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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am self employed and doing my accounts online! Two problems

Resolved Question:

I am self employed and doing my accounts online! Two problems have cropped up?
1. Can I include in my outgoings the two sums of monies I paid to HMRC last year tax?
2. Yesterday it stated my figure previous year needed amending i.e. I should increase the tax due?? I paid quite a lot last year and it refers to a code but as I have been self employed since 2012 I do not get a tax code / PAYE??
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
and welcome to the site. Thank you question.

Amounts paid to HMRC towards tax do not count as an allowable expense when completing your tax return. Being self employed, your outgoings are your allowable business expenses of the operation and not your personal tax liability arising from the profits made.

If you have no earnings from employment as you have been self employed since 2012, tax code and amending PAYE tax code does not come in the equation.

I would recommend you take that up with HMRC independent of filing your self assessment tax reurn.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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