Self Assesment Tax question
Discussion
SO I'm doing my 1st ever return and everything is hunky-dory.
I've kept track of travel expenses and capital allowance etc.
Turns out my expenses and allowance were circa 5-6k and total earning 13-14k (from Sept to 31st March as it was a 6 month contact).
So I don't owe anything (which is good), but is there anyway i can claim back the excess that would've been over my income tax?
I know I've already got some back by not paying income tax in the first place on the amount invoiced, but is there a way i can wrangle a bit more cash in my pocket? Be nice- this is my first SA, as I've only been Self Employed since May 2011.
Ta
Rich
EDIT: should this be in the finance section?
I've kept track of travel expenses and capital allowance etc.
Turns out my expenses and allowance were circa 5-6k and total earning 13-14k (from Sept to 31st March as it was a 6 month contact).
So I don't owe anything (which is good), but is there anyway i can claim back the excess that would've been over my income tax?
I know I've already got some back by not paying income tax in the first place on the amount invoiced, but is there a way i can wrangle a bit more cash in my pocket? Be nice- this is my first SA, as I've only been Self Employed since May 2011.
Ta
Rich
EDIT: should this be in the finance section?
Thats the bit i just need clarification on.
If i say i earned £X, which would attract £Y amount of income tax- but my expenses were £Y + £50. As i haven't paid any income tax, i can't claim that £50 back?
As i was on PAYE for another contract, but still had expenses, i can claim that back in my next SA yes?
If i say i earned £X, which would attract £Y amount of income tax- but my expenses were £Y + £50. As i haven't paid any income tax, i can't claim that £50 back?
As i was on PAYE for another contract, but still had expenses, i can claim that back in my next SA yes?
Are you self employed?
Are you preparing a set of sole trader accounts and then entering the details in the self employed pages of the tax return?
Did you have any non-self employed income during tax year 2011/12?
If you did, did you pay any tax on that income? For instance, PAYE on a salary or tax deducted at source on bank/building society interest received?
If you did, and you are absolutely sure you made a tax adjusted trading loss in your self employed business for 2011/12, then you could very well be entitled to a tax refund for 2011/12.
Why not speak to an accountant.
You speak about a "six month contract". What type of arangement were you operating under?
Are you preparing a set of sole trader accounts and then entering the details in the self employed pages of the tax return?
Did you have any non-self employed income during tax year 2011/12?
If you did, did you pay any tax on that income? For instance, PAYE on a salary or tax deducted at source on bank/building society interest received?
If you did, and you are absolutely sure you made a tax adjusted trading loss in your self employed business for 2011/12, then you could very well be entitled to a tax refund for 2011/12.
Why not speak to an accountant.
You speak about a "six month contract". What type of arangement were you operating under?
Eric Mc said:
Are you self employed?
Are you preparing a set of sole trader accounts and then entering the details in the self employed pages of the tax return?
Did you have any non-self employed income during tax year 2011/12?
If you did, did you pay any tax on that income? For instance, PAYE on a salary or tax deducted at source on bank/building society interest received?
If you did, and you are absolutely sure you made a tax adjusted trading loss in your self employed business for 2011/12, then you could very well be entitled to a tax refund for 2011/12.
Why not speak to an accountant.
You speak about a "six month contract". What type of arangement were you operating under?
I am Self employed media producer- freelancer, so I invoiced on a project-by-project basis, which went on for various lengths of time from mid Sept- April. After april, i was put on a rolling monthly contract on PAYE, so i could work on multiple projects at the same time.Are you preparing a set of sole trader accounts and then entering the details in the self employed pages of the tax return?
Did you have any non-self employed income during tax year 2011/12?
If you did, did you pay any tax on that income? For instance, PAYE on a salary or tax deducted at source on bank/building society interest received?
If you did, and you are absolutely sure you made a tax adjusted trading loss in your self employed business for 2011/12, then you could very well be entitled to a tax refund for 2011/12.
Why not speak to an accountant.
You speak about a "six month contract". What type of arangement were you operating under?
I was in full time employment until June 2011 (i think)- i'll have to did out the p45 on that one.
EDIT: Gold star to Eric Mc.
Forgot i worked for Sony for 3 months on PAYE- so got me a few hundred rebate
Although my GF is now moaning for making a mess looking through old pay slips/P60/P45's.
Edited by rj1986 on Saturday 5th January 18:38
You have to be thorough my friend.
Glad to have been of help.
Have you absorbed all your trading loss against the employment income or is there any of the loss left over?
If there is, you can carry the remaining bit forward for offset against future trading profits FROM THE SAME TRADE only.
Tell your GF that she needs to sort her priorities out. A bit of mess is worth it if you are going to get a cheque from HMRC of a few hundred quid.
Glad to have been of help.
Have you absorbed all your trading loss against the employment income or is there any of the loss left over?
If there is, you can carry the remaining bit forward for offset against future trading profits FROM THE SAME TRADE only.
Tell your GF that she needs to sort her priorities out. A bit of mess is worth it if you are going to get a cheque from HMRC of a few hundred quid.
Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff