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hmrc self assessment question???
+6
Waffle
Phillpots
Jinxer
daveiron
Tiggy
Lion
10 posters
Page 1 of 2
Page 1 of 2 • 1, 2
hmrc self assessment question???
Hi guys could you help me out.
So lets say I'm self employed working for myself no business.
I earn £26,000 for the year.
In that year I buy a new laptop, a phone, a tv ect. Lets say all of this totals £6000
so I have £20,000 left over.
So is the full £26,000 taxable or is only £20,000 taxable???
I ask cause they write that you can't claim expenses for private purchases, but then that would mean they want to tax money that I have spent???
So lets say I'm self employed working for myself no business.
I earn £26,000 for the year.
In that year I buy a new laptop, a phone, a tv ect. Lets say all of this totals £6000
so I have £20,000 left over.
So is the full £26,000 taxable or is only £20,000 taxable???
I ask cause they write that you can't claim expenses for private purchases, but then that would mean they want to tax money that I have spent???
Lion- Not so newb
- Posts : 14
Join date : 2017-06-03
Re: hmrc self assessment question???
Tax is like that, it taxes you on your earnings, after all the majority of people do spend what they earn.
Tiggy- Moderator
- Posts : 640
Join date : 2017-08-11
Re: hmrc self assessment question???
Hi Lion
Yes, by their rules all of your income is taxable - less any legitimate expenses you can account for and 'personal' allowances. They're saying part of the money you spent belongs to them whether you spent it or not.
So are you self-employed - or do you work for yourself?
Cheers!
Yes, by their rules all of your income is taxable - less any legitimate expenses you can account for and 'personal' allowances. They're saying part of the money you spent belongs to them whether you spent it or not.
So are you self-employed - or do you work for yourself?
Cheers!
Guest- Guest
Re: hmrc self assessment question???
Hi lion,
My advice would be to get a decent accountant ,he will save you far in excess of his fee.
My advice would be to get a decent accountant ,he will save you far in excess of his fee.
daveiron- Admin
- Posts : 4892
Join date : 2017-01-17
Re: hmrc self assessment question???
Although I have worked in the past for companies and paid PAYE. I have never ever filled in one of them self assessment forms, in fact I have never even had one sent to me or seen one. Most of my working life I either worked cash in hand or ran my own business, my son does the exact same thing. I don't think I'm entitled to a pension when I'm old enough as I haven't paid enough in contributions though.
Jinxer- Very helpful
- Posts : 436
Join date : 2017-06-03
Re: hmrc self assessment question???
So we all still consent then.
Phillpots- Very helpful
- Posts : 336
Join date : 2017-06-07
Re: hmrc self assessment question???
From the figures you've given less than £10,000 is taxable. You have a £10,000 + untaxible allowance, whatever your earnings are knock 10K off then take of all your other allowances, thats what they would be asking for.
If you drive take into account your milage, I saved 12K from my milage, then you have wear and tear for your vehicle tyres etc. You can do a percentage of your phone, a percentage of your electricity bill at home if you've been using your home for ANY type of work, washing.
TBH for 26K you should be able to get rid of most if not all, theres plenty of allowances you can take advantage of.
If you drive take into account your milage, I saved 12K from my milage, then you have wear and tear for your vehicle tyres etc. You can do a percentage of your phone, a percentage of your electricity bill at home if you've been using your home for ANY type of work, washing.
TBH for 26K you should be able to get rid of most if not all, theres plenty of allowances you can take advantage of.
Waffle- dedicated
- Posts : 786
Join date : 2017-03-27
Re: hmrc self assessment question???
iamani wrote:Hi Lion
Yes, by their rules all of your income is taxable - less any legitimate expenses you can account for and 'personal' allowances. They're saying part of the money you spent belongs to them whether you spent it or not.
So are you self-employed - or do you work for yourself?
Cheers!
