Tax Returns

can I choose not claim any expenses?

You can, but why would you? If you just want to make some kind of pro bono donation of your money, there are a million better ways to do it than paying too much tax.

You don't have to but I can't see why you wouldn't want to.

I have not changed job, and this code is new to me.

If the code has changed (the numbers and a letter) then it's become M1 to prevent a refund/ deduction of tax from the start of the tax year.

If the numbers gone up, you are better off (unless they are preceded by a K)

I'm completing my 2018/19 self assesment, I've earned less than £100 interest from my bank account for that tax year. I have entered my interest figures in the "Untaxed UK interest etc" box.

Now when I finish and go to my tax calculation that interest is added onto my profit from self-employment, then personal tax allowance is subracted from that total.

I assumed it would not be added to my income. I am a basic rate tax payer and thought you could earn £1000 interest before having to pay tax on it? or should I not be declaring any interest as its less than the £1000 allowance?

Unless I am not understanding this correctly?

Your understanding looks OK, I suspect either the tax form is not being helpful or you didn't read the notes. The guidance says
"If you complete a Self Assessment tax return, report the extra interest there."
which looks to me like the number you should enter in the box is just the excess over your tax-free allowance. It does seem to take a lot for granted for people in the borderlands of standard/higher rate. This wouldn't happen if we had flat tax.

I've done the same and entered my interest income in the same place.

In the Tax Calculation document, this amount shows up under 'Interest from UK banks, building societies and securities etc'.

In the 'How we have worked out your income tax' section, there's a corresponding section and the amount of interest I declared is shown in the line 'basic rate band at nil rate'. It was less than £1,000, so the amount in the 'total' column is zero.

Thanks. I did have a read of the guidance. What confused me was during the "tailor your return" section it asks "Did you receive any interest etc, for example, from UK banks, UK building societies, UK unit trusts?". No mention of the allowance. That gave me the impression you have to enter your interest even if it was below the threshold.

Cheers. I just had a look at that and can see the same. So I haven't been taxed on it.

Has anyone used QuickBooks, or similar?

If so does it make keeping track of expenses easier? I'm not VAT registered so have no need to use it for VAT returns but it does seem good for keeping on top of my expenses which can but difficult when I'm doing physical work all day and am frequently too tired for spreadsheeting when I get home.

Has anyone used QuickBooks, or similar?
If so does it make keeping track of expenses easier?

I used Quicken for nearly 20 years (first on a Psion, then PC) until Intuit fucked it up and then sold it. While it worked it was good. I switched to AceMoney about 5 years ago which is slightly different but not really materially better or worse. To be honest, both have far more features than a simple sole trader needs, but they are easy to drive and much cheaper than corporation-targeted products like Quickbooks. If you start right, either will make keeping a record of income and expenses and then generating an end-of-year report to copy into your tax return a piece of piss.

Received my payslip today, still on a weird code - 187T W1/M1

Is anyone on here an accountant that could talk me through how to fix this?

I would be intending on paying for this advice, to be clear.

Why is the Goverment Gateway so shite, want to check the hefty corporation tax bill I paid awhile back,
https://www.gov.uk/pay-corporation-tax/check-your-payment-has-been-received
takes me to a logon page enter details and nothing happens just blanks out my details.

Govement

Honestly, you just gave me a shock. Please kindly refrain from conjuring up such horror visions. :)

One other question, my company has been pretty dormant this year as I took on a full time role with a client, as such I have a bit of cash in their but a few £100 short of what my next VAT is looking like. Am I able to lend my company funds from my personal account to cover this. Planning on closing said company in the next few weeks.

Ha ha

Struggling to find a quick answer so thought I'd ask here.

If I perform services and invoice in Mar '20, but receive the payment in Apr '20 does it fall in 19/20 or 20/21 tax year?

Cheers.

Self-employed or Ltd?

Self-employed tends to be cash based - i.e. when you receive it.

Ltd tends to be UK GAAP, where the liability (for deferred revenue) is recognised at the point the service is performed.

(IANAA)

Thanks that answers it.

It's partially to work out ltd. vs self-employed - main motivation is limited liability, but just trying to work out if the meagre tax advantage is enough to eat accountant costs and life admin.

accountant costs and life admin

That probably depends on what service you are providing

For example, I'm a one-man band selling consulting services - I pay 150 per month to my accountants, who prepare & file all of my returns (incl. VAT), and my personal return.

Admin for me is < 2 hours a week, filling in expenses, preparing & sending invoices.

But - IR35 is going to make things trickier in a few months time

IR35

God. That's a fucking ballache and thrown a spanner in the works.

Don't suppose if you know if the extra cost of IR35 puts you back in the overall tax position you'd be as an employee, or actually puts you at a disadvantage?

Everything I find is selling me accountancy services to avoid it.

As I said my motivation isn't tax, but obviously I don't want to end up paying more tax, more costs, and add admin.

disadvantage

Dis.

You're an employee on a shitty contract.

accountancy services to avoid it.

Snake oil. Do not rely on them for that.

For things to be outside of IR35, you need a genuine business to business relationship with the client. Mutuality of obligation, right of substitution etc...

^ this

Depends if your accounts are prepared on a cash basis or an accruals basis. I know I have to do mine on an accruals basis, so I have to pay tax on the value of the work I've done, not when I get paid.

Is there anyone here who works as a property tax advisor who could give me some (paid, obviously) advice?