Sign Pennsylvania Assignment of Partnership Interest Secure

Document type sign assignment of partnership interest pennsylvania secure

welcome everyone to the session for the self-assessment so if you are self-employed you have to submit your tax return so today we're going to see how can exactly submit the tax return through the government gateway so to log into our account we need the government get your id and the password and once we have it we just hit on the sign in button it will take us to the hmrc tax services account and as soon as we log in there we can see the home page here and from here we need to see which account is due so we can say this is the account complete and submit the tax return for 2019 and 20 so we'll click there and it will take us to the main page the first question they're going to ask you self-employed business where you're in partnership the answer is no did you receive any income from the london property if you have a property in uk you might say yes then you have to enter the information how much you're getting from the property all of this if not the answer is no then it will ask you if you receive any foreign income no any disposal of chargeable asset that is relevant to your capital gain tax if it is no it is no then it will take you to the next page it will ask you did you receive an interest for example if you have any savings account did you receive an interest for me the answer is no did you receive any dividend for me the answer is no did you receive an uk pension state benefit for me downside is no child benefit other income income tax losses for me there was no losses so i will said no are you liable to ancient tax saving charge for me it is no most of the case all of this answer is no for 99 people so page number three we have few more question personal pension contribution for the retirement annuity no did you give charity no sometimes if you keep the charity they will give you some tax saving so you can do that as well if you give an authority if you or your responsible partner born before 1935 no you can transfer always the person allows 10 percent to your wife or wife can transport you that will help you you save some tax but if you want to do it you can say yes if you are not married if you don't have civil partner you can say no do you want to claim other tax relief for me the answer is no have you had any 1920 income tax refund for me the answer is no do you have a tax advisor now we are doing ourselves have you used one or more tax avoidance scheme no do you need to disclose an income no are you acting in a capacity of on behalf of someone no then you move to the next page then it will ask you some more information about your in and how much you earn so pay from this company so six zero five you get tax taking off so how much tax you already paid is optional if you pay then you can write it down if not no then where is a director of the company are you the director of the company the answer is no for me so have it receive any taxable benefit for me the answer is no do you wish to claim unemployment expense for me the answer is no so we save and continue move to the next page on the next page they will have a blank space if i write to if i want to write anything that additional information about employment i can write it down but it's optional i don't want to write anything so save and continue then i'll move to the next section it says my annual income so did you have an all turn over 85 000 or more the answer is no because if i say yes it will take me to the vit page because 85 000 is the vt threshold if i said yes it will ask me for the vt registration all of this then from here the foster carer this thing is a farmer fisherman this is a very very rare for all of us it is unless it is relevant to you you don't have to take anything you can say none of this applied to you then we do save and continue to the next page here we have to write the business name it could be your name or it could be the business name what is the business about the description that could be your business description we're writing the security the postcode is optional you can write if you don't write there is no problem for that as your business name description address or postcode change last whole month you can say yes or no whatever you like for me which right now then if your business started after fifth april then you can write the date did your business is trading after fifth april 2009 but before 6th april 2020 said no we are still working on it if you want to say no obviously like if you say yes then it will means it is close then it will ask you the detail up to which period up to which period you want to show the accounts normally the uh the date is up to fifth of april and the next question we have did you use the cash basis cash basis means whatever money have received actually and whatever when you have paid all that you want to declare only that transaction and for the self-employed answer is always yes because we don't use the accurate basis like the limited company accounts for the self-assessment we always use the cash basis the next one we have here that we're going to see the next section income so for us the example example is income is eleven thousand two thirty two you have any other income that is not included is optional trading income allowance is optional you don't have to write anything then on the expense section we have a two section one is as a single total value and we have a breakdown you can write every single expense breakdown or you can write total expense that we have in a total figure so the total expense for example allowable for me is example 127. so 11 232 minus 127 that gives me the net profit of eleven thousand one zero five and my tax will be calculated on that amount then we go uh the next page that is save and continue then i have more option investment allowance i have a small business unrelieved expenditure capital allowance if you buy some plant and machinery or any type of van that will give you the first year allowance you can write it down here for me i don't have anything if you buy a building structure or anything so most of the case is not for you so you don't have to do anything just move to the next section the next section we have here the next section we have here other tax adjustment for uh for me we can see here good and service for own use is optional i don't have anything still my net profit is eleven one zero five then any loss if i can broad down from the last year i can offset from here or from this year any other business income all it included is optional so i have nothing so i will say save and continue then we'll move to the next section any loss from the this year or last year remember if you're a self-employed you can always carry it forward your loss for the last three years so if you have any you can do that but for me we have a profit so you don't have to do anything we don't have to feel anything then the tax deduction again if you work as a constructor for example for the cic company as a construction sometimes the agency they take tax from your