A Taxing Time

Rachel has inspired me to make a start on something that I have been putting off for some time now.  Completing our tax return.

We now do this online so it is meant to be simple, however, this year I seem to be struggling.  I can't concentrate and don't seem able to find all the necessary documents.  I get half way through before I realise that there is something missing and then lose interest and give up.

In previous years this particular task, although tedious, has only taken me half a day but somehow it has been dragging on for days now.  It's not even as if we have a particularly complicated financial situation.  Just a few small pensions, savings, and our casual B&B income.

P has just started on a project out in the garden so I am forcing myself to get stuck into sorting out all the paperwork.

Hope to see you all on the other side.

Painful Piles of Paperwork | KMT Partners

24 comments:

  1. The bane of most people's lives I think. Best done this coming week end when it will be too cold to go out if the weatherman is right in his prediction. Good luck.

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    1. I have at least managed to make a start now. I feel a little more organised and will tackle the rest tomorrow.

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  2. I have just finished collating my figures and emailed them to the accountant for him to complete the Return. I would not be certain that I could rely on myself to find out all the latest government thresholds on earnings and income directives, which are always changing, to do the final part myself. Good luck in getting it finished.

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    1. I think the IOM tax system may be a little simpler than the UK's - not so many directives to get to grips with. My problem is identifying the various bits and pieces that I need to include. Some of my occupational pensions are paid gross and some are tax paid. Not all of the providers send me a paper statement so I have to remember to log in and retrieve the information.
      I wish that I hadn't moved between so many jobs during my working life and accumulated so many little pension pots to monitor.

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    2. Yes, as I said to someone in comments yesterday, the paperless society makes it harder than before because now a lot of statements do not come through the post but we are left to look them up on line, and then this involves the finding of passwords and other things that can be time consuming and frustrating.

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  3. It's the concentration thing that comes with age I think, lol
    I find that I have to concentrate on my writing now as otherwise it looks like a spider has crawled over the page, I used to have nice writing and so have slowed down a bit and it works.
    Briony
    x

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    1. I am finding it harder to concentrate these days. I am going to have to attack this gradually over a few days!

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  4. Best money ever spent - giving it to an accountant to do the work for you:)

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    1. When we were both working we used an accountant but it seems a waste now that we only have our pensions and savings.

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  5. What's P doing in the garden JayCee?

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    1. Hi northsider. He is having a go at renovating the area of wooden decking around the pond. It needs a bit of repair to replace some of the rotten bits and then a couple of coats of wood stain.
      He has also promised to make some bird nesting boxes for friends so he is keeping busy out of my way!

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  6. Very good. I could do with a picnic bench for the new garden area. Please will you take a picture of the bird boxes?

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  7. Done ours - well, wife's, I am her accountant. Even enjoyed it this year because I got all the numbers ready first.

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    1. PS Just thought to look if anything further on this when making above comment. Re: B&B income: you can now check online to see if you are eligible to claim for loss of earnings under the government's coronavirus self-employment income support scheme. Need to enter taxpayer and NI numbers to check. Just checked wife's and she is. See https://www.tax.service.gov.uk/self-employment-support/

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    2. Many thanks Tasker. We are in the Isle of Man so we come under the IOM Treasury jurisdiction for tax, not the UK. We are taxed jointly as husband and wife so supposedly a simpler process.
      Apparently there are various similar loss of earnings schemes here but, as our B&B is on such a casual basis generating a very low income I think I'll leave the claims to those who rely on it for their main income.
      I feel better now that I have everything more organised today so I can probably finish it off tomorrow - brain cells willing.

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  8. When I retired and sold my business I organised my finances so that I would never have to fill in another tax return. It was one of the best things I ever did.

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    1. You are wise indeed.
      I thought that, once retired it would all be so simple.
      So naive.

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  9. Good luck with that job JayCee. I have zero knowledge of such things and in that respect I count myself most fortunate.

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    1. Don't you have to submit an annual tax return YP?

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    2. Well nobody has ever told me that I need to do that. Maybe they forgot to put my name on the list. That suits me fine as I am innumerate.

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  10. Done and dusted here - our final day was April 30. I do my own return but as little changes year over year, it is fairly simple. I am due a refund this year but it hasn't come yet.

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    1. Ours should be simple too, but it never seems to turn out that way. This year I must start a new system for collating the information sooner!

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  11. Oh poor you, Jay. After a lifetime of completing tax returns I now find the process a complete doddle. Since marrying in the noughties I'm considered chattel by the tax bods and am not considered capable of submitting my own tax return, which is fine by me as hubs has to do a joint filing and does all the work 😌 !
    Hope you find all the paperwork soon.
    Hugs, x.

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    1. Same here. Although I too am a mere chattel, an appendage to my lord and master, all matters financial fall to me as administrator. P would make an even worse mess of it x

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