BS: UK Tax Returns

Subject: BS: UK Tax Returns
From: GUEST,Nicky
Date: 27 Jan 04 - 11:45 AM

I've just written out two cheques, one for the Inland Revenue and one for my accountant. I reckon that the accountant is making easy money out of me considering that it's a simple equation of what I earn from gigs and then a deduction of strings, mileage and other odds and ends. So next year I intend doing it myself. Any tips?

Subject: RE: BS: UK Tax Returns
From: GUEST,MMario
Date: 27 Jan 04 - 11:48 AM

if UK taxes are anything like US taxes - stick with the accountant!

Subject: RE: BS: UK Tax Returns
From: Bobjack
Date: 27 Jan 04 - 11:51 AM

Cheat!

Subject: RE: BS: UK Tax Returns
From: John Routledge
Date: 27 Jan 04 - 12:14 PM

Often the collecting together (by you) of all the relevant bills etc is the most time consuming element.

Don't let that fool you though for unless your tax affairs really are straightforward a specialists knowledge of the detail of tax legislation could save you tax to at least the amount of the fee.

If you decide to do it yourself only one piece of advice:

          Get your figures to the Revenue at the earliest opportunity

This way they are much more likely to be helpful - at least for the first couple of years of doing it yourself.

Subject: RE: BS: UK Tax Returns
From: Bobjack
Date: 27 Jan 04 - 12:20 PM

Go into your nearest tax office and pick up a booklet explaining 'self assessment' and study the bugger! I overpayed 8 grand in tax over a three year period ( I managed to claim most of it back)that concentrates the mind somewhat!

Subject: RE: BS: UK Tax Returns
From: Gervase
Date: 27 Jan 04 - 03:41 PM

You should be able to claim your accountant's fees on your return, so a good accountant will effectively cost you nothing and save you plenty. There's probably more to it than strings, mileage and odds and sods, and a good accountant will point you in the right direction.
Ask other musicians who does their books and go by their recommendation - accountants are like medics in that they often specialised in specific fields and know sod all about anything else. If yours was recommended by a builder or a hack s/he may not be au fait with the music world.
If you go down the DIY route and fill out the self-assessment forms yourself, heed John Routledge - get it done early, and double check everything before you send it in.

Subject: RE: BS: UK Tax Returns
From: Mr Red
Date: 27 Jan 04 - 05:38 PM

They never went away

Subject: RE: BS: UK Tax Returns
From: Liz the Squeak
Date: 27 Jan 04 - 06:38 PM

Hello Gervase, you OK?

As a member of Her Majesty's Inland Revenue - I concur. Get it in early and you can make an appointment with an inspector to go over it with you. DO NOT WAIT until the end of January. If you want to see why not, come to London and go to Warren St tube station on Friday or Saturday this week. See the queue as it stretches down the Euston Road. See the hundreds of thousands of returns that my colleagues will be logging and capturing in the next week. I won't. I'll be lounging around my front room watching the X men on DVD.

LTS

Subject: RE: BS: UK Tax Returns
From: Rt Revd Sir jOhn from Hull
Date: 28 Jan 04 - 01:22 AM

"Any tips?"
yes, get paid in cash every time, don't have a bank account, deal only in cash, tell the tax man to piss off.john

Subject: RE: BS: UK Tax Returns
From: GUEST,guest
Date: 28 Jan 04 - 05:49 AM

Copy last years tax return and send in the same minus the accountants fee.

Subject: RE: BS: UK Tax Returns
From: Michael
Date: 29 Jan 04 - 05:54 AM

If you are doing Self Assesment, do it early and do it online (dead easy) or so my missus says.

Mike

Subject: RE: BS: UK Tax Returns
From: treewind
Date: 29 Jan 04 - 07:23 AM

The accountant's fees will not "effectively cost you nothing" but they do come off your taxable income so you pay less tax. Or to put it another way your accountant's fees are effectively discounted by whatever percentage your highest tax rate is.

I've finally got an accountant involved and done the returns for the last 2 years (oops!), declared a massive loss (easy at 40p/mile for the travelling) and got the loss deducted from my total income so I'm paying less tax on the day job! This is possible as long as you convince the tax man that you are starting up a business with serious intention of profit eventually, but I wouldn't have dared try it without the accountant's help.

Accountants can usually help with saving money somewhere, whether it's on tax, NI, investments or the organisation of your business. And when you are trying to declare as much expenditure as possible to keep your taxable income low, they may thionk of things you've missed and will advise on what is and isn't permissible so that you don't attract unwelcome attention from the Inland Revenue.

Anahata

Subject: RE: BS: UK Tax Returns
From: Pied Piper
Date: 29 Jan 04 - 07:34 AM

I've just done my tax return on this computer at the easyinternetcafe in Manchester and it was very easy and straitforward.
There is no printing here but I have till the start of April to print of a copy.
I do my own self-assesment as my turnover is low and my accounts are simple.
I'd recamend everyone to do it on line; it realy is a piece of piss.

TTFN
PP

Subject: RE: BS: UK Tax Returns
From: Liz the Squeak
Date: 30 Jan 04 - 04:47 AM

Er I don't want to sound like a spy but John, where did you say you worked?!

Go back and read where it tells you where I work......

Big Brother really IS everywhere watching you......

LTS

Subject: RE: BS: UK Tax Returns
From: GUEST,Van
Date: 30 Jan 04 - 03:01 PM

Liz

As a fellow taxman - how is it the old song goes "When will they ever learn" still it keeps you and me in useful employment ensuring that the money is there when jOhn and his relatives need health treatment, education etc.

Subject: RE: BS: UK Tax Returns
From: Herga Kitty
Date: 30 Jan 04 - 03:15 PM

I was at my local tax office at half-eight this morning to hand in my mother's tax return. The IR staff were very friendly and helpful, and they're working until 8 tonight, 9-5 tomorrow and 10-2 on Sunday to deal with the late rush.

Kitty (who got her own form in last September...)

Subject: RE: BS: UK Tax Returns
From: Liz the Squeak
Date: 30 Jan 04 - 07:49 PM

Kitty - I can guess what office you mean and I shall pass on your comments - we so rarely get any good ones!

LTS