tax returns help please

[simpson7647]

hi all, I'm just filling in the tax returns for my business I currently run on the side of my part time job.

All is completed regarding the business although I'm wondering how I go about entering the info regarding my part time job.

First of all, please confirm this needs to be added in the tax return?

Also the part time job earns around £700 a month.

Tax is also paid on this part time job (it's minuses from my pay before I receive it)

Where would I place all this info please?

thanks,

 

[Scalloway]

You need to put this info on the employment pages of the tax return. You should have received a P60 from your employer that will have all the details needed.

The pages are here

http://www.hmrc.gov.uk/forms/sa102.pdf

 

[simpson7647]

Thank you for the reply Scalloway.

I'm currently filling in my tax return online but don't see anything about employment on it.

The only option I see is 'other income' but that will be to do with the business rather than my part time job :/

thanks,

 

[Scalloway]

Right at the start of the online form, just after you enter your name etc is a section called 3. Tailor your return. The very first option is

If you were an employee, director, office holder or agency worker, do you need to complete the employment section?

Select yes. That should create the neccessary pages.

 

[simpson7647]

Thanks for the reply.

Oo I think you've misunderstood me, that form seems to be for filling in a return is I have any employees.

Is that right as that how it looks?

thanks,

 

[simpson7647]

Oops! Sorry, my mistake! Your right!

thanks,

 

[Scalloway]

It says If you were an employee and asks how many jobs you were employed in.

 

[Scalloway]

That's ok!

 

[simpson7647]

Thank you Scollaway, all sorted and sent off.

Your help is much appreciated,

 

[simpson7647]

Just a quick question, I'm going to get some funds back after overpaying but how quickly would I receive the funds?

thanks,

 

[ads1188]

They usually send a cheque which usually arrive within 14 days. A couple of days to clear and the money should be in your acccount.

 

[simpson7647]

thank you,

 

[simpson7647]

Sorry? I think you've posted on the wrong post?

The first thing that needs to be determined is if your fathers disability is taxable. If it is from social security or from a disability policy he paid for then it would not be taxable. If it is paid to him from a policy that his employer purchased for him it would be taxable.

If everything is taxable then they would be able to subtract the personal exemptions and either a standard deduction or itemized deductions, whichever is the higher amount. No matter what they would only be in a 15% tax bracket with their income if it is all taxable.

The cobra payments are payments for health insurance. Health insurance, doctors visits, hospital costs, prescriptions, nursing care and travel to and from a doctor or hospital are all deductible medical expenses.

At a 15% tax bracket I don't think that a traditional IRA is worthwhile. They may want to consider a ROTH IRA based on your mothers wages. Disability payments do not qualify for putting any money in a retirement account. If they can afford it, a contribution to a ROTH is not deductible when made. However after the account has been open for five years nothing is taxable when money is withdrawn. This might be a better way to save for the future.