Self Assesment Tax Form

[Bluebird]

Really?

I didn't think so either....

...but am always open to "creative accountantcy"

[NotAllThere]

She probably meant the EB should pay for it.

[Sausage Surprise]

Hello All,


I have recently received a self assessment tax form from the HMRC, this is the first time i have had such a form and I'm not quite sure how to complete it. I currently contract through Giant who handle the majority of my finances although i still have some question in regards to filling out this form.


Should i invest in any accountant? how much do they normally charge?

Currently Giant charge £250+VAT to complete this, so a Christmas prezzie for the most helpful!

Q1.
Which tax year are they requesting?! i was working under Giant PowerHouse as a company director from Oct 06 to April 07 - i have P60 for.which then was stopped in April 07 thanks tot he budget change.Are they asking for all my history? or just up to April?

I find it astonishing that someone who is a contractor can be this naive......or is this a piss take?

[damo111176]

I find it astonishing that someone who is a contractor can be this naive......or is this a piss take?

I think that's a bit harsh. SOme people contract because its the only work available for reasonable money at the time and a few years ago MSC's such as Giant were all the rage, people had to do very little to sign up and then get paid the same as a limited company. THen when legilsation changed many not wanting the paperwork and responsibility of a limited company or caught by IR35 went to umbrellas. At no point do many want to get caught up in all the tax issues hence why they have operated the way they have.

I have left all of it to the umbrella myself and steered clear of dodgy expense claims and subsistence.

[ratewhore]

The cost isn't tax deductible. If your company pays for the tax return, then its a B-I-K and you'll have to declare it on a P11d and your SA return for next year. Making life more complicated.

Ah yes, but what if the accountant provides this as a free service? I should really put a BIK value of zero on my next years SA shirley...

[IR35 Avoider]

Ah yes, but what if the accountant provides this as a free service?

I would guess that a free service from a supplier is still a BIK that should be declared according to what it's worth, even if not explicitly charged for.

[Bluebird]

I have left all of it to the umbrella myself and steered clear of dodgy expense claims and subsistence.

I think you'll find the two highlighted bits appear in many sentenses - and not in a positive way....

[rawly]

On a related question! I have filled these things in before, already registered online from 5 years ago, but the first time I've done one whilst contracting.

The final bit of my 06/07 return is for Giant. I assume this is still under the 'employment' section, and not 'self employment'? As I was only a director of the Giant company. Next, there is a questions about was it 'closed' I didn't understand the question, but I assume this does not apply either?

I realise the usual people will make out I'm stupid, and I already anticipate this.

[Jason D]

Ah yes, but what if the accountant provides this as a free service? I should really put a BIK value of zero on my next years SA shirley...

The Revenue use the highest going rate as the BIK so that's an absolute no-no.

[ASB]

On a related question! I have filled these things in before, already registered online from 5 years ago, but the first time I've done one whilst contracting.

The final bit of my 06/07 return is for Giant. I assume this is still under the 'employment' section, and not 'self employment'? As I was only a director of the Giant company. Next, there is a questions about was it 'closed' I didn't understand the question, but I assume this does not apply either?

I realise the usual people will make out I'm stupid, and I already anticipate this.

You should know if it was employment or self employment. That depends on your arrangements with the company of course. The director bit is definitely employment. If you don't know what arrangements you had with the company it is rather unlikely they are self employment.

I can't tell you if it was a closed company. As a director you really should know that - ask Giant. It would be suprising if the answer was not yes - HMRC will probably have a definition of a close company for you to check if you look on their website.