Tax doesn't have to be taxing??? - HotUKDeals
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Tax doesn't have to be taxing???

Benjimoron Avatar
8y, 10m agoPosted 8 years, 10 months ago
I don't see how they can claim that, 90% of the questions they ask are totally irrelevant to what I do. I am a self employed trader so the only thing that's relevant to them is the difference between what I buy at and what I sell at. Why do they want to know how much I sold my shares for? It was all done through PAYE anyway so they already know and it's absolutely nothing to do with the reason that I'm registered self-employed so if they didn't need to know details about it before I registed then why do they need to know now???

Add to that their web-site doesn't even work so they're gonna try and stick a fine on me for being late!
Benjimoron Avatar
8y, 10m agoPosted 8 years, 10 months ago
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#1
Scrap that last bit, they've extended the deadline by another day!!!

(Although midnight on Friday is technically tonight still in this country isn't it???)
#2
I'm not 100%.....but it's probably something to do with capital gains tax - £9,200 being the threshold.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnSavingsAndInvestments/DG_10013733
#3
Every bit of income you have made during the last 12 months has to be declared.

If you sold shares then this will be classed as income to you.

Lets say tax is about alot more than you buying a good at x amount and selling it on for y amount.

If ya have any more questions just give me a shout
#4
allstar2
Every bit of income you have made during the last 12 months has to be declared.

If you sold shares then this will be classed as income to you.

Lets say tax is about alot more than you buying a good at x amount and selling it on for y amount.

If ya have any more questions just give me a shout


I understand that but my shares were sold through my company and I've already paid tax on them through PAYE so if the tax office wants to know about them then it's already been through the system. If I hadn't been self employed they wouldn't have wanted to know about them so why do they want to know about them just because I now buy and sell stuff.

I could totally understand if tax hadn't been paid on them but it already has, it's been through the system so why do they need me to collate all this info again???

It's silly really but I've got to work out how much interest I've earnt on my current accounts, again I could understand if I had to pay tax on them but the tax has already been deducted so why make me go to the hassle of working out that I've earnt a couple of quid in interest that's already had tax deducted!!!

Same for my earnings as an employee, I've already paid tax on them, they've already been through the system so why have to collate all that info for them. It makes no difference to the amount of tax I pay as a self employed trader.

I phoned them up and they said they probably already have all the info that I'm having to phone everybody to get but because it might be on a different computer they might not be able to access it! If they didn't want to know before I was self employed why do they want to know now? The fact that I've earnt money selling some shares has no effect on the amount of money I've earned trading, I've already paid tax on it and they already know about it!
#5
ok first of all i would like to say that im still a trainee accountant so i will try me best ot answer your questions.

I think that if you were employeed between 6/4/06-5/4/07 then you have to make the revenue aware of that (from memory is there not a seperate section for employment and tax paid from employement?)

i would need to know the dates of employment and when you became self employed to see if i can help you out further. And the date you sold shares (ps interest on the shares is considered at year end as far as i remember)
#6
allstar2
ok first of all i would like to say that im still a trainee accountant so i will try me best ot answer your questions.

I think that if you were employeed between 6/4/06-5/4/07 then you have to make the revenue aware of that (from memory is there not a seperate section for employment and tax paid from employement?)

i would need to know the dates of employment and when you became self employed to see if i can help you out further. And the date you sold shares (ps interest on the shares is considered at year end as far as i remember)



I have no problem getting the info (as long as my company will give it to me), I just don't get why I have to put it all down. They already know about it because it's already been through the tax system.

It just annoys me, why do I have to find out how much interest I earnt from the bank? It'll be like two pounds and it's already been taxed, I have no interest in claiming it back so why should I bother.

What has my employed work got to do with my self employed work? If they didn't need to know before I was self employed then why do they need to know now???

The thing that annoys me most is that tax has already been paid on all this stuff and they already have the info, they just want to make things difficult I assume?
#7
what you need to learn about the inland revenue is that they dont communicate.

PAYE section is different from income tax and boy do they not know what each is doing

Without this info it will be hard for me to help
Date of self employment/ date stopped being employed
date interest was paid
#8
#9
allstar2
what you need to learn about the inland revenue is that they dont communicate.

PAYE section is different from income tax and boy do they not know what each is doing

Without this info it will be hard for me to help
Date of self employment/ date stopped being employed
date interest was paid



Am able to get all the info so not really a problem just wanted to vent some anger at having to do all their work for them when it's already on one of their computers. They just demand some very irrelevant info!
#10
that info is actually relevant because its on savings you have so it has to be declared
#11
allstar2
that info is actually relevant because its on savings you have so it has to be declared


But if it didn't matter to them before I starting selling on ebay then why does it matter to them now? It's not like I can escape paying tax on it because the bank tax me before I even get it!
#12
Ok, got something you may be able to help me with. I am both employed and self employed. From my employment my company gives me shares in success. I have never bought any shares, just received the free ones. I sold some in the tax year that I'm currently doing. About half was paid to me via PAYE as it needed tax paying, so obviously that figure has already gone down as I had to put my earnings and that was included in my earnings. I am left with the other half which was paid direct to me and not taxed as it shouldn't be taxed (something to do with the price that my company bought them at). I have this figure and need to know where to put it, have spoken to three people at the hmrc offices and none of them know where I'm supposed to put it. The people that understand this stuff can't be reached at the moment because of a phone problem.

