Self assessment question

Self assessment question

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Hi

I am a higher rate tax payer but I keep getting inconsistent information from the 0300 HMRC self assessment help line that I have had to correct and prove wrong a level 2 technician  and am waiting for a level 3 inspector to call me back with the following questions:

1. I pay ad-hoc contributions to my SIPP whilst separately I also pay from my PAYE at source into a Group Pension Plan.  I am within the annual £40k contribution limit and I am aware I don't claim relief on my contribution taken at source, but if for example I pay £10k to my SIPP, am I correct in thinking that the amount I declare on my tax return is £12,500 and not £10k so that the higher relief is paid on the £12,500?  

2. I pay e.g. £1,000 to Charities Trust (for those who don't know what that is, its like a Charity bank account from which they apply for the Gift Aid contribution and when I'm ready I instruct the Charities Trust to pay X to the charity I wont to donate to).  Charities Aid Foundation (CAF) is also another charity bank.  Anyway, what is the amount I declare on my self assessment for tax relief, is that the £1,000 or the amount with Gift Aid added of 25%, making it £1,250?

3. I occasionally trade currencies like I do shares (outside of an ISA).  I have a capital loss to realise, but the template on the self assessment form online is geared only towards shares, companies and properties.  How do I relect a CGT loss like this and explain it clearly?  Also when holding position (either forex or CFD - contract for differences on equities related) in which I incur interest for holding a leveraged position, can I add that cost of funding i.e. monthly interest to the overall CGT loss or subtract that interest cost from any CGT liability over and above the annual allowance?

Thanks.

Replies (46)

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Portia profile image
By Portia Nina Levin
24th Apr 2015 19:53

(No subject)

Thanks (3)
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By ey143
13th Apr 2015 13:19

I don't have an accountant, I prefer to do this myself and have been doing so for a few years.  But the occasional guidance here and there has never led me astray.  Its really not that hard once you know the rules, assuming you don't get a twit at HMRC who doesnt know his stuff.

Thanks (0)
Portia profile image
By Portia Nina Levin
24th Apr 2015 19:53

(No subject)

Thanks (2)
By mrme89
13th Apr 2015 13:26

The problems you face are:

(1) Despite being a higher rate earner, you won't pay a small fee to an accountant to get the job done properly.

(2) You don't have the knowledge to complete the return yourself.

(3) Most staff at HMRC don't know much about tax.

 

If you address point 1, you won't go wrong.

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By Tim Vane
13th Apr 2015 13:24

So you don't need an accountant, you just want them to answer your questions for free to prove that you can do it yourself....

 

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James Reeves
By James Reeves
13th Apr 2015 13:30

Have you tried your local pub?

There's always free tax advice available at the bar.

Thanks (3)
Replying to Arthur Putey:
By Tim Vane
13th Apr 2015 13:34

"With respect" this is a

"With respect" this is a forum for accountants and finance professionals, not freeloaders.

Thanks (3)
Replying to Arthur Putey:
By petersaxton
13th Apr 2015 13:46

Maybe you

ey143 wrote:

Gee what's with your stuck up people?  Are you suffering in these economic times?

Is any internet discussion forum only for the privlidged?  Are there no forums on the whole www where people dont ask questions? Must you need an expert for every technical question.  I'd love for you to come to another IT forum asking me "my computer keeps crashing" and for me to tell you "what you cannot afford to goto PC World" or have a question on "What is a dividend" and I say, "goto to an IFA".

If you have no interest in helping, with respect, don't bother answering.

Maybe it's you who is suffering by not being willing to pay an accountant to make your life easier.

 

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Replying to Arthur Putey:
Red Leader
By Red Leader
13th Apr 2015 14:08

no comment

ey143 wrote:

If you have no interest in helping, with respect, don't bother answering.

Alright then.

P.S. Listen to Portia.

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Replying to Arthur Putey:
By mrme89
13th Apr 2015 14:41

Why

ey143 wrote:

I'd love for you to come to another IT forum asking me "my computer keeps crashing" and for me to tell you "what you cannot afford to goto PC World" or have a question on "What is a dividend" and I say, "goto to an IFA".

 

 

would an accountant ask what a dividend was, and why would they be asking it on an IT Forum?

 

 

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Portia profile image
By Portia Nina Levin
24th Apr 2015 19:53

(No subject)

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By LuKosro
13th Apr 2015 13:35

Hi

How will you know if you get the correct answer on this forum?

