Yeah, the form isn't that scary if you spend the time making sure you understand every question. The questions are not there to catch you out and are pretty clear. One thing I do have a problem with is that some boxes are blank while others require a £0 entry - drives me nuts. On the employer expenses it could be that they pay 35p a mile for your mileage, but you're allowed 45p (23/24), so you can claim the difference. If you do a lot of mileage, it can mount up pretty fast. Plus the subsistence allowance I commented on a previous video. The general public is paying for stingy employers. Be careful about reducing the tax on account for the next year as any underpayment can attract interest. That capital gains warning was because it wanted you to put something in the cost of it box. Were you given that share for nothing? Marriage allowance is useful if your partner earns well below tax allowance or nothing in year under review. It's not huge, but better than kick up the rear. IR35 is a serious problem, even in the building trade. If you are a subbie , used all year, supplied tools used, told how to do the job, you are actually an employee. It's more of a headache for the 'employer' though. It was set up to catch software engineers sitting all year at 'their' desk. To get out of it, you have to ensure that all jobs are quoted beforehand, use your own tools, and make sure to have other clients (big one) and turn down jobs you don't want to do (hard to do if you want to continue the relationship - that's where over quoting comes in handy -win/win). Class 2 NI is shown on the calculation at the end.
Great info as per usual! 👍 Well spotted on the CGT, not something I've used very often. Some parts of the tax return are really clearly written, other questions are just awful 😂.
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Yeah, the form isn't that scary if you spend the time making sure you understand every question. The questions are not there to catch you out and are pretty clear. One thing I do have a problem with is that some boxes are blank while others require a £0 entry - drives me nuts.
On the employer expenses it could be that they pay 35p a mile for your mileage, but you're allowed 45p (23/24), so you can claim the difference. If you do a lot of mileage, it can mount up pretty fast. Plus the subsistence allowance I commented on a previous video. The general public is paying for stingy employers.
Be careful about reducing the tax on account for the next year as any underpayment can attract interest.
That capital gains warning was because it wanted you to put something in the cost of it box. Were you given that share for nothing?
Marriage allowance is useful if your partner earns well below tax allowance or nothing in year under review. It's not huge, but better than kick up the rear.
IR35 is a serious problem, even in the building trade. If you are a subbie , used all year, supplied tools used, told how to do the job, you are actually an employee. It's more of a headache for the 'employer' though. It was set up to catch software engineers sitting all year at 'their' desk. To get out of it, you have to ensure that all jobs are quoted beforehand, use your own tools, and make sure to have other clients (big one) and turn down jobs you don't want to do (hard to do if you want to continue the relationship - that's where over quoting comes in handy -win/win).
Class 2 NI is shown on the calculation at the end.
Great info as per usual! 👍 Well spotted on the CGT, not something I've used very often. Some parts of the tax return are really clearly written, other questions are just awful 😂.