income from the gross income twenty percent or thirty percent so if they already deduct twenty percent or thirty percent from your income we can write it down how much you already paid but for me it's not i work for the construction industry so it's optional for me it's not relevant for me i move to the next section then class for calculation so if you have anything apply on you so for any reason if you feel you are exempt so normally that this is very rare you are exempt not to pay like a class of four national insurance most 99 people need to pay class for national insurance but if you think any of this apply for you you can always um check but otherwise you said none of this applied then you save and continue to the next section then you have another empty box you can write it down any information that's relevant to your income if you don't have any you don't have to you can move to the next section the next section it will tell us the summary of the calculations we can see our total income is 11 to 32. total expense is 127. profit is 11.105. so this is my net profit after that i will do save and continue if everything is correct i'll move on to the next section the next section we have the class to national insurance that is fixed is three pound per week so if someone profit is less than 6365 you don't have to pay but if it is more you have to pay three pound per week or you can contribute some volunteer contribution if you said even though my income is less than the threshold but i still want to make some contribution as a volunteer you can always do that so for me it is not so i'll come down so after that i can see the next question is asking if your profit for 2019 20 are less than six three five six format is no do you want to pay any cost to voluntarily i said no i don't want to pay any voluntarily because my profit is more than that anyway i'll pay the class to national insurance and the next question i have underpaid tax include pa coding this section basically tell us amount of underpaid did i paid like do you have any underpaid figure for the tax for the earliest year including your tax year 6 april 2019 to 20 so normally if you have any tax due from the last year or from pay notice it shows here but for me the figure is zero i don't have any underpaid figure or any overpaid figure so it is zero i said the figure is zero i said is it correct it is yes then i move to the next section so we have the same question again for like the p y coding is this figure zero is correct we said yes the figure should be zero we have no problem for that after that we have any other type of depth we said no we don't have any other depth sometimes the accounts will give you earning attachment or different type of debt if you have any you can include here if you don't have you don't have so here the next section is if you want to if you basically if you basically expect any tax back from hmrc so where the money will come so you can write yourself you can write to nominee or if it is not applicable you can write not applicable normally when you have a profit you have to pay the tax you don't get it back but you can write all this yourself there is no problem for that but here you can also mention not applicable because you're not going to receive any text from them anyway and on the next section we can see here if you have not paid enough tax so what will happen if i don't pay enough tax so this is the section i said if you owe less than 3 000 pounds for six appeals so this is not applicable for me so if you have not paid enough tax this section may be helpful for you to read for understanding but we don't have any text to you so we said save and continue but most of the time you don't have any text view anyway then tax adjustment to tax so if you want to say increase in tax due to because of adjustment earlier so if you made any adjustment during the year you can always do some adjustment here but if you don't have you don't have to use all the options so you don't have to do anything for me i don't have any tax adjustment i never resubmit the account so for me it just continue then we have does this return contain a provisional figure the answer is no provisional figure is like when you are not sure about like how much a tax will be this estimate you said like my tax will be or my income will be estimated ten thousand but for us we know exactly how much was income till fifth of april so we exactly write the accurate date whatever how much we receive as income and how much is the expense so we are not pushing the provisional figure we are writing the absolute or accurate figure so for me the answer is no then we move to the next section on the next section we have a blank page again we can write it down if you need to but it's not you have to use options you want to add any attachment you can attach any file if you think that is relevant to your income and expense then we can see the detail so after that they will save the summary they say check your return so the return is from 6th of april till 5th of april 2000 2020 all this answer has to be entered so all the information we have entered into enter if i see anything is missing then i have to see okay so we have to fill it up so everything has to be entered and entered let me move to the next space that will take us the summary now the payment on account you see this is zero you if you have like tax this is like tax in advance payment on account means like you paid some tax in advance because you're expecting the same amount of income next year so your income and the tax will be same so you must have said you have to pay some tax in advance but you can always make it zero you can always reduce it to zero if you say it next year my income will be lower so on the next section you can see it if you if you don't want to pay any tax in advance you can always make it zero you can say next year my income will be less than that so this amount will be gone so only the text you will be 380 pound and the second payment on your account so that is to emit on our account that you have to pay hmrs in advance first by 31st of january that with your self-assessment tax the next one is 31st of july that will pay after six months but you can make it zero if you said the next year the income will be lower than this year then you move to the next section 7 continue and it will give you the option so the return is now ready you can view it on a copy that you can set ok save and continue and after that it will take you to the final section you can click here yes everything is correct i understand everything and you can click the hit the submit button is done so that's how you can submit your tax return from the beginning to end of course if you are confused about any question you can check with hmrc always and if something is you are not sure like it is relevant to me or not you can always check but this is the way you can submit your tax return if you are self-employed and the deadline is 31st of january every year so if you are ready to submit if you have all the workings income and expense you can submit the way i showed you