I'm just looking into being self employed
Lion- Not so newb
- Posts : 14
Join date : 2017-06-03
Re: hmrc self assessment question???
Hi Lion
Well, there's no harm in just looking - but don't forget your due diligence as to your ACTUAL liabilities to T.H.E.I.R. corporation.
Cheers!
Well, there's no harm in just looking - but don't forget your due diligence as to your ACTUAL liabilities to T.H.E.I.R. corporation.
Cheers!
Guest- Guest
Re: hmrc self assessment question???
iamani wrote:Hi Lion
Well, there's no harm in just looking - but don't forget your due diligence as to your ACTUAL liabilities to T.H.E.I.R. corporation.
Cheers!
Yes I know hmrc is a private corporation.
Is there any remedy to not pay them at all?
Lion- Not so newb
- Posts : 14
Join date : 2017-06-03
Re: hmrc self assessment question???
Hi Lion
Depends on how far along the mental path to freedom you are fella. How much you think you have to lose or gain is most of it.
Do you know the difference between lawful and legal, and between man and person?
Cheers!
Depends on how far along the mental path to freedom you are fella. How much you think you have to lose or gain is most of it.
Do you know the difference between lawful and legal, and between man and person?
Cheers!
Guest- Guest
Re: hmrc self assessment question???
iamani wrote:Hi Lion
Depends on how far along the mental path to freedom you are fella. How much you think you have to lose or gain is most of it.
Do you know the difference between lawful and legal, and between man and person?
Cheers!
Yes.
Lion- Not so newb
- Posts : 14
Join date : 2017-06-03
Re: hmrc self assessment question???
I refer back to what I said earlier.
Phillpots- Very helpful
- Posts : 336
Join date : 2017-06-07
Re: hmrc self assessment question???
Hi Lion
Have you checked the relevant legislation as to exactly what liabilities are attached to whom?
Cheers!
Have you checked the relevant legislation as to exactly what liabilities are attached to whom?
Cheers!
Guest- Guest
Re: hmrc self assessment question???
iamani wrote:Hi Lion
Have you checked the relevant legislation as to exactly what liabilities are attached to whom?
Cheers!
the liabilities are attached to the "person"???
Lion- Not so newb
- Posts : 14
Join date : 2017-06-03
Re: hmrc self assessment question???
Hi Lion
That's the impression i get, though i am far from expert in these matters. It seems to be the general consensus though.
Cheers!
That's the impression i get, though i am far from expert in these matters. It seems to be the general consensus though.
Cheers!
Guest- Guest
Re: hmrc self assessment question???
I'm no expert far from it, I can only comment on experience. When I was around 21 the tax man wrote to me at my mothers address asking what I was doing for a living, or words to that effect. I just ignored them and after a few more letters I didn't hear anymore from them. I've lived in the same house for over 30 years now and have sometimes when times were hard done work for companies and paid PAYE tax but most of the time I did cash in hand work and anything really that made me a living, buying and selling cars, garden clearances and stuff like that. The only thing I ever struggled with was Council Tax, I could never get out of that despite arguing it in Court a couple of times. I've got a student to register at my address now so at the minute I don't have to pay it, but don't know how long that will last.
Jinxer- Very helpful
- Posts : 436
Join date : 2017-06-03
Re: hmrc self assessment question???
is it not our choice to register with HMRC and is it not our choice to stipulate what specie of money we get paid..... If you want to work for yourself then its your choice how you navigate the commercial world.