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By ey143
13th Apr 2015 13:45

I will find the correct answer from a technical inspector anyway, it would just be nice to hear a comment from those who are what the answer is.  I cannot believe for a moment that a few jumped up individuals think I dont have a right to post a question.

I sit on the board of two charities and give up my time helping disabled people (in a technical role) irrespective of the fact its not my field.  Not even for one moment if I was asked a question, would I respond with such a stuck up attitude that some of you seem to have.  If you dont want to help others then simply dont reply.

Strange this internet forum thing, maybe its just for banter and not for helping!

Thanks (1)
Replying to Matrix:
By cheekychappy
13th Apr 2015 13:53

Not here

ey143 wrote:

;I cannot believe for a moment that a few jumped up individuals think I dont have a right to post a question

Actually, it's frowned upon.
http://m.accountingweb.co.uk/group-thread/accountingweb-site-discussion

I apologise that the service does not meet your expectations. Perhaps you might receive a better service if you pay for it?

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Replying to Matrix:
By petersaxton
13th Apr 2015 13:55

What it's for

ey143 wrote:

I will find the correct answer from a technical inspector anyway, it would just be nice to hear a comment from those who are what the answer is.  I cannot believe for a moment that a few jumped up individuals think I dont have a right to post a question.

I sit on the board of two charities and give up my time helping disabled people (in a technical role) irrespective of the fact its not my field.  Not even for one moment if I was asked a question, would I respond with such a stuck up attitude that some of you seem to have.  If you dont want to help others then simply dont reply.

Strange this internet forum thing, maybe its just for banter and not for helping!

This website is for accountants not freeloaders. We don't mind answering the odd question asked by nice pleasant people but not people who get upset and decide to insult everybody. I would suggest you go away and continue your communications with HMRC. 

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Replying to Matrix:
By ireallyshouldknowthisbut
13th Apr 2015 14:07

.

ey143 wrote:

I will find the correct answer from a technical inspector anyway,

*raises eyebrow*

Maybe I should try that rather than posting on here.

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By mwngiol
13th Apr 2015 13:49

Internet forum

Maybe you should try www.askforhelpfrompeopleyoudontneedhelpfrom.com

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Portia profile image
By Portia Nina Levin
24th Apr 2015 19:54

(No subject)

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By nogammonsinanundoubledgame
13th Apr 2015 14:01

So if I wanted my faucets fixed at home for free ...

... all I need to do is look online for find-a-plumber, and because I find one on an internet forum I can expect him to come down and fix them free of charge?

What jumped up arrogance to suggest that an accountant is "stuck up", on the grounds that he is not prepared to give his advice for free, when his advice is (a) clearly of value and (b) his only source of income.

By all means ask your questions.  If you get a valuable response for free, then congratulations to you and more fool the advisor.  If someone points out why a valuable free response is unlikely, that is hardly "stuck up", it is just pointing out a economic reality of which you should really be already aware.

With kind regards

Clint Westwood

Thanks (1)
James Reeves
By James Reeves
13th Apr 2015 14:25

Splutter

ey143 wrote:

Portia,

Many thanks for your civilised reply

Things you never thought you'd hear #5.

Thanks (7)
Stepurhan
By stepurhan
13th Apr 2015 14:38

IT question

ey143 wrote:
Would love to see them on an IT forum asking a question.
I can only presume from this that you are in IT. Then let me ask you a simple IT question.

I'd like to build a RAID array. Please provide me with detailed instructions how to do so. If you do not consider you can do so in a free forum, please provide an explanation of why I should not consider you "stuck up" for not providing this information.

Thanks (2)
Replying to Tomazaan:
James Reeves
By James Reeves
13th Apr 2015 14:42

How to build a RAID array?

Simple. You just build a RAID array.

(One for listeners of @wittertainment).

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By andy.partridge
13th Apr 2015 14:07

And meanwhile

 . . . . Sift sit on their hands, look away, and pretend it's not happening.

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By mwngiol
13th Apr 2015 14:09

IT Forum

Shut down and restart. Problem solved.

The problem with accountancy/tax queries is that the answer is usually 'it depends'. Which leads to follow up questions. Which usually lead to other follow up questions. A simple question could have dozens of different answers, all of which are correct under different circumstances. Finding out about all the various circumstances is too much hassle on a free forum.

