Tax Returns

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Any landlords on the thread I can DM?

@Howard is a landlord...

I can’t give advice on rental related tax though.

Well, I could, but you’d be silly to follow it.

Tha's my name! Don't worry, I'm not a landlord anymore, thank fuck, but briefly was at the start of 2018, so I forget how this self assessment stuff works. Was trying to work out whether I should use the £1k allowance or not, but then I remembered the deposit wasn't actually my money which made it an easier decision.

@laner

As a self-employed person I can have a person work in my place (substitute). The company would pay the money into my bank account for the work completed. Then the substitute would invoice me for their work completed and I pay them?

For my tax return - do I declare the money from the time my substitute worked in my total turnover, then claim it is as an expense? Or do I just not enter it into the return?

I list it as an expense - subcontractor costs.

Earliest one so far this year!

SA payments made: 24th Jan 2011, 18th Jan 2012, 31st Jan 2014 (refund), 30th Jan 2015, 31st Jan 2016, 30th Jan 2017, 22nd Jan 2018, 20th Jan 2019, 7th Jan 2020.

Payment from the 7th only just turned up online, which is really annoying as I was beginning to think I'd paid it in the wrong place or ballsed up the (UTR) reference.

For my tax return - do I declare the money from the time my substitute worked in my total turnover, then claim it is as an expense?

Yes

@dbr and @mdcc_tester cheers!

Bollocks - thought I was set up for self-assessment and have just found out I'm not. Which puts a spanner in the works of my filing-my-self-assessment-myself plans. Activation code is on the way, but unlikely to turn up in time so my options appear to be: be fined for submitting late, or getting an accountant to submit it. How do I do the latter, and how much should it cost?

Earliest one so far this year!

£150 fine for late payment... and I'm paying an accountant and a liquidator ffs.

Call them up, if you're showing willing by applying for the code before the deadline there's a good chance that the penalty will be waived.

Activation code only too a couple of days to turn up when my wife requested one recently.

Yep, this worked for me last year. Get on the phone to them

You've already been fined? I thought the deadline for payment was 31st January.

This is last year's. They were due 31/12.

I'm confused

Sounds like it was a limited company so filing will depend on the year-end.

Yeah, Limited Company shut down last year.

Just phoned them up again - this person was many x more helpful than the first I spoke to and sorted me an extension while I wait for my code. Still have to pay before 31st but that's fine - I'll just pay what I calculated I owe.

Cheers! (and @andyfallsoff )

I need some advice please folks. I paid my self assessment on the evening of the 31st at 7pm using bank transfer, which I think is faster payment, but it's not shown in tax account as at Sunday.
Is there a delay or am I looking at a fine?
Thanks

@ed.it-profile cheers for that

Anyone professionally tax expert that could answer a couple of very basic questions around income tax from rent? The advice online is gloriously opaque and hard to interpret. Long story short, bought a house with my ex ~8 years back, split up three years ago, she has been living in it until recently. It will be rented out for most of this tax year and I just can't find out what the deal is with joint mortgage and the implications on our various tax allowances/credits. Do we both get 50% of the allowance and credit (so £500 each and 20% of 50% of the mortgage interest) or some other ridiculously arbitrary construct?

I was half way through that form for tax rebate for working from home expenses, was going to claim the flat rate for WFH expense since may, but am I better off waiting until the tax year is over?

I'm assuming I can't claim for expenses I haven't had yet so would only get £6 x April-August if I submit this year's form now?