toffeeboy
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Post by toffeeboy on Aug 10, 2021 11:18:46 GMT
I think you should give it a go Aju, it will save you a lot of messing around. It sounds like you are doing all of the work anyway getting all of the figures together.
They will send you the code out as soon as you apply and you'll have it within a few days.
Completing the return online is very straight forward, basically it is just answering questions, at least you will be telling them what figures to calculate your tax on rather than relying on them estimating amounts and then you having to correct them.
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james100
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Post by james100 on Aug 10, 2021 12:49:32 GMT
aju If you're going to self-assess then you may be interested in one of the hmrc-approved software products which can help you through it step by step, linking to relevant parts of tax policy etc. At least for the first year you do it. I've used TaxCalc for over 15 years now (with complex tax return needs). It has an individual option, costing IIRC about 30 GBP for up to 6 returns in same tax year which is tax-deductible. You hook it up to your HMRC self assessment login details and file it all directly. Even if you don't chose to use it to actually file a return I'd recommend anyone getting it it for a year just to get familiar with the ins and outs of personal tax. HMRC scope is enormously powerful, understaffed, staff have mixed competence and anyone who doesn't self assess puts themselves, minimum, at the mercy of complexity, uncertainty, and unnecessary delays. Good luck!
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aju
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Post by aju on Aug 10, 2021 13:25:23 GMT
aju If you're going to self-assess then you may be interested in one of the hmrc-approved software products which can help you through it step by step, linking to relevant parts of tax policy etc. At least for the first year you do it. I've used TaxCalc for over 15 years now (with complex tax return needs). It has an individual option, costing IIRC about 30 GBP for up to 6 returns in same tax year which is tax-deductible. You hook it up to your HMRC self assessment login details and file it all directly. Even if you don't chose to use it to actually file a return I'd recommend anyone getting it it for a year just to get familiar with the ins and outs of personal tax. HMRC scope is enormously powerful, understaffed, staff have mixed competence and anyone who doesn't self assess puts themselves, minimum, at the mercy of complexity, uncertainty, and unnecessary delays. Good luck! Thanks James I understand what you mean about HMRC and lack of staffing etc. I've been technically in front of the HMRC curve since I retired in 2007 but as I said I used to get away with just sending a letter until my taxable extras - Bank interest, P2P and Dividends, that I eventually shared with my wife when they changed to 2000 limits a couple of years ago, used to be mostly straight forward. The last couple of years have been more fallow for me investment wise with the loss of key dividends for both of us. In essence it's never been that difficult to gather everything together and to do the self assessment i'd have to do the same things and since the banks have to present fairly early up most of them have been easy to track in my spreads more quickly that before. The loss of the 2019/20 being finished - they are not completed as detailed above - again i don't think there are any carry overs as far as my spreads p800 says but I cannot know as they have not reported anything yet. The more recent issue has been that this year they are even less complex but I was just curious why all of a sudden the HMRC stopped showing my Tax when they say "My tax is now all ok". In the past I used to be able to see what their final figures were but they suddenly dropped them. I don't think I have anything to come back but my point is I don't know because they withdrew the detail. I had hoped to contact HMRC directly today about my returns but sadly i missed the "before 10am" window and was unable to get through to them. In my view my tax is not complicated and i'd be surprised if HMRC can beat me with a sharp stick for anything so far but one never knows.
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aju
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Post by aju on Aug 10, 2021 13:29:52 GMT
I think you should give it a go Aju, it will save you a lot of messing around. It sounds like you are doing all of the work anyway getting all of the figures together. They will send you the code out as soon as you apply and you'll have it within a few days. Completing the return online is very straight forward, basically it is just answering questions, at least you will be telling them what figures to calculate your tax on rather than relying on them estimating amounts and then you having to correct them. Sounds a lot better than the forms i had to help Mrs Aju complete to get some tax paid back on the £5 a month cashbacks form backs a while back there were so many boxes to put zero in until one got to the one box that needed useful info. It was few years back she got the tax back as they are tax paid still but I had less and did it on my letter i usually send without realising anything <£10 doesn't count! We are doing the same again but i can't be arsed with the form for that one again ... As I said above i'm going to try and get someone on the dog to talk to, have to wait until end of week now as away dealing with family issues for a couple of days.
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cb25
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Post by cb25 on Aug 10, 2021 13:36:19 GMT
aju List of self-assessment commercial software providers can be found here in HMRC.
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toffeeboy
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Post by toffeeboy on Aug 10, 2021 14:46:13 GMT
aju List of self-assessment commercial software providers can be found here in HMRC. If the self assessment is simple then I don't see the need for commercial software. I do a few for my family and have never used commercial software and that includes step dad being self employed. All you have to do is answer questions, e.g. were you employed in tax year, if you put no then you don't have to fill any more in. If yes then you enter the details from your P45/60, never more to it than that. Even my step dad's self employed is simple as doesn't turnover much so I just have to enter income and expenses totals. Interest is just total figures split between gross amounts for interest from tax deducted and interest from which tax not deducted. You'd have to enter all these details into commercial software anyway so I don't see what the benefit would be.
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aju
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Post by aju on Aug 10, 2021 15:13:18 GMT
So if i get nothing useful when i ring HMRC then if i turn it on for self assessment can i turn it off again or do i have to do it for ever after that.