Thanks (1)
Portia profile image
By Portia Nina Levin
24th Apr 2015 19:54

(No subject)

Thanks (3)
By Rachael White
13th Apr 2015 14:45

Hello all, 

Hello all, 

I'd like to remind all members to keep it polite and friendly on this forum. People do have the right to ask questions on this free, open forum which as you have correctly stated is for accountants, in practice and business. 

However if you do not wish to answer the question please direct that member to a more relevant website, advise them to seek their own accountants' help (which you have done - thank you) or refrain from commenting.

In this case, OP, you might find an answer on our sister site UK Business Forums, or indeed via the help of your own accountant, should you seek to employ or engage one.

Also OP, please refrain from calling other AccountingWEB members names or you will receive a warning in regard to your membership of this site.

Thanks,

Rachael

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Replying to lionofludesch:
By petersaxton
13th Apr 2015 14:53

Shouldn't Sift do this?

Rachael_Power wrote:

Hello all, 

I'd like to remind all members to keep it polite and friendly on this forum. People do have the right to ask questions on this free, open forum which as you have correctly stated is for accountants, in practice and business. 

However if you do not wish to answer the question please direct that member to a more relevant website, advise them to seek their own accountants' help (which you have done - thank you) or refrain from commenting.

In this case, OP, you might find an answer on our sister site UK Business Forums, or indeed via the help of your own accountant, should you seek to employ or engage one.

Also OP, please refrain from calling other AccountingWEB members names or you will receive a warning in regard to your membership of this site.

Thanks,

Rachael

Shouldn't Sift do this? They could do this when people post and/or join the site.

The responses were polite and friendly until the OP said: "Gee what's with your stuck up people?  Are you suffering in these economic times?".

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Replying to lionofludesch:
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By andy.partridge
13th Apr 2015 15:05

Sorry, that's unhelpful

Rachael_Power wrote:

However if you do not wish to answer the question please direct that member to a more relevant website, advise them to seek their own accountants' help (which you have done - thank you) or refrain from commenting.

 

You should implement your stated policy or change it. It is Sift's inaction that is the chief cause of any conflict.

In addition to being unpaid contributors, it seems you want members to be unpaid moderators too, without any authority and with each of us having different ideas as to what is 'right'. How is that going to work?

Thanks (1)
Replying to bettybobbymeggie:
Francois
By Francois Badenhorst
13th Apr 2015 15:06

No

We're asking you to recognise that we as moderators are human beings, not omnipotent. We try our hardest to get there first, but the odds our members will see a post first. We appreciate our active community and I don't think asking for co-operation is a revolutionary ideal.

What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response. That is all.

This will be the last time I post on this thread in regards to this matter, if you wish to discuss it further PM me. 

Best,

François

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Replying to Wanderer:
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By andy.partridge
13th Apr 2015 15:14

Maybe . . .

FrancoisB wrote:

We're asking you to recognise that we as moderators are human beings, not omnipotent. We try our hardest to get there first, but the odds our members will see a post first. We appreciate our active community and I don't think asking for co-operation is a revolutionary ideal.

What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response. That is all.

This will be the last time I post on this thread in regards to this matter, if you wish to discuss it further PM me. 

Best,

François

Maybe if you weren't so busy with your April Fool japes . . .

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Replying to Wanderer:
By petersaxton
13th Apr 2015 15:18

Maybe that's where you are going wrong?

FrancoisB wrote:

We're asking you to recognise that we as moderators are human beings, not omnipotent. We try our hardest to get there first, but the odds our members will see a post first. We appreciate our active community and I don't think asking for co-operation is a revolutionary ideal.

What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response. That is all.

This will be the last time I post on this thread in regards to this matter, if you wish to discuss it further PM me. 

Best,

François

Maybe that's where you are going wrong? You could at least add one "omnipot" to the team!

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Replying to lionofludesch:
Francois
By Francois Badenhorst
13th Apr 2015 15:33

We've contacted Zeus to come on board as moderator. Waiting to hear back. 

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Replying to Wanderer:
Stepurhan
By stepurhan
13th Apr 2015 15:24

Response to responses

FrancoisB wrote:
What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response.
Are you saying it is inappropriate to respond to an OPs responses?

OP is told they need to consult an accountant.

