help, i am new and this will be my first time filing a self assessment tax return... i am due to go on a course with the hm revenue tomorrow about how to do it, but i am not sure whether i will be able to make it, and whether it will even be worth going?! has anyone done it before, and could let me know how hard it is?
I honestly think it's easier done on the form. (that green self Assessment form). I've done it like that for years and once when they gave me a large Tax payment - I said I made a mistake and they allowed me to do it again.
There is a guide that follows the form, making it easy to fill in but good luck with the Online one if you attend.
did you do it for earning made online only? how long did it take you and should i be worried?!
No, Just for my IT Training Business but this year I will have to include Google Adsense. It took me about 2 hours because I had all the invoices to hand and the guide book.
I have done all of the UK Tax courses, my advice would be to take notes of the step by step processes.
The online system is however very easy to understand.
My advice would be - if this is your first year as a business make expenses out of everything, and you might even get a tax rebate out of it (I got well over a hundred pounds in my first year of self employment as my self employment 'losses' (Laptop, printer, etc) could be classed as expenses.
If you have made alot, or think there is a lot you could claim, get an accountant to look it over, they can often help set you up with some great benefits.
Also, if your earnings range isn't much, chances are you will never be audited if you keep things legit, there is a loss/benefit threshold where it costs too much for the auditors to bother with you. Not advising you of defrauding the government there, just telling you how they work :p
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