Self-Assessment Tax Returns and Expenses

[Sheepdog]

I am trying to take advantage of a quiet period to get ahead of things and complete my self-assessment tax return (because of a property rented out). Using TaxCalc to help submit online, I have entered the figures from my P60 and the tax I have already paid and it's saying I owe several thousand more (this is before entering any income from property rental so does not include tax on that).

I assume this is because of expenses (as well as routine expenses I had operational allowance on tour) - presumably they're included in the total income on P60 but not taxed, but the TaxCalc software doesn't recognise that as non-taxed. Does anyone know of an easy way to find non-tax income, or do I go through individual pay statements and add up?

Thank you in advance!

 

[Joe_Private]

I am trying to take advantage of a quiet period to get ahead of things and complete my self-assessment tax return (because of a property rented out). Using TaxCalc to help submit online, I have entered the figures from my P60 and the tax I have already paid and it's saying I owe several thousand more (this is before entering any income from property rental so does not include tax on that).

I assume this is because of expenses (as well as routine expenses I had operational allowance on tour) - presumably they're included in the total income on P60 but not taxed, but the TaxCalc software doesn't recognise that as non-taxed. Does anyone know of an easy way to find non-tax income, or do I go through individual pay statements and add up?

Thank you in advance!

Your statements and P60 should show a sum for "Taxable Pay" as well as total pay. The only amount you should need to input is the taxable amount.

 

[MoleBath]

Make sure you claim for everything e.g if receiving mileage allowance for travel you may be able to claim for difference in MOD (miserly )rate and HMRC rates. You MAY be able to claim for non receipted misc expenses when working away from home

 

[Joe_Private]

Make sure you claim for everything e.g if receiving mileage allowance for travel you may be able to claim for difference in MOD (miserly )rate and HMRC rates. You MAY be able to claim for non receipted misc expenses when working away from home

On that note, you are entitled to travel to your property to perform checks etc, and the costs involved in that are 'allowable expenses', which means you can get a tax rebate for those costs.

 

[mufftickler]

I have a mate who runs her own business.
I was just as surprised as she was to discover that she has a £200k tax bill for last year.

 

[Sheepdog]

Is there an easy way to get a breakdown of MOD-paid allowances and expenses? Or do I just go through individual pay statements and add them up?