Just a very quick post here about our early Self Assessment submission.  Sit tight, it’s a gripping read!

The old HMRC self-assessment has been filled in again for this last tax year.  I’m getting sloppy and it’s almost taken me 2 weeks to do it!  That’s what having kids does to you. I managed to get it done last night when everyone had gone to sleep and it took about an hour to do.  That’s in part thanks to it being simplish and in part to me having all the information at hand (or at least close at hand).

Thanks to investing in VCTs, we’ll receive a nice payback from the tax man in a few days from both the Lady and my contributions. Maybe the investments won’t be good but the 30% tax relief is good, dividends are tax-free and we use them to reduce our income taxes to close to zero.

Savings interest (including P2P) has been pitiful – partly in thanks to bad debt (yay for bad debts!) but our EIS investments are paying nicely.

I did a huge amount of miles for work this year and that more than offsets the fuel card (a nice £2500 a year bonus).  I hate cars but the “free” fuel does make it slightly hard at times to grumble that much.

No CGT to pay on beerco – still waiting to sell those shares.

I should get the refunds by the end of the month and that’ll be a welcome boost to the family coffers – the Lady is down to SMP this month meaning times are getting touch at the GFF Castle.

How’s your self-assessment looking? Got it done already? Leaving it to the accountant? Don’t bother (tax is for little people?) or are you a leave it to the last minute? If you are a see-farer please get in touch, why does every SA form have a section just for pirates?

Thanks, GFF

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Published by GentlemansFamilyFinances

Happy family man, trying to navigate the family finances towards early retirement against the odds.

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4 Comments

  1. As you may know, here in the States we had tax day just four days ago. I sent mine in early… and forgot to sign it. So now I have to wait for them to (try to) process the return, notice it’s not signed, send it back to me, at which point I can sign, send it back in and pray that it doesn’t take another month to process the return. All because I got sloppy! Grrrrr..

    Glad you’re expecting some money back. I am too and am looking forward to putting it against retirement — as soon as I actually get the dang thing!

    Liked by 1 person

  2. I now know how to register for not submitting a tax return. I think I might bite. I no longer have (i) self-employed income, (ii) royalties, (iii) overseas income, (iv) property income. Moreover I have no dividend income and my interest income is well under the £1k p.a. tax-free amount. I am nowhere near being a higher rate tax payer. Ditto for my inamorata.

    Apart from losing the thrill of the last minute dash on Jan 31st I see no purpose to it. Oh hang on, I do expect to make a charitable contribution this year. Should that tip the balance?

    Like

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