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Post by cheryl1 on Oct 10, 2007 21:40:24 GMT
 Hi Just wondered if anyone has ever had to fill in a full tax return. I believe you have to do this if you earn over 15k gross and I have worked out that if nothing changes I may be in line to earn a little over that - can't believe i'm worrying about earning too much !!! Is the 15k limit before or after the 10% we are allowed to take off for wear and tear ? also is it hard to fill in or not ? Can't help it i'm such a worryer !!!! Luv Cheryl x
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Post by bmapes on Oct 10, 2007 23:39:23 GMT
I think it is if you earn 15k after taking off all your expenses and mimus you 10% wear and tear as that is your total earnings after deductions.
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Post by sarahnev707 on Oct 11, 2007 8:05:12 GMT
It's only £15k after the 10% plus all your expenses have come off. Tax office expect you to lose about 2/3 of your total to expenses.... I believe the bigger form isn't too hard to do and people I've spoken to do it online as it sort of feeds you the questions one after the other Make sure you use all your deductions see Pauline's link - www.hmrc.gov.uk/manuals/bimmanual/bim52751.htmSarahx  |
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Post by helen10 on Oct 11, 2007 8:15:27 GMT
I think it is if you earn 15k after taking off all your expenses and mimus you 10% wear and tear as that is your total earnings after deductions.  Hi Thought it was 15k before taking off anything at all? Does anyone have any other thoughts? Helen10 |
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Post by jules on Oct 11, 2007 9:26:39 GMT
Unfortunately, its over £15K before you take off your expenses, but after you have taken off the 10% wear and tear.
I phoned NCMA to ask whether it was before or after wear and tear and they said after.
Hope this helps
Jules
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Post by cheryl1 on Oct 11, 2007 10:40:17 GMT
Thanks Jules
Hopefully I will just scrape through then x
Cheryl x
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Post by manjay on Oct 11, 2007 14:09:46 GMT
The NCMA do not make it very clear in their Tax, Benefits and NI book. The way it reads is that if you have a turnover (not profit) of £15k or over you must complete the long tax form. As far as I have been aware in business, turnover means sales, so that would mean all the money paid to you by parents and not what you are left with when your expenses and wear and tear are taken off. I wish explanations would be written more clearly.
Is there more detailed info in their accounts book?
Why are these things never simple?
Amanda xx
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Post by fionamal on Oct 11, 2007 20:05:20 GMT
I know what you mean. Took me 2 weeks to complete mine and several phone calls to them.
Kept copies of them before I submitted them online just incase they come back to me to ask questions. Guaranteed I will have done something wrong.
As long as I dont have anything to pay them then i will be okay.
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