Online return for self asessment

luckyg · Jan 12, 2009

Hi

I am waiting for my registration code in th epost for the onlien return.

Just wondering:

1) How difficult is it to do the onlien return?

2) What is the difference between submitting the accounts youve done yourself to an accountant to do the return for you as opposed to doing it yourself?

CassioAcc · Jan 12, 2009

luckyg said:
Hi

What is the difference between submitting the accounts youve done yourself to an accountant to do the return for you as opposed to doing it yourself?

If you have done the accounts yourself, an accountant could identify areas to save you tax or where you have made a mistake.

MyAccountantOnline · Jan 12, 2009

1) How difficult is it to do the onlien return?

Using HMRC's own is HORRIBLE - time consuming and hard work

Accountants use much better packages!

2) What is the difference between submitting the accounts youve done yourself to an accountant to do the return for you as opposed to doing it yourself?

Cost and hassle - you will spend a long time doing it yourself, you will get annoyed, angry and will probably miss out on lots of ways to save tax. Give it all to an accountant they will deal with it all for you, leaving you to concentrate on your business and you can be sure its done properly and you are saving as much tax as possible!

Alison Jones · Jan 12, 2009

Filing online with HMRC is not difficult to do as long as they provide you with the right log on details, passwords etc. Once you are logged on it is quite easy to do, as long as you are happy you have got your accounts right in the first place it is not difficult to file online, this close to the 31st January 2009 and you have not received your password etc might be a reason to going to an accountant who has online system in place, because Inland Revenue are not that quick at sending out the details.

Alison

MyAccountantOnline · Jan 12, 2009

Alison - you must have been lucky!

Personally I think HMRC's online filing is awful and so do the majority of people I speak to.

The system is slow, unreliable and generally hard work.

This sums it up -

http://www.telegraph.co.uk/finance/.../tax/2783708/In-a-rage-about-tax-returns.html

I am very glad I dont have to rely on it for sure.

Jenni384 · Jan 12, 2009

I tolerated HMRC's online product for a few years, when I had a fairly small number of self assessments to complete. It's ok. It's not hideous, but it doesn't always work and that makes it incredibly frustrating.

Needless to say that now I'm happily using 3rd party software, I'd never go back to it, but if someone is adamant they want to file online themselves, HMRC does the job. Not wonderfully, not stress-free, but then it is from the government, and it is free!

Should you do it yourself?

Are you good with forms or do you find them difficult?
Good - consider doing it yourself
Difficult - see an accountant.

Would you rather pay someone to do it all for you?
Yes - accountant
No - DIY

Are you confident you can get it right on your own?
Yes - DIY
No - accountant

Can you get your tax bill lower on your own and do you know everything you can claim for?
Yes - DIY
No - accountant

If you have time, then have a look yourself and see what you think. But remember it's January already so if you do decide to use an accountant, sooner is better than later.

Good luck and don't stress about it

Alison Jones · Jan 12, 2009

Nicola HJ said:
Alison - you must have been lucky!

It was really quick filing online tax return, not sure if it was because I filed really early about 9th April 2008 so it might only be slow nearer the 31st January deadline.

Alison

spencergate · Jan 12, 2009

I've filed ours online for the last 5 years. I have to say that the first year or 2 were a nightmare. Partly because the system was hideously unreliable (I remember getting up to complete them at 4:00 a.m. the first time, simply because they system was overloaded every other time of day I tried). Partly because the help info was apalling too, so afairly simple query meant having to ring the help-line.

However last year and this have been much better.

I would say that if your affairs are pretty straightforward, it shouldn't be a problem, keep calm, get everything together before you start, and don't panic if there is something that puzzles you at first pass.

Do print out the notes pages, and go through them before you start (if you have a paper return, the notes pages should be included with that, thery will do, and help you prepare while you wait for your activation code to arrive.

Sure, I wouldn't want to do hundreds (or even 10s) this way, for your own (I do mine & hubby's) it's fine.

FelixSilver · Jan 12, 2009

HMRC's online system works Ok. It's not difficult to use providing you know what you are doing. It is possible to do it yourself but can be risky in such a short timeframe and with little experience, so consider this:

Have you got all your book keeping figures in the correct format for submitting your return to HMRC? (making mistakes can be costly)

If not (or you don't know), you will need to read the info. on HMRC's site (there are many supplementary sheets of info. that may/may not apply to your specific business) - Do you have the time to read through this info. and apply it to your business (without making any mistakes) and submit your return well before Jan 31st?

