Tax Return

[MIKE2010]

For the last 5 years i have been using an accountants to file my tax return:)They basically just submit what i give them in my weekly account book,i even add up the yearly totals.
I am a self employed taxi driver and keep my accounts up to date.This year i was thinking i should submit my return myself and save the 300 pounds the accountants charge me:)
My return is pretty basic and i have it all calculated to the nearest penny (i'm good with numbers).
Is it easy enough on the HMRC website to register and submit a tax return?
thanx:cool:

[elainec100@cheapaccounting]

This is the link you need to start the process:

http://www.hmrc.gov.uk/sa/understand-online.htm

[MyAccountantOnline]

Is it easy enough on the HMRC website to register and submit a tax return?


Yes when you know how - but thats not really the hard bit, the bit that you really pay for is the accountants skill and expertise making sure you claim all allowable expenses possible and getting it right, making sure you pay no more tax than you need to...:) Bear in mind you get tax relief on the £300 too!

It takes accountants a very long time to learn what we do and whilst your tax return may seem simple you may actually be surprised when you start to do it that it wont be quite as simple as you thought.

[Philip Hoyle]

Try it yourself - Elaine has given you the link. Give yourself plenty of time (i.e. months rather than days) ahead of the filing deadline to allow for the setting up of the HMRC online filing system (could take several weeks) and to allow yourself time to google (or phone HMRC) for answers to your queries which will inevitably arise as to what figures to put in which boxes and how to calculate some of the figures. By giving yourself plenty of time, you've still got the option of taking it all to your accountant if you really can't work it all out for yourself. Only by trying it will you be able to decide whether you're up to the task of doing it yourself, teaching yourself capital allowances, teaching yourself what's allowable and what isn't, etc. Whatever you do, though, make sure that you 100% understand what you're doing - don't put any figures in any boxes that you don't fully understand. HMRC have a new penalty regime which "fines" you for even innocent mistakes which they regard as negligence - putting a figure you don't understand into a box "because they did it that way last year" won't make the penalty go away!!!

[billie1]

Online filing has made it easier to send tax returns. If you're unsure about anything just read the notes on HMRC website.

You can also try www.diyaccounting.co.uk (http://www.diyaccounting.co.uk), they have a spreadsheet designed for taxi drivers which will allow you to record all your information, it then automates the tax return, so all you have to do is copy the info onto the original return.