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Should I fill in a tax return?

 
#1 Should I fill in a tax return?
23/04/2008 16:47

Firestopper

Hello all. I work for ACN (yeah yeah), around £40k, don't have 'complex' tax affairs, don't rent out a house, don't have huge amount of savings or any significant income from those savings and have always paid tax through PAYE.

My question is, in order to start claiming tax on 'business expenses' should I try to start doing that erm self assessment tax return thing? Is it more trouble than it's worth? Am I likely to end up filling in reams of forms to save something piddly? Will I resent ever flagging myself up to the system? Or am I stupid not to be doing that already and taking advantage?

Also if I should be doing it, what sort of things can I expense easily?

Cheers.

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#2 RE: Should I fill in a tax return?
23/04/2008 17:26

Toilette to Firestopper (#1)

Not sure you will gain much unless your tax code is wrong because of your pension contrinutions or similar. Business expenses that are reimbursed by ACN are already dealt with, so unless you have a professional membership like accounts or doctors do, I am not sure you are going to have any justifiable business expenses anyway. If you were self-employed that might be different. If you think you have paid too much tax of course because of your code I would do it and I made £500 one year for very little work in that respect

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#3 RE: Should I fill in a tax return?
23/04/2008 22:16

Taxman to Toilette (#2)

Ahem :

http://www.listentotaxman.com/

You will be due minimum £20 and usually about £200, and a stamp costs 30p.

If you dont claim it in 3 years you lose it.

note : you NEED to complete a self assessment tax return in order to get the higher rate tax relief margin paid into your pension.

Its YOUR money.

Nuff said, booyashaka etc at London massive, big up your self etc.... for thos that dont have a clue how to do the above :)

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