OP belittles said response, making comparisons to asking questions on other areas (specifically IT for this poster)

Should we not respond to said comparisons pointing out the flaws in them? Because I can't help thinking that someone, assuming silence means the point is conceded, will be encouraged to continue using a forum which a Sift employee in this very thread has said is not for them.

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Replying to atleastisoundknowledgable...:
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By andy.partridge
13th Apr 2015 15:31

Mixed messages

stepurhan wrote:

Should we not respond to said comparisons pointing out the flaws in them? Because I can't help thinking that someone, assuming silence means the point is conceded, will be encouraged to continue using a forum which a Sift employee in this very thread has said is not for them.

But we are also told that the OP has every right to be a member. Do the words 'cake and eat it' chime? Or is Sift as confused as the rest of us?
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By Rachael White
13th Apr 2015 14:55

Peter - anyone has the right to join as a member with AccountingWEB. 

Also as you can see, I have warned the OP about their tone and use of name calling. If you wish to discuss this further please contact me directly or start a thread on the Aweb feedback discussion group.

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Replying to carnmores:
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By andy.partridge
13th Apr 2015 15:08

This is where you are going wrong

Rachael_Power wrote:

Peter - anyone has the right to join as a member with AccountingWEB. 

 

Shouldn't it be 'anyone has the right to apply to join as a member of AccountingWEB'?

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By stewee
13th Apr 2015 15:35

Thanks

That is simply the best post I have followed in ages - go Portia.

Especially enjoyed - "really not that hard once you know the rules", - I use the same line with my GP.

 

 

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By Rachael White
13th Apr 2015 15:36

Yes, everyone has the right to be a member.

No, you do not need to answer all questions. If you find something offensive or wrong, please either politely respond as we are all human here, or report it, in which case if it is offensive or wrong we'll moderate it. 

I hope that clears things up - we're all on the same side here! 

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Replying to jcace:
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By andy.partridge
13th Apr 2015 15:48

How does that square?

Rachael_Power wrote:

Yes, everyone has the right to be a member.

How does that square with your stated policy of the site being for finance professionals?

I'm sure you don't really mean what you say, otherwise you would be happy for banned members to reapply. Indeed, you wouldn't ban anyone. 

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By mwngiol
13th Apr 2015 15:45

Iris

Referring to Iris as being godlike might get Sift into trouble with potential advertisers/partners...

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By Rachael White
13th Apr 2015 16:21

Anyone has the right to become members of accountingWEB unless/until they breach community rules.

The forum is of course for anyone involved in accountancy. Not for free advice but as I said we would kindly ask in this case that members either reply politely or report the comment so we can deal with it or refrain from replying at all. 

Please can we keep the tone of this conversation friendly.

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By andy.partridge
13th Apr 2015 16:34

I am being friendly

Perhaps you think I am being unfriendly just as I think you are being evasive. Hopefully we are both wrong.

Let me ask again, please. How does that (ie. anyone having the right to be a member) square with your stated policy of the site being for finance professionals?

It seems that community rules are rules to be enforced, but stated policies are rules to be ignored?

You state that just under half your visitors are from practice and the remainder are accountants in business. That is patently untrue, but nowhere do you state the site is a 'free-for-all'.

I'm not the only one confused. I think you are too.

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By Rachael White
13th Apr 2015 16:43

Andy, I'm not a public official, I'm not being evasive. :)

I'm not sure how this is confusing but I am open to questions - please email [email protected] or put your questions in the relevant discussion group.

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Replying to atleastisoundknowledgable...:
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By andy.partridge
13th Apr 2015 16:58

Why evasive?

Rachael_Power wrote:

Andy, I'm not a public official, I'm not being evasive. :)

I'm not sure how this is confusing but I am open to questions - please email [email protected] or put your questions in the relevant discussion group.


I suppose, because you haven't answered the question (again!). I do not want to email you directly on this, thanks, because the issue is one that is important to the wider membership.
 

Peter, if the reason you are giving were the real reason I am sure that Rachael would have been more than capable of telling us herself.

 

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By petersaxton
13th Apr 2015 16:48

Andy

I think we will have to wait until the site is upgraded. Rachael has asked for our opinions on that. Rachael has done that bit now it is down to the designers and programmers.

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Portia profile image
By Portia Nina Levin
24th Apr 2015 19:55

(No subject)

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