Re: Advice on additional income

Income Tax (Earnings and Pensions) Act 2003 has made some changes to the way in which NI and income are defined for some classes of employment, in particular directors. You need to ensure that these changes do not affect you.

Unless the appropriate tax and NI is deducted at source then the self-assesment form will almost certainly need to be completed.

That assumes that all contributors are non-professionals and you do not need to be a member of the CIOT to advise on tax. Qualified accountants that specialise in tax are more than competent to advise.

I hope nobody who posts to this group would suggest that you use it to fill in your tax return. However, it is not necessary to always seek professional advice where matters are straight-forward. Self-assessment is designed for ordinary people to be able to complete their tax form without professional advice.

As I previously posted, the best first port of call is the Inland Revenue themselves who are there to help you. They will be able to tell you what forms are required and how to deal with the income. They will also tell you if they think you need an adviser.

BTW advisers are not charities and yes they might listen for half and hour but are unlikely to tell you any answers but offer to help complete you tax return for a fee. After all that is their business.

Please do not take offence to the curt reply none is intended.

In message of Wed, 23 Jul 2003, a0000000000 writes

And none taken. And I did not mean to imply that ALL contributors to this list are non-professionals. But there are some who talk a lot in this (and other related newsgroups) as though they know it all - they know who they are! :-). Unsuspecting new readers to this group should take heed.

DF

In message of Wed, 23 Jul 2003, a0000000000 writes

Thanks. I thought that Act was just a re-write of the legislation, but I note on the HMSO web site that there are some Minor Amendments included as well. :-(

DF

Thanks for your advice all.

I phoned my local tax office, explained the situation, and they said I'd just register with them (they couldn't do it there, because my tax office is in Goole, and I phoned Chester), and fill in the details on my self employment bit of my Self Assessment form, and that's that.

Pete.