Everyone has had those Self Employment Hair Raising Moments when trying to do tax returns or trying to calculate costs and working out what you need and don’t need for your tax return.
I know myself over the years I have struggled trying to find out information online on what I can claim back for expenses over the yearly period.
Seeking advise from websites, even HMRC themselves. It seems quite a grey area and I had a lot of problems identifying what I could and could not claim back for expenses.
For example, I purchased a laptop and struggled to find out how exactly I could claim the expense back as this was for work (I am self employed in a number of ways) and there was so many different answers out there.
I called HMRC themselves and the first time I was passed around for hours and in the end I hung up the phone. I was getting through to one department, transferred to another then transferred back repeatedly.
No one answered my query.
One of the problems I had was the departments I was being transferred to had no clue so were just passing me where they could to get me off the line. Little did I know there is a webpage for HMRC direct contact numbers which is very handy indeed. Specifically the Self Employment contact numbers which I really needed that day.
I did find some good advice by resorting to Google however the issue I have is it is so contradicting and the answers can vary depending where you look. I do wish so badly that is was much more straight forward and explanatory.
Okay so I have many Self Employment Hair Raising Moments and find myself not calculating costs right. I work out weekly what my tax and national insurance is however I have been majorly over saving and was triple checking the costs as I presumed I had worked it out right but turned out to be far less than anticipated.
Either I am rubbish at maths or I have been way over estimating with my figures weekly.
It was great to see that it was not as much as I expected but still had me questioning myself if I had done it right then spending weeks thinking over and over whether I messed up.
Turns out it was right in the end but now I think I am going to hire an accountant to do it for me instead to save the stress in the future.
How do you feel when it comes to self employment or so you do a me and have many Self Employment Hair Raising Moments?
*This is a collaboration post