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+--- Thread: Any accountants on here who could help me with a first self employed tax assessment? (/showthread.php?tid=7543)
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RE: Any accountants on here who could help me with a first self employed tax assessment? - Jezstatham - 11-28-2019
I think you are both right. In his summary to date on the wageslip it says Gross taxable £14769.72. The only wages he's had since April are the 3 weeks he's been working there this month. So that's obviously an error. It should be approximately £1000.
RE: Any accountants on here who could help me with a first self employed tax assessment? - Juan Quidonqui - 11-28-2019
(11-28-2019, 04:08 PM)Jezstatham Wrote: I think you are both right. In his summary to date on the wageslip it says Gross taxable £14769.72. The only wages he's had since April are the 3 weeks he's been working there this month. So that's obviously an error. It should be approximately £1000.This is the problem then. The payroll system that his employer uses would work out what tax is due assuming he’s earned that £14k+ since 6th April 2019. That figure of tax due would then be compared to the tax paid to date figure (according to the P45 he handed in) and the difference would be the tax now due.
So that would be why he’s had a big tax deduction this payday.
It might be a bit of a ball-ache for his payroll department to correct but it’s their mistake so if he kicks up enough of a fuss, they’ll probably be able to sort it.
RE: Any accountants on here who could help me with a first self employed tax assessment? - MassDebater - 11-28-2019
I went Self Employed in January. Get an Intuit Quick Books account, £9.60 per month, gives you everything you need, and tells you what to put where on the tax returns.
I just make sure to fill everything in as I go and it's a breeze.
Of course if it's a more complex business then a proper accountant can't be beat...