If in any doubt get several quotes from accountants ASAP.
(It will be cheaper if you can do the book-keeping first)

Next time plan ahead, and don't leave it till the last minute.

jjinlondon · Jan 12, 2009

I am doing the self assess this year eeeek!! But I have my accountants workings out from last year.

I have no dividends this year as CT last year was -ve, and only basic PAYE so would it be pretty straight forward for PAYE only? We are an ltd co. so most expenses eg lease car go through the company and not our personal but it would be useful to know if there is a website i can see what can be claimed back against tax?

thanks,

Fernhurst Solutions Ltd · Jan 12, 2009

I've got to say that so far this year I've had no problems whatsoever with the HMRC system ... maybe I've been lucky, who knows

Just out of interest, does anybody have any links to 'paid for' SA Tax Return software?

FelixSilver · Jan 12, 2009

Hi Jayne,

One thing to bear in mind is that last year's tax calculation may give you 'some' indication of how to work out this years - or it may not!
Each year tax rules and regulations and tax allowances can and do change.

Not sure whether you can have a -ve CT (Corproation Tax). Presumably you mean on the CT600 a trading loss was entered?

As I'm sure you're aware each SA return is composed of sections (paper-based = supplementary sheets, which may apply to you depending on your specific circumstances, e.g. if you have BTL property that you rent out, you will need to complete the 'UK Property' ssupplementary sheets, etc.)

Here's the link for sheets & tax allowances you can claim for:
http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=2999
SA150 is a general sheet, but others offer more specific guidance

Good night and good luck!

David Griffiths · Jan 12, 2009

We've used Drummohr software for almost ten years. It's very reasonably priced, and so reliable that we hardly ever need to contact them.

They were taken over by Iris last year but I understand the product will be kept going as a separate line.

Link here

On past performance, highly recommended. Everything is done offline (as with all third party software) so you shouldn't be held up towards the end of this month as Joe Public hogs the system.

FelixSilver · Jan 12, 2009

Hi Fernhurst Accountancy Solutions,

This could be what you're looking for - its a link to 'Self Assessment Online - software and online forms':
http://www.hmrc.gov.uk/efiling/sa_efiling/soft_dev.htm#individuals

Here's some info. on 'Software you can use for your tax return':
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_10013651

Hope this helps.

taxattack · Jan 13, 2009

jjinlondon said:
I am doing the self assess this year eeeek!! But I have my accountants workings out from last year.

I have no dividends this year as CT last year was -ve, and only basic PAYE so would it be pretty straight forward for PAYE only? We are an ltd co. so most expenses eg lease car go through the company and not our personal but it would be useful to know if there is a website i can see what can be claimed back against tax?

thanks,

The HMRC helpsheet for the employment pages may be useful, although it is not designed to maximise your claims! http://www.hmrc.gov.uk/worksheets/sa102-notes.pdf

Do you have a form P11d listing your employment benefits?

Chris

Jenni384 · Jan 13, 2009

Andy, look at www.ftax.co.uk
For the price, it can't be beaten. you do get what you pay for, it is not as all singing and dancing as the higher priced programs on offer, but I really do recommend it.

Drummohr gets good reviews but I really do consider it expensive. Last time I looked (a year ago) you had to pay an extra £95 for an online filing option. This is insanity, online filing should be automatic these days!

David Griffiths · Jan 13, 2009

Jenni@FarrantFrost said:
Drummohr gets good reviews but I really do consider it expensive. Last time I looked (a year ago) you had to pay an extra £95 for an online filing option. This is insanity, online filing should be automatic these days!

It is!

.

jjinlondon · Jan 13, 2009

taxattack said:
The HMRC helpsheet for the employment pages may be useful, although it is not designed to maximise your claims! http://www.hmrc.gov.uk/worksheets/sa102-notes.pdf

Yeah figures! Just wanted to have a quick look over really to see i'm not missing anything. will have a look at that - don't think i have anything that would go on a P11D so didn't do one, but will have a look at that too just to make sure,

Thanks!!.

taxattack · Jan 13, 2009

jjinlondon said:
don't think i have anything that would go on a P11D so didn't do one, but will have a look at that too just to make sure,

Thanks!!.

It was the lease car which made me ask...

Online return for self asessment

Fernhurst Solutions Ltd