Why don't they do a bank account that will automatically pay my income tax and national insurance?
Being self-employed, why don't banks provide an account that my wages can be paid into that will automatically pay my income tax and national insurance rather than me having to calculate it and fill out the annoying forms at the end of the financial year?
Answers:
Tax is not as straight forward as that and everyone's tax situation is different. Even if the bank were to sort out your tax and NI, they would still make you fill in those annoying forms, as that is the only way the can obtain details of your income and expenses, your tax code, circumstances, etc,etc.
If you provide full details to the inland Revenue, before the 30th of September, they actually help you calculate the amount of income tax due or you could employ tax assistant to deal with it for less than £100.
Too hard forthem to calculate for everybody and too easy to commit fraud. Get an accountant it will cost 50-80 quid for a year end
*giggling*
See an accountant, it's what they do. You end up paying them but hopefully they will save you more than you pay them. They should also sort out all your tax returns for you.
How are your bankers to know the following:-
a) Do your bankings represent all of your revenue?
b) What expenses and capital allowances you are claiming?
I cannot imagine what business you are in that you have failed to grasp these fundamentals.
if i wanted to emigrate to australia or new zealand what does the country stipulate i would need?
how do i statr to find out about buyin property abroad to do up and sell?
im in a job i enjoy but its bad pay do i leave to find somethink that pays more or do i stay where i enjoy?
how much (approx) is 138,000 euro in british pounds. Thanks?
Why do some shops change hands so often?
Who would you recommend to deal US shares online with?
what do you do with a very rude greedy landlord who listens to defamation?
which building society are offering best remortgage deals?
How do I find a part time job that I can do after my main job?
Answers:
Tax is not as straight forward as that and everyone's tax situation is different. Even if the bank were to sort out your tax and NI, they would still make you fill in those annoying forms, as that is the only way the can obtain details of your income and expenses, your tax code, circumstances, etc,etc.
If you provide full details to the inland Revenue, before the 30th of September, they actually help you calculate the amount of income tax due or you could employ tax assistant to deal with it for less than £100.
Too hard forthem to calculate for everybody and too easy to commit fraud. Get an accountant it will cost 50-80 quid for a year end
*giggling*
See an accountant, it's what they do. You end up paying them but hopefully they will save you more than you pay them. They should also sort out all your tax returns for you.
How are your bankers to know the following:-
a) Do your bankings represent all of your revenue?
b) What expenses and capital allowances you are claiming?
I cannot imagine what business you are in that you have failed to grasp these fundamentals.
The answers post by the user, for information only, UKQnA.com does not guarantee the right.