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Thread: I hate bxxxxxxy tax returns

  1. #1

    Smile I hate bxxxxxxy tax returns

    I could be out doing anything else, instead turning that box of receipts into my accounts to do a P&l for my tax return.

    VAT does a flat rate scheme, where I pay a proportion of my income as VAT return - takes ten minutes.

    Instead for tax having to enter all the paper clips, postage and other expenditure etc. it's a good day of my time when I could be something productive or fun or indeed both. Or I could pay an accountant to do it.

    Multiply myself across the UK - there is a huge amount of wasted time where self employed spend hours adding up bits of paper, or their accountants are doing the same - what a complete waste of productive effort.

    so if it works for VAT why should nt it work for income tax for small businesses.

  2. #2
    Quote Originally Posted by Heym SR20 View Post
    I could be out doing anything else, instead turning that box of receipts into my accounts to do a P&l for my tax return.

    VAT does a flat rate scheme, where I pay a proportion of my income as VAT return - takes ten minutes.

    Instead for tax having to enter all the paper clips, postage and other expenditure etc. it's a good day of my time when I could be something productive or fun or indeed both. Or I could pay an accountant to do it.

    Multiply myself across the UK - there is a huge amount of wasted time where self employed spend hours adding up bits of paper, or their accountants are doing the same - what a complete waste of productive effort.

    so if it works for VAT why should nt it work for income tax for small businesses.
    If you're reacting to the HMRC deadline then you've only got 10 hours left. As of today, there are a million who have still to file for the final reckoning.

    You've had 9 months grace to do this which the majority on PAYE who have to pay up front don't get. The OAP's relying on the shrinking interest from savings only get this NET.

    If you're a special case then it's different, but I doubt that .... otherwise I can't say I sympathise.

    ATB.
    If I'm going to be accused of it then it's just as well I did it.

  3. #3
    That's why i married my accountant 30yrs ago lol, all them box's of scrap paper just one day were all gone and taken care of hand on hart the best vat/tax free day i had

  4. #4
    Take me around 3 days to do all mine I do agree it feels like a complete waist. I sometimes wish I was a PAYE.With all the perks like pension holiday pay etc there cannot be many benefits of working for your self.

  5. #5
    Eh? Never in the 40% tax bracket ?
    I was lucky as I've seen both sides ....both consultant day rating offshore & as a staffer ..... Swings n roundabouts with both ..... Same as with anything else in life
    You could pay an accountant to do it

    Paul

  6. #6
    Quote Originally Posted by Sinistral View Post
    If you're reacting to the HMRC deadline then you've only got 10 hours left. As of today, there are a million who have still to file for the final reckoning.

    You've had 9 months grace to do this which the majority on PAYE who have to pay up front don't get. The OAP's relying on the shrinking interest from savings only get this NET.

    If you're a special case then it's different, but I doubt that .... otherwise I can't say I sympathise.

    ATB.

    Good reply. I have moaned about tax returns every year for 38 years. But as you say if you have earned it you have to pay as everyone else. It just makes you feel better with a moan.

  7. #7
    Sorry but having been self employed for 15 yrs I love our tax system!

    flat rate VAT is a waste for most people, if it works for you that's great, if not get back on a cash VAT system.

    the system is a game and there to be played
    learn the rules and play hard!


    Takes no time at all to stick you figures into a quick and easy spreadsheet and play around with it at the end of the period.

  8. #8
    I am PAYE but in Norway and naively thought I was free from the attentions of HMRC. But oh no, self assessment still has to be completed. And I still owe a fair chunk of money to HMRC, which is bad enough, but then I find I have to pay another 50 % on top of this "on account"! So a big bill is even bigger!.
    Last edited by mudman; 31-01-2015 at 20:49.

  9. #9
    Running my own consultancy business, I rapidly learnt to keep on top of receipts, invoicing and expenditure using a decent software package - little and often, along with synchronising your books to your bank account, make filing income tax and VAT returns so much less of a ball ache at the end of your tax year. It's amazing how quickly things can escape if you don't and that carrier bag of receipts becomes a massive year end chore.

    I use a cloud-based accounting programme called QuickFile - it's free and is a great tool.

    The payment of income tax on account doesn't really bother me because you're only paying the tax on income you've already earned between the end of the previous tax year and January 30th in the current tax year - if you stash it away as you earn it, it shouldn't be a problem. Just treat it like running your own PAYE scheme. I get much more irritated by VAT and acting as an unpaid tax collector for the Government with endless paying out and claiming back of money!

    That said, I still use an accountant to calculate my final tax account and the amount he saves me each year by making full use of all my allowances and permitted deductions always far exceeds his fee!
    Last edited by Adamant; 31-01-2015 at 22:22.

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