Sh8T Sh8t Sh8t..help with tax return im messed up!

[ToomanynewyearsROSElutions]

i filled my first tax return in in may, i 'worked out' at the time id earned a particular figure..when i filled in tax return i mistakenly added this to my previous benefits id received...this made it over the tax threshold so billed me a few hundred pounds...i realised what id done and contacted them, sent letter off last week saying figure should actually have been x not y..meaning i wouldnt pay tax....Now as im sat working out my estimated earnings for this year, im looking back and (dont ask me how i am so stupid)..the figure i actually 'earned' as in money i was paid is twice as much as i 'realsied' and sent letter about.

So my question is...the 'total income' box, should that be what ive received in wages or the money i have left when ive paid bills bought equiptment etc?

if its the money i have actually been paid then ive f*cked up big time!

Rosie that table is part of a whole spread sheet that I do the invoices on and it goes through to the end of year, its brill DH did it for me, It is in Excel, if you woul dlik ea copy let me know. That goes for anybody else as well, but only 'IN DE CLUB'

Phone them up - ask for an appointment

Take all the info with you

*How much parents paid you
*How much you spent of stuff
*How much is left

Tell them honestly - you have totally stuff the ofrm up & you need help & let them go through it with you slowly

They are not monsters - but do blame yourself, not the form & register early for next years - I am half way through this years Tax return & the year doesn't finish until the end of March/Beg of April

did mine in works and its a bit poo, but got all the info..dont have excel..dp is going to see if he can do something at work for me on monday?..you are my bestest best freind now!..i wuv you..mwa mwa

so can i go online NOW and start filling it in, completing it month by month????

No but I can do that on my excel spread sheet and it adds it all up for me, and follows through to the end of year acounts

get yourself excel.

I WILL!..dp gonna look into it monday!..as long as ive got it wrote down tho ill be reet...i am so stupid, i kept saying to new cm's in area, make a note of income outgoing...did i do it(well on an easybto read sheet like this?) no i bloody didnt ..goot go dying fot a wee, been drinking martini to drown sorrows.x

Now - but my spreadsheet provides me with running totals & at the end of the year I just plug them in

Out of 4 yrs I have been done by the end of April for 3 of them & I plan to be this year too

right, i need to set up this!, so i can add each month and it adds them up...think dp mentioned this a while ago..so i put info in and it totals for me?......i 'knew' my brain went with my placenta!

Mine does too Katy but I still have to enter all the recipts which tend to sit in a folder .............. till January

I have 70 Tesco receipts & 12 parking bits to enter

So not doing too badly - I have entered over 300

Still got petrol/mileage & food to enter

right girls..have just managed to reg with HMRC on line(could NOT do it for love nor money last time-april-may-june?), will get pin sent out and i Promise(holds hand to heart) that i will do my self assesment the very weekend it drops through my door!

yeah

LOL..im orf, dp thinks ive left him..hes just glad i dont ahve to apy the tax, but also smugly sad there knowing i 'almost' fecked up!..git..night everyone and thankyou EVERYONE of you for your help tonight, i really appreciate it...xxxx..oh and night sneaker..i know you'll be lurking.x

shosha- can i beg you for that table? this is my first year doing it too

Crace have emailed it all to you lovie

I run a small business (writing software, 5 employees including me and my husband) but I started off self employed. I'd recommend the following for next year:

• Going on an IR course - they run free workshops to tell you how to fill in your tax return, and keep you up to date on rules on what you can claim as expenses etc. I found them really really helpful when I started up

• Use a spreadsheet, or spend around 40 quid on an accounts package. I'm completely self taught on the accounting side and found Quickbooks really self-explanatory. You can get a simple version quickbooks.intuit.co.uk/accounting-software/products/simplestart.jsp cheaply and I believe that will actually do your self assessment return for you

• Have a separate account for your business (even if its just a separate normal one in your name) and record any money you take for yourself (drawings) so you can easily see the flow of money

• Track your expenses etc regularly - record them every week, or at least every month, and reconcile them against your bank statements so you pick up any problems early

• Don't forget you can claim a proportion of your household bills as an expense if you run a business from home. The IR will tell you what the rates and rules for this are.

• Use the business support team (they cover self employed people as well as companies) I have found them really helpful, and they will go through your return with you if you are struggling - they'd rather help you get it right as early as possible.

Good luck with it all and I hope you get it all sorted out. I've just got to collect all my papers and submit my return today (I'm dreadful at leaving it till the last minute when I know I've got all the papers and just have to fill the online forms in!)

Thanks ChairmumMiaow, seems i have it sorted as i have so may expenses from this(being my first) year.

But i will look into that info you gave me and have just found a letter from the ILR inviting me on one of their refresher courses..think ill be taking that up shortly..thanks again.

Hi I am jumping on the bandwagon here, and am getting really worried about my tax return. I have not done one yet as I only started in Oct 2006.
Shosha, will you be so kind as to send me your 'table' - if you would prefer not to, I will understand.
let me know and I will provide my email unless you can find it on my profile. I just need as much help as i possibly can with my tax return. i am still working on my books, haven't even looked at the return yet.
Stressing big time!!!

Mummabear, email me at [email protected] and I will send you one lovie.

Oh dear I've not even started yet (just waiting for my registration to come through) and I'm worrying about tax.
Shoshe, I would love to have a copy too if you don't mind. I will e-mail you now.
Might as well start off doing things that will make my life easier in the long run.