Self Assesment Tax Form

[chrisw84]

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?

[ASB]

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?

Usually they would like the details for the year they ask for on the form. Probability is this is 06/07 but it could be anything back 6 years. If you have serious trouble even working out which year they are asking for it might be wise to consult either an accountant or the HMRC help. The notes they send with the form (also on line) are very useful too.

[cailin maith]

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?

Front of form should tell you which year.

[chrisw84]

nope, doesn't say it anywhere on the form or leaflet! just the letter date 22nd of june

[NotAllThere]

£250 seems a bit steep - the going rate seems to be about £100 - we are talking personal tax? The tax returns may look complicated but they're not that hard to fill in.

[Gonzo]

£250 seems a bit steep - the going rate seems to be about £100 - we are talking personal tax? The tax returns may look complicated but they're not that hard to fill in.

If you register to fill in online via the HMRC web site it is even harder to go wrong.

But a few points will need qualifying on that:

1. It is getting a bit late to do that before the deadline now, it takes a few weeks to get the registration sorted.
2. If your tax affairs are more complicated than the basic, employee with extra interest and dividend income then I don't think that you can use the online service.
3. My knowledge is a couple of years out of date because the accountant does this now.

[Denny]

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?

You should be able to get an accountant to do this for around £100 or not much more. Giant are charging far too much. My accountant has said it costs £90 which I think is reasonable. Normally, I do it myself. The cost is also tax deductable, so that lowers the cost even more.

If you are unsure how to fill it out, then get an accountant to do it. Better that then muddling through it yourself if you're not that confident you can do it properly. It does take up a bit of time, and loads of instructions are a bit of a bind. Also, crossing through answers to rectify mistakes could attract unwanted attention from a beady eyed inspector because HMRC may well assume you are fiddling the figures not making a genuine mistake. Who needs that? There's nothing worse than getting a flurry of buff envelopes on the mat demanding answers to seemingly unanswered questions.

[xoggoth]

But you have already paid for the information necessary. Who fills in your forms in April and July? P11D, P35, P14 etc and dividend calcs? You should have been sent copies. That's most of it. Details for interest on any bank accounts, dividends for companies other than your own should also have been sent by the companies concerned.

[NotAllThere]

The cost is also tax deductable, so that lowers the cost even more.

Really?

[Alan @ BroomeAffinity]

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.