Personal tax return contractor guides?

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Jog On replied

26 April 2011, 15:22
Originally posted by pmeswani View Post

But the question is... are you a PSC or a MSC. A lot of people get caught out by this.

PSC - without a doubt

Last edited by Jog On; 26 April 2011, 15:26. Reason: PSC
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pmeswani replied

26 April 2011, 15:19
Originally posted by Jog On View Post

The self employed bit is the main confusion. I'm a director so yes I am 'self employed' but not in the self-employed entity kind of way

One option is employee/director (yes to both via my LTD)/office holder/agency worker, the second option is did I work for myself 'on my own account' and is called 'self employed'

I'm pretty sure option 1 is the correct one but as others have said, I don't want to make any mistakes..

But the question is... are you a PSC or a MSC. A lot of people get caught out by this.
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Jog On replied

26 April 2011, 15:15
The self employed bit is the main confusion. I'm a director so yes I am 'self employed' but not in the self-employed entity kind of way

One option is employee/director (yes to both via my LTD)/office holder/agency worker, the second option is did I work for myself 'on my own account' and is called 'self employed'

I'm pretty sure option 1 is the correct one but as others have said, I don't want to make any mistakes..

Last edited by Jog On; 26 April 2011, 15:18. Reason: spelling
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craig1 replied

26 April 2011, 15:09
It all depends on your comfort level with accounts and figures.

For me, I'm comfortable and competent enough with my accounts that I wouldn't dream of paying an accountant to do mine. I know plenty of very good and intelligent people though who get scared witless of making mistakes and are very happy to pay an accountant.

To be honest though, if you need to get the answer to the question about your status about self-employed or not then I'd suggest paying the accountant's fee and being very grateful for the service!
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pmeswani replied

26 April 2011, 14:49
Originally posted by Jog On View Post

Have decided not to pay my accountant £200 + VAT for a personal tax return

Does anyone know of any kind of guide specifically for LTD company contractors (outside IR35) that can help me fill it in? Specifically the first part about whether I'm employed/director etc or self employed?

Just told my accountant I'm going to fill it in myself but can I ask the odd question to which he replied "no we won't give you any help whatsoever if you're not paying us to do it for you"...

Good luck. Personally, I would pay the £200 + VAT to get your accountant to do it. One mistake, and you could end up paying more in Tax than you would paying your Accountant to do it for you.
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Jog On started a topic Personal tax return contractor guides?

26 April 2011, 14:16
Personal tax return contractor guides?

Have decided not to pay my accountant £200 + VAT for a personal tax return

Does anyone know of any kind of guide specifically for LTD company contractors (outside IR35) that can help me fill it in? Specifically the first part about whether I'm employed/director etc or self employed?

Just told my accountant I'm going to fill it in myself but can I ask the odd question to which he replied "no we won't give you any help whatsoever if you're not paying us to do it for you"...
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