Self Assessment queries

[tdk]

Hi, I am having the joy of completing my first self assessment as the last tax year was the first year I became a director (previously started under a brolly to find my feet) & I have a couple of questions:

1. In the tax year 2012-13 I worked full time & resigned at the beginning of 2013 and started working under a brolly on my first contract. In April 2013 my old employer sent me a payslip which seems to be a belated holiday payout with a letter stating this was not included on my P45, and so would need to be declared on my SA.

Given I wasn't employed by said company during the 2013-14 tax year how do I declare this payment, is it just a case of saying it is another employment?

2. Joint account interest. My partner & I pay into a joint account for the bills etc, due to earning 3% interest on the account there is always a bit extra sloshing about in there for holidays etc, so in terms of the SA do I just declare 50% of the interest mine irrespective of how it is actually split?

Before anyone says, what does your accountant say - they don't offer personal tax returns in their basic service, they have offered some basic advice, but wanted to validate my understanding

Thanks in advance!

[Alan @ BroomeAffinity]

1. Declare as an additional employment
2. Yes 50/50 split.

[northernladuk]

Get a new accountant that can help you with this stuff then?

[Alan @ BroomeAffinity]

Self Assessment queries

Get a new accountant that can help you with this stuff then?

This. IMO, the personal tax aspect is a big part of your overall tax planning /accounting process. Not having this as part of the "package" is a wee bit misleading.

[tdk]

1. Declare as an additional employment
2. Yes 50/50 split.

Thanks for confirming those aspects for me Alan.

[tdk]

Get a new accountant that can help you with this stuff then?

Whilst I appreciate different accountants offer different services, in this case I am talking about income I earned before I had even appointed my accountant & where I chose to keep my own money, so in this particular instance I don't expect them do file my SA for me, much like I wouldn't expect an insurance company to pay out for any pre-existing issues prior to taking out a policy with them.

They have offered me adequate tax planning based on the P45 I provided them with when I joined & they provide all the figures from the company side (salary/dividend vouchers/P11d) that would need to go on the SA. So I feel, IMO, the SA is indeed an additional service in my circumstances and was just seeking some clarifications (which Alan has kindly done so) on a forum where people may have had similar experiences.

[JRCT]

My accountant doesn't offer this as a basic, either. It costs an extra £75 or so to get them to do this.

I did what you're doing, first time.

I'll be spending the £75 this time. Definitely well worth it.

[Alan @ BroomeAffinity]

My accountant doesn't offer this as a basic, either. It costs an extra £75 or so to get them to do this.

I did what you're doing, first time.

I'll be spending the £75 this time. Definitely well worth it.

Can I ask what you do get in your package? I know of one fairly large player who charges extra to have the year end accounts reviewed. That, in my view, is ridiculous. "Here, Mr Client, these are your accounts. Figure them out yourself"

[ContrataxLtd]

Whilst I appreciate different accountants offer different services, in this case I am talking about income I earned before I had even appointed my accountant & where I chose to keep my own money, so in this particular instance I don't expect them do file my SA for me, much like I wouldn't expect an insurance company to pay out for any pre-existing issues prior to taking out a policy with them.

They have offered me adequate tax planning based on the P45 I provided them with when I joined & they provide all the figures from the company side (salary/dividend vouchers/P11d) that would need to go on the SA. So I feel, IMO, the SA is indeed an additional service in my circumstances and was just seeking some clarifications (which Alan has kindly done so) on a forum where people may have had similar experiences.

Hi tdk

Sounds like you are happy with your current accountant so all good on that front but from what you've said (and hoping to not sound too patronising) your return for 2013/14 sounds really straight forward -a couple of employments and some bank interest. This being the case, i'd be expecting this to be thrown in free of charge by your accountant (we would) because it will take no time at all and probably easier/quicker than trying to help you complete the return yourself.

If you do it yourself and want a sanity check of it feel free to drop me a PM.

HTH

Martin
Contratax Ltd

[JRCT]

Can I ask what you do get in your package? I know of one fairly large player who charges extra to have the year end accounts reviewed. That, in my view, is ridiculous. "Here, Mr Client, these are your accounts. Figure them out yourself"

This is the only thing (certainly that's relavent to me), that is not included.