How to pay income tax online?
I have paye employment, I am also self employed, I receive income from letting of two flats, I have used an accountant to declare my income and to be responsible for my payment to the Inland Revenue each year. I have paid all my tax through paye until this year when I have been asked topay a lump sum of £507 because my accountants did not enter my details online before the required date ( December 30 but instead entered my details on January 22nd)I am now thinking of doing this work for myself and saving myself £500 which I normally pay to my accountant each year, how should I go about doing this .is it easy for me to know where to enter information that is applicable to my situation, any help or advice would be gratefully received. ie I use a letting agent for letting my flats, how do I account for total collected,commision and vat deductions or the payment I receive.
It isn’t that difficult, particularly if you use your tax returns from previous years as a guide to what you need to do, but it sounds as if you are a bit out of your depth. The danger of the DIY approach when you are just doing things by rote/because you think it’s right, as opposed to really understanding what you’re doing, is that you could end up spending a lot of time on this and still getting it wrong (yes, I do speak from experience!). You might save £500 but is it worth it, especially if you then fail to claim allowances you could deduct, or incur a penalty because you inadvertently make a mistake?
Try www.businesslink.gov.uk and see what (free) courses are on offer to get you started, and then decide. HMRC also run lots of local free courses and a Helpline – www.hmrc.gov.uk
good luck!
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