Waffle- dedicated
- Posts : 786
Join date : 2017-03-27
Re: hmrc self assessment question???
its one way out of some shit if you are on JSA , to be self employed but low income , even 0 income. This entitles you to tax credits(about same as JSA per week,and other benefits too , rent ,CT)
you if you use part of your home or an outbuilding for your business you can claim 15%(as a base figure,check your usage it could be more) of all utility bills including broadband phone, also you can claim expenses for entertainment and food/drink for the hours you work from home. You can even claim a % of rent for the room/s you use , for eg a 6 roomed house and you use one as an office so 1/6th of your rent can be claimed as expenses. and CT ,. Add that all up per year , you could be in a situation where the business makes a loss after all expenses considered. thats OK
https://www.gov.uk/expenses-if-youre-self-employed
you if you use part of your home or an outbuilding for your business you can claim 15%(as a base figure,check your usage it could be more) of all utility bills including broadband phone, also you can claim expenses for entertainment and food/drink for the hours you work from home. You can even claim a % of rent for the room/s you use , for eg a 6 roomed house and you use one as an office so 1/6th of your rent can be claimed as expenses. and CT ,. Add that all up per year , you could be in a situation where the business makes a loss after all expenses considered. thats OK
https://www.gov.uk/expenses-if-youre-self-employed
Re: hmrc self assessment question???
PROOF OF CLAIM
question no.1
what the fuck.! makes-YOU-think I'm a TAXPAYER.
question no.1
what the fuck.! makes-YOU-think I'm a TAXPAYER.
pitano1- news worthy
- Posts : 188
Join date : 2017-07-01
Re: hmrc self assessment question???
Hi lion,
What waffle & lopsum have posted is correct.
It's simple really ,on a very basic level all you need is to put things in two separate columns,
1. list everything you sell ,(even if its only your time )
2. list everything you buy in order to be able to sell.
The difference between the two totals is your profit ,THAT IS ALL THAT IS TAXABLE .after you have deducted
your personal tax allowance.
I did this for years before changing to a limited company.
Get receipts for everything,they are your proof of purchase .
If you are sensible with your figures the tax man won't bother you.
However remember ,as you are working in commerce you are entering into their world.
What waffle & lopsum have posted is correct.
It's simple really ,on a very basic level all you need is to put things in two separate columns,
1. list everything you sell ,(even if its only your time )
2. list everything you buy in order to be able to sell.
The difference between the two totals is your profit ,THAT IS ALL THAT IS TAXABLE .after you have deducted
your personal tax allowance.
I did this for years before changing to a limited company.
Get receipts for everything,they are your proof of purchase .
If you are sensible with your figures the tax man won't bother you.
However remember ,as you are working in commerce you are entering into their world.
daveiron- Admin
- Posts : 4892
Join date : 2017-01-17
Re: hmrc self assessment question???
Hi pitano,
Love your style by the way,
I was just pointing Lion in the direction of what is deemed correct in their world ,and if he is not ready to take on the taxman.
I am however playing with the taxman at present ,its only a small amount of about £ 40.00
I am refusing to pay it because they will not answer a simple question.Which is will this money be used to kill and maim
innocent men women and children in sovereign nations due to their illegal wars and occupations.
They will not answer ,I will not pay.
Love your style by the way,
I was just pointing Lion in the direction of what is deemed correct in their world ,and if he is not ready to take on the taxman.
I am however playing with the taxman at present ,its only a small amount of about £ 40.00
I am refusing to pay it because they will not answer a simple question.Which is will this money be used to kill and maim
innocent men women and children in sovereign nations due to their illegal wars and occupations.
They will not answer ,I will not pay.
daveiron- Admin
- Posts : 4892
Join date : 2017-01-17
Re: hmrc self assessment question???
well fuckum.daveiron wrote:Hi pitano,
Love your style by the way,
I was just pointing Lion in the direction of what is deemed correct in their world ,and if he is not ready to take on the taxman.
I am however playing with the taxman at present ,its only a small amount of about £ 40.00
I am refusing to pay it because they will not answer a simple question.Which is will this money be used to kill and maim
innocent men women and children in sovereign nations due to their illegal wars and occupations.
They will not answer ,I will not pay.
one thing to be aware of.
never-ever...refuse outright.
But i expect you,are already aware of staying in honour .
regards.
pitano1
pitano1- news worthy
- Posts : 188
Join date : 2017-07-01
Page 1 of 2 • 1, 2
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