2017/18 Self assessment return
2017/18 Self assessment return
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Discussion

Welshbeef

Original Poster:

49,633 posts

228 months

Thursday 5th April 2018
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So has anyone logged in yet to complete as much as they can to get it out of the way?

PurpleMoonlight

22,362 posts

187 months

Thursday 5th April 2018
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Is it available online to complete yet?


Eric Mc

125,681 posts

295 months

Thursday 5th April 2018
quotequote all
Would you have all the information to hand to even start doing it. The tax year isn't acually over yet anyway. It ends at midnight tonight.

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49,500 posts

226 months

Thursday 5th April 2018
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Eric Mc said:
Would you have all the information to hand to even start doing it. The tax year isn't acually over yet anyway. It ends at midnight tonight.
Depends how complicated your tax affairs are. For example somebody with BTL income only it should be straightforward.

re: tax year end AIUI HMRC would accept 31st March as being "close enough", also your accounting period/basis period doesn't necessarily need to be the same as the standard tax year

Welshbeef

Original Poster:

49,633 posts

228 months

Thursday 5th April 2018
quotequote all
Eric Mc said:
Would you have all the information to hand to even start doing it. The tax year isn't acually over yet anyway. It ends at midnight tonight.
PAYE is Auto completed
You have the expenses (Work business miles) in the period to claim back the tax difference
You know the payment made into pension scheme
You know any charitable contributions
I’d buy to let
You know mortgage interest payments
You know rental income
You know any agency fees (letting agent)
You know any other service charges / allowable deductions

Sure you need to wait for the P11d in May - or earlier for any private medical cover or company car info.

If you only invest in S&Shares via an ISA it’s irrelevant

Only more complex returns need wait - but no reason not to start populating it. Job out of the way.

Eric Mc

125,681 posts

295 months

Thursday 5th April 2018
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You can't do it until after the tax year has finished and HMRC has their system ready to accept.

They wanted it to abolish the Self Assessment system with effect from tomorrow and replace it with the Making Tax Digital system. However, that has been postponed for at least two years because HMRC discovered that the tax system was too complex to make the changes they would have liked.

Jockman

18,414 posts

190 months

Thursday 5th April 2018
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I will do mine and my wife’s tomorrow morning. You can’t do them yet.

I have salary, dividends, bik and bank interest. I have all the figures ready.

My wife has dividends and bank interest. Both figures are ready.

Quite simple really.

HorneyMX5

5,756 posts

180 months

Friday 6th April 2018
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I'm going to be doing one for the first time ever this year due to the amount of business mileage I've done. I tried the online form for expenses tax relief and it told me I had over £2,500 worth so had to do a self assessment.

I have no idea what I'm doing! lol.

Jambo85

3,559 posts

118 months

Friday 6th April 2018
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If you're due a refund how quickly are they processed normally?

trickywoo

14,192 posts

260 months

Friday 6th April 2018
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HorneyMX5 said:
I'm going to be doing one for the first time ever this year due to the amount of business mileage I've done. I tried the online form for expenses tax relief and it told me I had over £2,500 worth so had to do a self assessment.

I have no idea what I'm doing! lol.
Hope you don’t end up owing over £1k as the payment on account can really sting in the first year

HorneyMX5

5,756 posts

180 months

Friday 6th April 2018
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How can i owe them money? I’m PAYE.

Welshbeef

Original Poster:

49,633 posts

228 months

Friday 6th April 2018
quotequote all
HorneyMX5 said:
How can i owe them money? I’m PAYE.
Incorrect tax code.

Countdown

49,500 posts

226 months

Friday 6th April 2018
quotequote all
HorneyMX5 said:
How can i owe them money? I’m PAYE.
Sometimes happens if you have other sources of income or if you get a lump sum car allowance.

condor

8,837 posts

278 months

Friday 6th April 2018
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I got my paper self assessment form in the post today - will do it sometime in September.
I think that loads of people will do it straight away - some will leave it till the last moment. I think September is probably the quietest time.

