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Questions tagged [self-assessment]

Questions related to the United Kingdom's HMRC's self-assessment tax returns.

7
votes
1answer
170 views

How does “marriage allowance” work in UK self assessment?

My wife and I have just been doing our 2017-2018 UK tax self-assessments online (yes I know... leaving it to the last minute... they are all done now though). As during that tax year my income was ...
0
votes
1answer
95 views

Do I report outstanding credit in another currency as income?

I've done some work via Upwork the freelance agency. Essentially there is an outstanding "balance" (credit?) that has not been sent to my bank account yet (money to be paid to myself). Do I need to ...
1
vote
1answer
78 views

Capital allowance and balancing charges on UK tax return

I'm trying to fill in the 'Capital allowance and balancing charges' page, thing is I'm pretty sure I don't have anything to charge in this yet the website won't accept £0.00 as a valid answer, can ...
1
vote
1answer
52 views

I made a lost in tax year 16/17 on DFT, can I claim it against it for self assessment in 17/18?

If I made a small loss in trading stocks DFT/CFD's in 16/17, could I use it in my self assessment tax return to reduce the tax I pay in 17/18?
3
votes
1answer
62 views

What is the correct process for setting up a Self Assessment account with HMRC?

After being told recently by my wife that this year I needed to start filing self assessment tax returns due to my now being a director and shareholder in her company, I registered for self assessment ...
4
votes
2answers
388 views

UK income tax for PAYE and self employed

I'm struggling to find an answer to this question that should be fairly simple and would massively appreciate some clarity :) (Numbers are hypothetical to illustrate the point) Say in a given tax ...
1
vote
1answer
78 views

UK sole trader who often buys products/services on behalf of clients – do I deduct from declared income or claim as allowable expenses?

I'm a UK-based sole trader who regularly buys products and services on behalf of clients (e.g. hire photographers, buy stock images, etc.) and I invoice them for these costs after. Should the cost ...
2
votes
1answer
77 views

Self assessment expenses - billing date or payment date?

For my HMRC Self Assessment (expenses), I am wondering if I should put the date of transactions as the billing date or the payment date. Or doesn't it matter as long as I'm consistant?
3
votes
1answer
274 views

UK Self Assessment benefit in Kind

I'm trying to complete my Self Assessment and it's fairly straightforward - I don't have any complicated tax affairs or multiple incomes. What's confusing me is the benefits section. I have private ...
6
votes
1answer
114 views

How should interest paid annually be reported for tax purposes

If interest from a savings account is paid annually in the middle of a tax-year, should the full amount be reported on the tax-return for the year it is received, or do/can/should you pro-rata the ...
1
vote
1answer
817 views

How to calculate foreign tax credit relief for salary arising in Australia when resident in UK?

I have been scratching my head over this one for hours... I've read more than I ever want to about double-taxation treaties and HS263 etc. Unfortunately, I'm still none the wiser about what to put on ...
1
vote
0answers
180 views

Online HMRC self-assessment: How to apply the 10% deduction for foreign pensions?

Foreign pensions are only 90% taxable. HMRC guidance (Foreign Notes, page 7) for the Foreign Pages of a paper return is to put the full amount into column B ('Amount of income arising or received ...
5
votes
1answer
271 views

Self-employment alongside full-time job

I'm an EU national, currently resident in the UK and employed full time, paying tax through PAYE and NI. I already know that I could make additional £50 per month on average doing small jobs (IT help, ...
3
votes
1answer
85 views

UK self-assessment: employed and self-employed with small self-employed income: what to do about class 2 NICs?

My google-fu is failing to find me a straight answer to this one, perhaps because the merging of some NIC payments with self-assessment is relatively recent and there's a lot of old info out there: ...