can pay the lot by 31/1/2021 because I did not anticipate that the hospital may not be able to pay me on time ( my jan pay). Thats because I did submit my 'timesheet' to the HR on time but they delayed processing it in time for it to be paid by the end of this month. They have said they have asked for an exceptional CHAPS payment to be made but I remain uncertain whether they will pay it into my account by then or not. thats why i wasnt sure if its best to call HMRC and give them the heads up or not.

 

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In that case you need to submit the form then pay them when you can.

 

Pay after 31st January 2021 and HMRC may charge you interest but only at a low rate. It's 2.6% on a simple daily basis.

Unless you owe them HUGE sums then pay it off in February and the interest shouldn't be much. If it's small enough they may even write if off if you don't pay it.

What you need to watch is that it's all paid off by the end of next month.

 

At the end of February 2021 HMRC levy a 5% surcharge on certain unpaid amounts. You don't need that bill on top of everything else.

All the best.

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Thankyou Thankyou Thankyou x million million times

 

You are wonderful and sorry to tak up your time 

 

Hope you keep safe and that you and all your loved ones stay safe and are healthy

 

 

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Thanks

 

I am just about to submit now, but a friend just said that HMRC have extended their deadline till 28th feb.

 

Is this a hoax?

 

ive checked online and it appears true.

 

Whats confusing thought is they are extending the deadline for filing till 28th feb but will still want people to pay by 31/1/2021 and if they owe HMRC any money they need to pay and interest will apply.

 

so extend filing date till 28th Feb with no penalties but charge interest from the first of Feb if we owe them. Bit confusing but I guess at least they have given us some breathing space.

 

A b

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After saying for months that no way was the deadline going to be extended on Monday HMRC changed their mind and extended it to 28th February.

 

But they haven't extended the date for making payments on account or paying tax due. That's still 31st January, according to this newspaper article. And interest on unpaid tax will still be charged from 1st February. So I can't think of any reason you wouldn't file now if you are ready to go.

 

HMRC extends tax self-assessment deadline by a month to 28 February | Tax | The Guardian

Edited by Ethel Street
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