First Tax Return- scared!

[dolled up]

Hi geeks i will be doing my first tax self assesment this month for the tax year 2012-2013 and im scared as ive never done this before! I had an accountant come out to me the other day but he said im too small of a business for him but he could do my return for £120- but he said i would probs be better doing it myself.

Im currently waiting on my P60 from my employer but the accountant told me i wouldnt be paying any tax this year as ive only earnt £1.5k but my expenses are £2.5k

Now, as ive never done this before, whats the layout of the self assesment? Do you put in your montly expenses or one big figure for the whole year? Is there a section for pre trading expenses? Is it easy enough to do? If anyone has got some advice that would be great xx

 

[scottydolly]

Hi geeks i will be doing my first tax self assesment this month for the tax year 2012-2013 and im scared as ive never done this before! I had an accountant come out to me the other day but he said im too small of a business for him but he could do my return for £120- but he said i would probs be better doing it myself.

Im currently waiting on my P60 from my employer but the accountant told me i wouldnt be paying any tax this year as ive only earnt £1.5k but my expenses are £2.5k

Now, as ive never done this before, whats the layout of the self assesment? Do you put in your montly expenses or one big figure for the whole year? Is there a section for pre trading expenses? Is it easy enough to do? If anyone has got some advice that would be great xx

Your best to have monthly records at hand incase they ever need to investigate, you can show its all above board. But for the figures you can choose to put im annual income and expense if you fall under a certain threshhold. Self assessment really isnt that hard btw, you will be fine x

 

[Bombalurina]

take a look here

www.taxdoctor.co.uk

They helped me out with my first tax return last year and were SO helpful!! If it's just tax returns you need help with and not other accounting (like paying wages etc), then I highly, thoroughly recommend them. I think it's £99, and they do ALL the work for you.

James asked me for the details he needed, and completed the tax return for me, emailed it to me to check through and when I was happy, submitted it for me. I got letter through from HMRC afterwards telling me it had all been done, and then I got a lovely little tax rebate too, which paid for their services!!

Sounds like I work for them, but I dont!! I just really rate their service, and I was absolutely petrified about my first tax return...really doesn't seem so scary now :lol:

 

[dolled up]

Thanks guys I kind of don't want to pay anyone to do it for me this year as I think I can keep on top of it myself just scared to do it aha! Xx

 

[Steph86]

Don't worry, as you say you need your p60 first, and you need to enter all that info from your employed job. Then you need incoming total, and expenses total. I opted for annually, so it worked out my "loss", which has been carried on to this year.

Are you mobile? I ask as each mile travelled is classed as an expense, if a job is 7 miles from me, and i return home I can calculate that at 14x 0.45(pence) this takes me a while on aa route planner, so i try to do my milage every couple of months. But as i use my car for other purposes as well I can not add my car insurance/mot/car tax etc. the 0.45 p is everything car related-wear and tear, fuel, tax, insurance.

Yes you most defiantly need to jeep all receipts, figures etc incase you get investigated to ensure you are above board.

It isn't that hard, just give yourself time to sit and do it all. You can log in and out if for what ever reason you can not finish it in one go.

Xx

 

[dolled up]

Don't worry, as you say you need your p60 first, and you need to enter all that info from your employed job. Then you need incoming total, and expenses total. I opted for annually, so it worked out my "loss", which has been carried on to this year.

Are you mobile? I ask as each mile travelled is classed as an expense, if a job is 7 miles from me, and i return home I can calculate that at 14x 0.45(pence) this takes me a while on aa route planner, so i try to do my milage every couple of months. But as i use my car for other purposes as well I can not add my car insurance/mot/car tax etc. the 0.45 p is everything car related-wear and tear, fuel, tax, insurance.

Yes you most defiantly need to jeep all receipts, figures etc incase you get investigated to ensure you are above board.

It isn't that hard, just give yourself time to sit and do it all. You can log in and out if for what ever reason you can not finish it in one go.

Xx

Im not mobile but i have calculated my milage for trips to the wholesalers, trade shows etc thats another question i was going to ask about doing it in bits if i found it too much to do all in one go. Ive got everything organized in a file book thing so ill keep that safe. Im also going to type it all up on the computer so ive got back up. Just need my ever forgetful boos to get my P60 for me now and i can get going! Do you know if i can start it without my P60 and add that when i get it? Xx

 

[Steph86]

Ooo id imagine you'd be able to enter all your employers details, your details but im not sure about anything else. I had my p60 when i did mine, i am also waiting for mine to get started xx