UK Tax Return Deadline - 31 January 2015
In the UK, the tax deadline for tax year April 2013 to April 2014 is upon us - with online submissions needing to be submitted by 31 January 2015 - which is next Saturday.
I have a simple tax return - my income is solely from my online activities and writing - and so it should be easy to put together. I'll start by getting together my 12 bank account statement sheets and go down with a highlighter pen, highlighting every income. Then I'll go through with a different highlighter pen where I've spent money (e.g. on my website, hosting, etc).
That gives me the basic Money In/ Money Out figures.
Then it's off to Paypal. What I'm looking for there is whether I've made any personal spends from my Paypal account. e.g. if I've been paid $500 through Paypal, but then spent $100 on something I bought for me on ebay, then I'll have only transferred $400 into my bank account - and I need to also "pretend" in my accounts that I did transfer that $100 of personal spends into my personal bank account as that needs to be added into the "income" amount as it was income.
I need to get round to doing it today, else it'll drag on all week and I'll be doing it at 11pm on Saturday night and panicking that I've a statement missing or something :)
I expect no tax to pay this year, I've not earnt enough!
Image Credit » Author's photo - my tax return papers, taken with my camera