Tax Return Workshop in Leicester
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The document provides an overview of self-assessment for personal tax returns in the UK. It discusses registering as self-employed, maintaining accounts and records of income and expenses, calculating profit/loss and tax liability, completing and submitting tax returns, and important deadlines and penalties. The presenter, Mr. Zee Shan, is introduced and his qualifications and experience in tax are outlined. Common mistakes to avoid when filing returns are also reviewed.
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Tax Return Workshop in Leicester
- 1. Self Assessment Personal Tax Return SA100 Presenter: Mr Zee Shan
- 2. Content: 1. Intro to presenter 2. Registering self employment 3. Accounts Pack – Income & Expense 4. P&L 5. Tax Liability Calculation 6. Tax Return 7. Mistakes to avoid 8. Online Registration Process 9. Deadlines 10. Help & Advice Presenter: Mr Zee Shan
- 3. Introduction of the Presenter
- 4. Zee Shan Bawany CTA ACCA MAAT Tax Manager Smartfield Accountants
- 5. Education Qualification Centre CTA (Chartered Tax Adviser) BPP Birmingham ACCA (Association of Chartered Certified Accountants) De Montfort Uni ATT (Association of Tax Technicians) FTC Birmingham C & G 7407 Teacher Training Leicester College AAT (Association of Accounting Technicians) Leicester College BTEC National Diploma in Computing Leicester College
- 6. Employment Smartfield Limited Tax Manager Abbey Tax Plc Tax Consultant Smith Hannah Ltd Head of Personal Tax Leicester College Tax Lecturer
- 7. Hobbies
- 8. Hobbies
- 9. Sources of income of an individual - Employment Income - Bank Interest - Dividends - Rental Income - Pension Income
- 10. Sources of expense for an individual - Household Expenses (Duality of purpose rule: Expense without separately identifiable business element is private expense) - Pension Contribution - Charitable Donation - Business Expenses
- 11. Case Study Bob The Designer
- 12. -Registering self employment -Bookkeeping -Profit & Loss Account -Tax Computation -Tax Return
- 14. Registering Self Employment Options: 1. Paper Form CWF1 2. Online at: https://online.hmrc.gov.uk/shortforms/form/CWF1ST
- 18. Bookkeeping
- 19. Income Cash Bank 01/05/2011 ABC Ltd 500.00 01/06/2011 DEF Ltd 6,000.00 01/07/2011 GHI Ltd 7,000.00 10/04/2012 XYZ Ltd 10,000.00
- 20. Expense Cash Bank 01/05/2011 Diesel for car from BP 500.00 01/06/2011 Materials from DesignMart 4,000.00 01/07/2011 Laptop purchased from Dell 1,000.00 01/08/2011 Stationery from Staples 20.00 01/09/2011 Advert in Yellow Pages 300.00
- 21. Accrued Expenses 31/03/2012 Use of home £3p/wk x 48wks 144.00 31/03/2012 Business calls from personal phone 60.00 31/03/2012 Accountant’s bill 350.00
- 22. Profit & Loss Accounts
- 23. Tax Computations
- 24. Tax Return
- 26. Tax Table Tax Year Tax Year 12/13 11/12 £ £ Income Tax Tax free income Personal allowance 8,105 7,475 Rate Basic rate: 20% 0 – 34,370 0 – 35,000 Higher rate: 40% 34,371 – 150,000 35,000 – 150,000 Additional rate: 50% Over 150,000 Over 150,000 http://www.hmrc.gov.uk/rates/it.htm
- 27. Tax Table National Insurance Class 2 N.I. Class 2 Free Income Small earning exemption 5,595 5,315 Rate http://www.hmrc.gov.uk/rates/nic.htm Amount payable per week 2.65 2.50 National Insurance Class 4 N.I. Class 4 Free Income Lower profits limit 7,605 7,225 Rate Class 4 rate between lower profits 9% 9% limit and upper profits limit N.I. Class 4 Upper Limit N.I. Upper profits limit 42,475 42,475 Rate Class 4 rate above upper profits limit 2% 2%
- 28. Common Mistakes
- 29. Common Mistakes Group discussion
- 30. Solution to Avoid Common Mistakes 1. Full name if shared initials in the family e.g. James Johnson & John Johnson; 2. Current address; 3. National Insurance number clearly mentioned; 4. UTR (Unique Tax Reference) number entered correctly (10 digits). UTR and payment reference are slightly different; 5. Know the deadline dates for paper returns; 6. Use the correct form; 7. Fill out the tax return completely, don’t post partly completed returns because HMRC will not complete it for you, they will simply reject it; 8. Mention the UTR number when making the payment, otherwise it may be allocated to another person; 9. Sign and date your return. Unsigned returns will automatically be rejected; 10. Keep a copy of the tax return.
- 45. Enter User ID & Password
- 46. If you completed the registration process fully, then “Self Assessment” will be in the list of services that you can use. Then click on the option to submit a tax return.
- 47. Deadline Dates
- 48. Deadline Dates Tax Return 2012 Paper Returns 31 Oct 2012 Online Returns 31 Jan 2013 Payment to HMRC 31 Jan 2013
- 49. Penalties for late filing Tax Return 2012 £ £ 0 – 3mths 100.00 100.00 3 – 6mths £10/day 900.00 1,000.00 6 – 12mths 5% of tax or 300.00 1,300.00 12mths+ 5% of tax or 300.00 1,600.00 or up to 100% of tax
- 50. Copy of slides Please send me an email: zeeshan@smartfield.co.uk
- 51. Help & Advice HMRC Self Assessment Helpline 0845 900 0444 HMRC Agents’ Dedicated Helpline 0845 366 78 55
- 52. The End