I just registered online for self assessment and will be expecting a tax bill as I haven’t paid enough tax due to high earnings (I am employed PAYE).
Is it worth getting an accountant to try to lessen the blow? I expect a bill of around 5K on top of what I have already payed. Any recommendations welcome.
How would you not have paid enough tax if you’re PAYE?
Both me and my employer didn’t realise that earning over 100K changes things. I payed nearly 40K tax already out of 125K earnings and want to minimise the shortfall if possible.
IF your’re on 125k why ask from a forum where most people complain about being on low wages, or is this a case of ‘look at me’ ■■ (but I don’t mean to sound disrespectful )
No, of course not. I’m not on that sort of wage all the time - it was due to a one off bonus payment I just think the taxman has had enough out of me and wondered if it was worth looking into getting an accountant as I don’t know what things I can legitimately claim against tax for. Or do I just swallow the 5K or so bill that will come if I just fill the form in without assistance.
raymundo:
IF your’re on 125k why ask from a forum where most people complain about being on low wages, or is this a case of ‘look at me’ ■■ (but I don’t mean to sound disrespectful )
I ask on this forum because its for Truck drivers (like me), a lot of who’m are self employed and know much more about tax liabilities than I do. No offence taken btw.
Bepto:
No, of course not. I’m not on that sort of wage all the time - it was due to a one off bonu s payment I just think the taxman has had enough out of me and wondered if it was worth looking into getting an accountant as I don’t know what things I can legitimately claim against tax for. Or do I just swallow the 5K or so bill that will come if I just fill the form in without assistance.
When I ran my own business (til 2012) I reckoned on the accountants fee being self financing. In other words he saved me more than he cost in fees. Regards, Kevmac.
Think you definitely need an accountant to sort that one for you. I’m no self declared expert on any field whatsoever but I would have thought that if you had been on PAYE then all due allowances would have already been taken into account, how to lesson the financial burden of the ‘one off’ payment only an accountant would have the answer to on that one. Hope it all goes in your favour.
In that case anyone know an accountant that can help me?
I don’t know but maybe what the one off payment was actually for might be a deciding factor in your liability …
raymundo:
I don’t know but maybe what the one off payment was actually for might be a deciding factor in your liability …
It was a company wide share bonus scheme.
Might then come under the Capital Gains rules then maybe as it’s not a directly earned income for PAYE purposes (but don’t quote me cos what do I know 
)
Look for a good transport accountant in your area would be the best thing