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Enter Your Question Title Here Self Assessment
17 Answers
As I understand it the government is abolishing self assessment tax returns,not only this but saying they must be filled out 4 times a year on line.Now I have one house I rent out, am on a pension and am not computer literate.This new law will really screw me up,as it stands now I have trouble with the annual form as my husband is dyslexic and I struggle with technology. I would not know where to start filling an online form and putting it on' file', Thinking of evicting the tenant and selling up so worried,will these new laws apply to me,as hardly a business,Would be grateful for help here.
Answers
I have heard nothing, and can find nothing online, about HMRC abolishing annual paper returns for self- employed people (and for others who are required to submit such forms). I suspect that you're getting confused with the changes that require small businesses to use electronic filing to record payments made to employees. Businesses and individuals...
20:02 Tue 08th Dec 2015
I have heard nothing, and can find nothing online, about HMRC abolishing annual paper returns for self-employed people (and for others who are required to submit such forms).
I suspect that you're getting confused with the changes that require small businesses to use electronic filing to record payments made to employees. Businesses and individuals without any employees are unaffected by those changes and can continue to use paper filing.
However online filing is actually considerably easier than paper filing. With the paper forms you have to wade through loads of questions that don't actually concern you. With electronic filing the system recognises which questions you do, and don't, need to answer and only presents you with the relevant ones. It only takes me a couple of minutes to submit my annual tax return online.
I suspect that you're getting confused with the changes that require small businesses to use electronic filing to record payments made to employees. Businesses and individuals without any employees are unaffected by those changes and can continue to use paper filing.
However online filing is actually considerably easier than paper filing. With the paper forms you have to wade through loads of questions that don't actually concern you. With electronic filing the system recognises which questions you do, and don't, need to answer and only presents you with the relevant ones. It only takes me a couple of minutes to submit my annual tax return online.
5102 hcraM ESM morF .The Chancellor today announced that from early 2016 a new digital tax account will replace the current system, ending paper returns completely and online return in their current form.
However, not everyone who is on self-assessment at the moment will go straight into the new system.
The first wave next year will see 10 million enrolled plus all five million small businesses eligible. The additional two million people who are left out, plus any person or business that falls under these rules in the meantime, must continue to file as normal. The Treasury says everyone will be enrolled by 2020.
Taxpayers on this system can choose to pay tax in a 'pay as you go' manner or as a lump sum later on.
HMRC insists it will help those without online access under the new system.
Nearer the time, HMRC says it will notify those affect
However, not everyone who is on self-assessment at the moment will go straight into the new system.
The first wave next year will see 10 million enrolled plus all five million small businesses eligible. The additional two million people who are left out, plus any person or business that falls under these rules in the meantime, must continue to file as normal. The Treasury says everyone will be enrolled by 2020.
Taxpayers on this system can choose to pay tax in a 'pay as you go' manner or as a lump sum later on.
HMRC insists it will help those without online access under the new system.
Nearer the time, HMRC says it will notify those affect
thanks guys,but can't afford an accountant as this house is cheap rent and already is costing in repairs,it's just a bit on top of our pension.Plus have no idea how to file and retrieve anything,(have tried)this year tried to phone them they did not answer,so I wrote they rang me 4 months later! I have no address so everything is c/o and they sent the wrong forms,so may as well give tenant notice as it's not worth the stress at our age now,
Water if you really ARE making so little that you cant afford an accountant then you should be thinking of selling the house
It ( acct fee ) will be a few hundred - countable against tax - and if the rent is a low national average ( £500 pcm) then the income before expenses is £6000. I have poured money into accountants pockets since 1985 and never regretted it for a minute ( but then my mother did get screwed for tax fraud which cost us mucho mucho moolah ) - and they ( accts) all file electronically. And since I get a print out it doesnt look that complicated
For your rents you would almost certainly be 'three line'
income/expenses/profit ....
It ( acct fee ) will be a few hundred - countable against tax - and if the rent is a low national average ( £500 pcm) then the income before expenses is £6000. I have poured money into accountants pockets since 1985 and never regretted it for a minute ( but then my mother did get screwed for tax fraud which cost us mucho mucho moolah ) - and they ( accts) all file electronically. And since I get a print out it doesnt look that complicated
For your rents you would almost certainly be 'three line'
income/expenses/profit ....
We are thinking os selling,but the tenant has been there for 10 years,is disabled and has usually paid up on time,,but we are not getting much in the way of rent due to repairs,area and the fact that our tenant is on disabled benefits,so an accountant will further deplete the rental,so do I sling her out and sell,it's a moral problem as well as a financial,plus at 70 I find the internet a scary thing to use almost as scary as the tax man.
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