Tax & Money 2013-14: Answering Your Questions

20140319_155946smWe’re at the end of the tax year so I opened up the blog for your questions.

(Not sure what a tax year is? Learn here)

Settle down with a cup of tea, glass of wine, and a slice of cake, and learn.

My tax return was a nightmare last January. I can’t go through that again. What can I do?

You’ve done the most important thing which is to admit to yourself it was hell and that you don’t want it again. You want a life. Well done.

Your tax return doesn’t need to be hell-ish. It can be all cake-ness if you allow it to be. Now I won’t pretend it’s all easy because it isn’t. But most of it is.

The secret is to have a fabulous system in place so you know what you’re doing with as little work as possible and as many rewards as possible. If that sounds good, talk to me.

HMRC and National Insurance don’t talk to each other. Why is this?

National Insurance (NI) are technically part of HMRC. In practice, they don’t talk to each other and NI have much nicer call centre staff.

No-one knows why, we’ll assume they haven’t fallen out and shouted ‘I’m not going to be your friend anymore’ across the playground. Within HMRC, VAT and PAYE departments usually don’t talk to the other departments, so at least it’s equal opportunities not-talking.

In short, I don’t know and yes, it’s a bit silly, I agree with you.

I’m a new limited company. Why do I need you and an accountant?

I specialise in helping you understand, feel confident and make good financial decisions about your money and tax. There are a lot of legal obligations for limited companies and a big learning curve about what are the best decisions for you as a new director.

An accountant does the accounts for you (really don’t try to do it yourself) and that’s their job. I’m here to empower you to understand what you need to do, why you need to do it and to have great financial work flows.

I save you overwhelm, time and money.

Last year I didn’t claim working from home expenses and kicked myself. What can I do this year?

Take a moment to feel how irritating it is to know you ‘lost’ that money. That’ll keep you focused when you want to put off doing your expenses for the new tax year.

You can’t get the money back but you can make sure you claim in future. Read 10 Tax Advantages of Working From Home: James Bond Style for more information. There are details of how you can claim in the Tax Return Toolkit. If you need to talk about which claiming option is best for you, let’s have a coaching call.

 

Start the new tax year right and take action on what you promised yourself. Don’t repeat the stress.

Talk to me.

What question do you have that you need help with?

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