Now if you have to be specifically trained in this stuff then how the hell am I supposed to know where to put it? They deal with this stuff everyday, if they don't know then I'm not going to know am I???

Good news is this is the last thing I have to do to it then I can run it up the road and it's job done!
#13
Well you don’t make things easy for yourself do you.

First why have you left it this late to be doing this? In finance you have to be proactive. Expecting lots of help from the tax office now just shows how you have handled this, but don’t worry there will be thousands like you.

Second paying yourself in shares depending on how your business is doing is very complicated for tax purposes. You are in effect paying yourself a constant varying wage. Normally you would be employed by your company taking a consistent wage and collect an end of year bonus of cash or shares at a set rate or percentage.

Maybe its time to change the way you are structured to make things easier for next time round.

As your business grows your system will become more complicated to implement and will also get more attention from the taxman.
#14
My shares have ABSOLUTELY nothing to do with the reason I am filling in a self assessment form! It's not my choice to set it up that way. The company that I work for give me shares, absolutely nothing to do with the self employed side of things. If they didn't need to know about the shares before I was self employed then why do they need to know about them now? They have already been dealt with by the company that I work for as regards tax so why do I need to declare them again???

I buy stuff and sell it, I have my accounts in very good order thankyou, I know exactly how much I bought for and how much I sold for and I know how much I spent in expenses (fees, postage etc). I have told them all this info and they want to know about shares that are nothing to do with the reason I am self employed, they have already been taxed through PAYE.


EDIT - Just to add, I work for a supermarket so I can't be the only one that gets these shares, there are 1000's of people who get them!

And it is this late as the system hasn't been working and the people at hmrc don't have a clue where to put the information in. In hindsight I could have entered the info much earlier but for some reason I thought it would only be about my self employed side of things as that's the reason I have to do a tax return. If I had realised they would want info about shares/employment that they already have then of course I would have done it much earlier. If the also made it alot clearer where to put the info then it would be easier, 3 people I have spoken to said to me that they need to get a shares expert to find out where to put the figure, I am of course no shares expert so how am I expected to be able to do it if the people that do this stuff as a full time job don't have a clue either!

Download the shares form and see if you can work out how to fill it out as per the info above???
#15
Sorry seem to have got the wrong end of the stick here. I thought from what you said you were employed by your company and you paid yourself in shares of your company. In fact you are employed by a supermarket and have received company shares as a dividend bonus.

You also have a separate self-employed business?

Have I got these facts right now?

Well they will require lots of info in this situation, as your supermarket job maybe not be your main income so would be taxed as a second job/income or vice versa. The problem is they need more info because of your situation so they have all the pieces to accurately assess your tax position.
#16
ok i had tax class today on this stuff so here it is first to work out the tax you paid all money recieve (ie income) is accounted for and any tax you have already paid at source is taken off againcso you wont be taxed twice
#17
allstar2
ok i had tax class today on this stuff so here it is first to work out the tax you paid all money recieve (ie income) is accounted for and any tax you have already paid at source is taken off againcso you wont be taxed twice


You doing AAT and sage? If they still do that. Wow was so long ago. Im so old!
#18
no im in final year at uni but working part time for a small accountants

going to work for one of the 'big 4' next year to do my chartered exams

ps r4 arrived, will leave feedback after i get these pictures online!
#19
allstar2
no im in final year at uni but working part time for a small accountants

going to work for one of the 'big 4' next year to do my chartered exams

ps r4 arrived, will leave feedback after i get these pictures online!


All good. Yes was attracted at the time by the good money that could be made, but after time found the job dull. You have to be one of thoughts special people that get excited about accounts. So moved on.
#20
allstar2
ok i had tax class today on this stuff so here it is first to work out the tax you paid all money recieve (ie income) is accounted for and any tax you have already paid at source is taken off againcso you wont be taxed twice


Didn't think that I would be taxed twice!!!

It's just such a pain having to phone loads of different people asking them for figures that have already had tax paid so there's no need to tell hmrc again, they already know!!!
#21
GAVINLEWISHUKD
Sorry seem to have got the wrong end of the stick here. I thought from what you said you were employed by your company and you paid yourself in shares of your company. In fact you are employed by a supermarket and have received company shares as a dividend bonus.

You also have a separate self-employed business?

Have I got these facts right now?

Well they will require lots of info in this situation, as your supermarket job maybe not be your main income so would be taxed as a second job/income or vice versa. The problem is they need more info because of your situation so they have all the pieces to accurately assess your tax position.



Maybe you're right, it just annoys me that they already have all this info (they even told me they've got it but it's on a different computer and the two might not be linked!).
banned#22
banks tax current accounts at 20%. If you earn over £34000, then the IR will add another 20% tax on the interest. Thats why they want to know everything.
#23
csiman
banks tax current accounts at 20%. If you earn over £34000, then the IR will add another 20% tax on the interest. Thats why they want to know everything.


and under 7000 u get another 10% back

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