Questions related to the United Kingdom's HMRC's self-assessment tax returns.
Questions tagged [self-assessment]
35 questions
11
votes
1 answer
I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. Should I put this on my Self-Assessment?
I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. This increases the profit to the charity, who send me an annual letter informing me how much Gift Aid was claimed. Should I put this on my…
EleventhDoctor
- 289
- 1
- 12
8
votes
1 answer
How does "marriage allowance" work in UK self assessment?
My wife and I have just been doing our 2017-2018 UK tax self-assessments online (yes I know... leaving it to the last minute... they are all done now though).
As during that tax year my income was below the personal allowance while she was in the…
timday
- 4,032
- 1
- 15
- 30
6
votes
1 answer
How should interest paid annually be reported for tax purposes
If interest from a savings account is paid annually in the middle of a tax-year, should the full amount be reported on the tax-return for the year it is received, or do/can/should you pro-rata the interest for the portion of the tax-year that…
TripeHound
- 9,613
- 1
- 28
- 46
4
votes
2 answers
UK income tax for PAYE and self employed
I'm struggling to find an answer to this question that should be fairly simple and would massively appreciate some clarity :)
(Numbers are hypothetical to illustrate the point)
Say in a given tax year I earn £50,000 through employment taxed through…
Rich Jenks
- 143
- 3
4
votes
1 answer
Self-employment alongside full-time job
I'm an EU national, currently resident in the UK and employed full time, paying tax through PAYE and NI. I already know that I could make additional £50 per month on average doing small jobs (IT help, printing images and painting pictures). I…
Tantal
- 51
- 3
4
votes
1 answer
Would a UK resident who pays tax to a foreign country on dividends (of less than <£2,000) need to file Self Assessment for this reason?
Suppose an American expat taxpayer living in the United Kingdom earns dividends on U.S. stocks that fall below the UK's tax-free dividend allowance of £2,000, and this is the only income they have from outside the UK. Assume that they do not have…
Gabriel
- 227
- 1
- 3
3
votes
1 answer
What is the correct process for setting up a Self Assessment account with HMRC?
After being told recently by my wife that this year I needed to start filing self assessment tax returns due to my now being a director and shareholder in her company, I registered for self assessment just prior to the October 5th deadline.
This…
user45974
3
votes
1 answer
UK Self Assessment benefit in Kind
I'm trying to complete my Self Assessment and it's fairly straightforward - I don't have any complicated tax affairs or multiple incomes.
What's confusing me is the benefits section. I have private medical and dental insurance through my company.…
Jon
- 31
- 2
3
votes
1 answer
UK self-assessment: employed and self-employed with small self-employed income: what to do about class 2 NICs?
My google-fu is failing to find me a straight answer to this one, perhaps because the merging of some NIC payments with self-assessment is relatively recent and there's a lot of old info out there:
If someone has both regular employment (employer…
timday
- 4,032
- 1
- 15
- 30
3
votes
1 answer
In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?
Like a lot of people in the UK fortunate enough to have savings, the higher interest rates mean that I will be getting more than the £1000 tax-free allowance on savings interest. Unlike a lot of people, I pay tax both via an office payroll system…
Bob Tway
- 1,281
- 1
- 11
- 15
3
votes
1 answer
Does HMRC Income Tax Returns for High Earners only apply to self employed individuals?
This article suggests that high earners (over £100,000) should file a self-assessment tax return:
Income over £100,000
Your Personal Allowance goes down by £1 for every £2 that your adjusted net income is above £100,000. This means your allowance…
Matthew Layton
- 375
- 1
- 3
- 8
3
votes
1 answer
Self Assessment from Abroad due to Private Limited Company Unpaid Directorship
I left the UK for good years ago, but I still have a private limited company there (that I own 100%) and because of that I have to file self assessment which is just a series of zeros in every input field because the private limited company is also…
Peter
- 161
- 4
2
votes
1 answer
Self assessment expenses - billing date or payment date?
For my HMRC Self Assessment (expenses), I am wondering if I should put the date of transactions as the billing date or the payment date. Or doesn't it matter as long as I'm consistant?
Marc
- 123
- 2
2
votes
0 answers
How does the Bed and Breakfast rule affect capital gains tax calculations when it spans across tax years?
The B&B rule confuses me a bit since disposals are matched with future acquisitions (done within 30 days). What happens to tax calculations (for each tax year) if the tax year ends in between the disposal and acquisition?
Example:
Assume I bought…
GeorgeF0
- 121
- 2
2
votes
2 answers
Can you defer the July self assessment tax payment until January in the UK
Someone told me they don't pay any self assessment income tax in July, they just pay the full annual bill in January. Is this possible in the UK or is the July payment compulsory?
Luke
- 23
- 2