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Greenwood2
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Post by Greenwood2 on Aug 10, 2021 15:20:58 GMT
aju List of self-assessment commercial software providers can be found here in HMRC. If the self assessment is simple then I don't see the need for commercial software. I do a few for my family and have never used commercial software and that includes step dad being self employed. All you have to do is answer questions, e.g. were you employed in tax year, if you put no then you don't have to fill any more in. If yes then you enter the details from your P45/60, never more to it than that. Even my step dad's self employed is simple as doesn't turnover much so I just have to enter income and expenses totals. Interest is just total figures split between gross amounts for interest from tax deducted and interest from which tax not deducted. You'd have to enter all these details into commercial software anyway so I don't see what the benefit would be. The only tricky bit is where to put P2P income, that bit is not exactly logical, and I've already forgotten, until I need to do the next one. Does the commercial software tell you (just curious)? I did use commercial software years ago when all you had from HMRC was the paper form then you could 'play' with the commercial software to check what you were going to submit before filling in the form. The HMRC online form is generally self explanatory, there are notes and worksheets on there and you get their calculations immediately to check what you have filled in before you have to submit the form.
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Post by Deleted on Aug 10, 2021 15:51:20 GMT
I have immensly complicated tax situations dealing with weird and wonderful stuff. The basic HMRC software is immensly powerful and clear. Why would you pay for a piece of software to sit between it and you?
Clue, I live in Yorkshire.
Seriously though you just turn on the bits of the HMRC website you want to use and you answer their questions which either have key guidance built in or you search on the same website for explanations.
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cb25
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Post by cb25 on Aug 10, 2021 15:55:17 GMT
If the self assessment is simple then I don't see the need for commercial software. I do a few for my family and have never used commercial software and that includes step dad being self employed. All you have to do is answer questions, e.g. were you employed in tax year, if you put no then you don't have to fill any more in. If yes then you enter the details from your P45/60, never more to it than that. Even my step dad's self employed is simple as doesn't turnover much so I just have to enter income and expenses totals. Interest is just total figures split between gross amounts for interest from tax deducted and interest from which tax not deducted. You'd have to enter all these details into commercial software anyway so I don't see what the benefit would be. The only tricky bit is where to put P2P income, that bit is not exactly logical, and I've already forgotten, until I need to do the next one. Does the commercial software tell you (just curious)? I did use commercial software years ago when all you had from HMRC was the paper form then you could 'play' with the commercial software to check what you were going to submit before filling in the form. The HMRC online form is generally self explanatory, there are notes and worksheets on there and you get their calculations immediately to check what you have filled in before you have to submit the form.
I use the software simply for the ability to prepare stuff offline. If I get in a mess, I can wipe it and start again and HMRC need never be aware of it. Can also do 'what if's. Not a huge benefit, but then at £25+VAT (£30) not a huge cost either.
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aju
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Post by aju on Aug 10, 2021 17:01:47 GMT
So i having had an interesting few months working with Zopa to sort out the Early adopter bonus I wondered anyone knows if Zopa reports interest received to HMRC
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ilmoro
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Post by ilmoro on Aug 10, 2021 17:24:34 GMT
So i having had an interesting few months working with Zopa to sort out the Early adopter bonus I wondered anyone knows if Zopa reports interest received to HMRC Should do, its a legal requirement for UK financial institutions to report interest earned by UK residents to HMRC under 2011 Finance Act
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aju
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Post by aju on Aug 10, 2021 17:45:24 GMT
So i having had an interesting few months working with Zopa to sort out the Early adopter bonus I wondered anyone knows if Zopa reports interest received to HMRC Should do, its a legal requirement for UK financial institutions to report interest earned by UK residents to HMRC under 2011 Finance Act Thanks I thought it might be so i'll ask Zopa just what they report to HMRC and see what comes back. (I'm not convinced they will tell me though!) The early Adopter Bonuses are still not as yet sorted - they are taxable but i think its because they keep fixing things as one entity instead of fixing the real issues. (They have not defined extras and other items as clearly I feel so they fix one issue for say EAB and then break another!) Bit odd that Zopa keeps saying that its for us to work with HMRC help to determine which parts of their reported items are taxable it's not down to them, (they used to define it very clearly but now its not quite so clear they have reworked the reports etc since Feb 2021)
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james100
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Post by james100 on Aug 10, 2021 18:51:12 GMT
Happy to see optimism about HMRC's Self Assessment software but tbh the 2018 report from Office of Tax Simplification which noted that even HMRC software couldn't (then) be relied upon to process the fiendishly complex banding and interactions between various allowances in the most optimal manner for the taxpayer put me off for life. Anyway, I would hope that one day the entire taxation system would be simplified and that everyone should be able to do SA easily as a matter of course and avoid these overhangs and uncertainties (think we're one of the few countries in the so-called developed world where this isn't done?). Hope you get it sorted aju, best of luck.
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ozboy
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Post by ozboy on Aug 10, 2021 20:29:02 GMT
Happy to see optimism about HMRC's Self Assessment software but tbh the 2018 report from Office of Tax Simplification which noted that even HMRC software couldn't (then) be relied upon to process the fiendishly complex banding and interactions between various allowances in the most optimal manner for the taxpayer put me off for life. Anyway, I would hope that one day the entire taxation system would be simplified and that everyone should be able to do SA easily as a matter of course and avoid these overhangs and uncertainties (think we're one of the few countries in the so-called developed world where this isn't done?). Hope you get it sorted aju, best of luck. I recommend that anyone who struggles with their Tax Return to investigate and consider the "Which" affiliated software from "GoSimpleTax" - only £10 to Which Members, not sure how much for Non Which Members but I know it's more. It provides a VERY easy, simple and intuitive to use front end format which links direct to HMRC when you want to lodge your return. The HMRC software has been around since Moses and is accordingly a nightmare to use, that's if you can even get it to function well enough to "use" it at all. ( PS: Not everyone is as bright as @bobo et al. )
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