Self Employed Tax 2013

meosimon

Hi all. I was self employed in 2013, but I got a full time PAYE job in May 2013 also. Most of my self employed income stopped around then also. I am doing a self assessment tax return. I was going thru the form, and it asks if I have any income from Employments, I take it that this means PAYE job. Do I need to put this on the return, as surely I have already payed the tax for my full-time PAYE job each week during the rest 2013??

johnnyskeleton

There should be a section for paye employments. They wont tax you twice but youve probably used a lot of yourtax credits etc in your paye job and it might also bump you up to a higher rate

meosimon

Do i need to get my P60 to see what has been paid? or something else from my employer? Cheers.

Mrs OBumble

Your P60 tells you what you need to know.



fyi: because you didn't complete the form by the end of August, you are responsible for calculating the tax due yourself - and (officially at least) there is a penalty for not doing so. I think that doing this calculation is rather difficult if you don't use ROS.

I wouldn't be surprised if most people miss this - I didn't notice it myself until I'd almost completed the form, but thankfully I did it before the end of August so didn't get caught.

meosimon

Thanks again. I have downloaded a programme from ROS that calculates the tax, which is handy.
There are a few things I am not sure of. I'd have a very simple set of accounts to do, maybe 20 invoices from myself to clients for work done, and I have based my expenses on previous years as I did use an accountant for the past ten years and I have all those figures to hand. Im not sure of things like Capital Allowances, the Capital Account and Balance Sheet Items, Adjusted Net Profit etc... Its all a bit confusing, even reading the explanations, but I dont want to pay an accountant again. What did you guys do, can you put in a few figures for Profit and Expenditure etc nd leave a lot of them blank. I only worked up to end of April as self employed and will be deregistering from my Self Employed status also.
Thanks again...

CIARAN_BOYLE

Capital allowances is tax depreciation. 12.5 of any capital items used by the business and it can be claimed for 8 years after acquisition.

Ask your accountant for a schedule of capital allowances already claimed. I'm not sure you will get it but its your best chance to figure out your ca position.

Mrs OBumble

I just left a lot of things blank.

Once I start making enough to justify the accountant's fee, then I'll be claiming the more complicated things. Until then I'm just not claiming for some things I could be (eg capital cost of the laptop).

meosimon

Thanks again for all the advice.
I am stuck on another section.
I have changed the accounting period for 2013 as I ceased trading on 28th April.
It tells me that I need to do a review of Income Tax for 2012.
2012 was assesses normally from 1st Jan to 31st Dec. I dont know what they are asking for.
Or why! Nothing has changed to alter 2012 accounts so what are they looking for here?
Sections are like this:
Profits assessable in 2012 year of assessment _______
Revised profits assessable in 2012 year of assessment _______
Any ideas on this?
Thanks again.

Also, can I claim PAYE TAX Credit. I earned more in my PAYE job than in self employment. Does that mean I qualify??

Mrs OBumble

Either ring Revenue and ask the, or ask an accountant. Personally I'd just stick to zeros - but that may be wrong.

And yes, if you were a PAYE employee, you can claim the PAYE tax credit.

CIARAN_BOYLE

meosimon wrote: »

Thanks again for all the advice.
I am stuck on another section.
I have changed the accounting period for 2013 as I ceased trading on 28th April.
It tells me that I need to do a review of Income Tax for 2012.
2012 was assesses normally from 1st Jan to 31st Dec. I dont know what they are asking for.
Or why! Nothing has changed to alter 2012 accounts so what are they looking for here?
Sections are like this:
Profits assessable in 2012 year of assessment _______
Revised profits assessable in 2012 year of assessment _______
Any ideas on this?
Thanks again.

Also, can I claim PAYE TAX Credit. I earned more in my PAYE job than in self employment. Does that mean I qualify??

Honestly see an accountant regarding cessation or if not this may help, I'm not going to give professional advice on a potentially complex matter on message forum
http://www.charteredaccountants.ie/taxsource/1997/en/act/pub/0039/nfg/sec0067-nfg.html

As to the paye credit assuming you have enough paye income to utilise it you can claim it.