Is there any chance of increasing the amounts for simplified expenses given the huge increases in energy bills and inflation, yet the same very low amounts still remain since it began?
On this page here:
I'm talking about self assessment tax, I am not VAT registered and its technically USA so its not VAT threshold scope I believe.
I think maybe since its already taken out of the customer payment I guess its already effectively been claimed so it cant be put as an expense.
I'm finding it really confusing as I haven't been claiming expenses for etsy fees. However I put the income as the money received into the bank, so they already took the fees?
However that means I am losing out because Im not having the expense reduction taken off I guess? So I need to put income received from etsy rather than my bank and then add the expenses?
Ok but there are fees on top of this:
- VAT processing fee - Isn't actually VAT, its a fee
- VAT regulatory operating fee - Again its a fee
- VAT transaction - I guess I cannot claim this as its not technically a fee? Although I am paying it out of the money the customer paid.
Actually I guess I just answered my own question, these are fees I can apply as expenses, since they are charging us fees for having to pay VAT and also the "online digital tax" fee Etsy have passed 100% onto the businesses on etsy.
I have an etsy shop which operates out of america, etsy take VAT on everything possible, including vat on fees and multiple quantities. I use simple cash basis accounting. Can I put the VAT etsy charges as expenses under fees? I should not be being charged VAT as I earn under £85k. Etsy charge by default.
I never asked that, someone else has decided to use my thread as their own topic. "homework23" can you not start your own topic instead of asking in mine?
I now dont have an answer. As I stated since I submitted my return last week, it states the full amount as "Overdue" why does it say this? @HMRC
It did update, but it says "overdue" even though I paid and the payments are displayed below it on the very same page. It says a large sum is "overdue" I have been charged interest on payments on account as it wasn't high enough, but it doesn't make sense why the full tax amount is displayed as "overdue" when it's before the deadline has passed?
I have just noticed in the description it does state:
"HM Revenue and Customs will add this amount to your Self Assessment statement of account. It doesn't include any 2021 to 2022 payments on account you may have made or any other amounts outstanding. To help you to decide how much, if anything, to pay by the due date, check your Self Assessment account and use the information above until it transfers over."
Therefore I believe I can deduct the £6000 I have made on account and use that figure? Please can you confirm.
I submitted my tax return on 25th Jan 2023, there is no easy way to pay without manually inputting the figure. The issue I have is right now it wants me to pay an extra £6000 even though I paid the payments on account already. It does not appear to be updating because what is even going to update?
No tax is due at the moment
5 days left to pay, but when will my balance update, shall I deduct the £6000 myself? Or will I be fined?
I don't really want to pay £6000 extra because HMRC don't automatically take it off.