HorneyMX5

5,756 posts

180 months

Friday 6th April 2018
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Countdown said:
HorneyMX5 said:
How can i owe them money? I’m PAYE.
Sometimes happens if you have other sources of income or if you get a lump sum car allowance.
I have no other sources of income although I do get a car allowance spread across 12 months and earn commission so my monthly pay varies.

I’m on the standard tax code for last year and looking at my P60 I tripped over the 40% tax threshold by about £300.

I covered just under 15,000 bunsiness miles last tax year with the company paying me 18p a mile for all of it.

This leads me to suggest I’m owed a fair bit in tax relief no?

Countdown

49,500 posts

226 months

Friday 6th April 2018
quotequote all
HorneyMX5 said:
I have no other sources of income although I do get a car allowance spread across 12 months and earn commission so my monthly pay varies.

I’m on the standard tax code for last year and looking at my P60 I tripped over the 40% tax threshold by about £300.

I covered just under 15,000 bunsiness miles last tax year with the company paying me 18p a mile for all of it.

This leads me to suggest I’m owed a fair bit in tax relief no?
It depends on how much your car allowance is and whether any of it is taxed at source (I'm assuming not).

It's been a while since I did this but (IIRC) it works something like this;

You're entitled to 15000 miles x 45p (HMRC rate) = £6,750

You have received 15000 miles x 18p = £2,700

If your car allowance was more than £4,050 a year you owe them, if your car allowance was less than £4k then they owe you.

Unfortunately it's 10 years since I was involved in this and to be honest our Payroll and expenses system did it all automatically. Hopefully Eric Mc will correct me if I'm wrong.

ETA if your commission varies and you get any significant changes in pay in March that can throw the system out of kilter and you can end up paying too much or too little tax for that particular year. theoretically it shouldn't do but I've seen it happen.

HorneyMX5

5,756 posts

180 months

Friday 6th April 2018
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My car allowance is £6,500 per annum. It’s paid each month and subject to tax and NI.

Countdown

49,500 posts

226 months

Friday 6th April 2018
quotequote all
HorneyMX5 said:
My car allowance is £6,500 per annum. It’s paid each month and subject to tax and NI.
If your car allowance is taxed at source and you only get 18ppm then you're definitely owed money. (ceteris paribus smile )

Eric Mc

125,681 posts

295 months

Saturday 7th April 2018
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Countdown said:
It depends on how much your car allowance is and whether any of it is taxed at source (I'm assuming not).

It's been a while since I did this but (IIRC) it works something like this;

You're entitled to 15000 miles x 45p (HMRC rate) = £6,750

You have received 15000 miles x 18p = £2,700

If your car allowance was more than £4,050 a year you owe them, if your car allowance was less than £4k then they owe you.

Unfortunately it's 10 years since I was involved in this and to be honest our Payroll and expenses system did it all automatically. Hopefully Eric Mc will correct me if I'm wrong.

ETA if your commission varies and you get any significant changes in pay in March that can throw the system out of kilter and you can end up paying too much or too little tax for that particular year. theoretically it shouldn't do but I've seen it happen.
1st 10,000 miles at 45p
Above 10,000 miles - 25p

Super Slo Mo

5,374 posts

228 months

Saturday 7th April 2018
quotequote all
Countdown said:
It depends on how much your car allowance is and whether any of it is taxed at source (I'm assuming not).

It's been a while since I did this but (IIRC) it works something like this;

You're entitled to 15000 miles x 45p (HMRC rate) = £6,750

You have received 15000 miles x 18p = £2,700

If your car allowance was more than £4,050 a year you owe them, if your car allowance was less than £4k then they owe you.

Unfortunately it's 10 years since I was involved in this and to be honest our Payroll and expenses system did it all automatically. Hopefully Eric Mc will correct me if I'm wrong.

ETA if your commission varies and you get any significant changes in pay in March that can throw the system out of kilter and you can end up paying too much or too little tax for that particular year. theoretically it shouldn't do but I've seen it happen.
Car allowance should be taxed at source.
You can claim tax relief on the difference between the hmrc mileage rates and the rate the company have paid.