Tax return time

[Jobbo]

But I do think if you buy certain types of insurance, privately, out of your "after tax" money, they there should be some relief for you.

That's an interesting one - not necessarily a good idea though. What would almost certainly happen is that the tax saving would end up in the pocket of the insurer, not the individual. Trying to incentivise people with tax savings often has unintended consequences (see, e.g. VAT cuts on specific products - https://taxpolicy.org.uk/2022/11/10/tampontax/ )

[dinny_g]

I'm sure you're right Jobbo

[GG.]

I think Jobbo is right here GG...

But I do think if you buy certain types of insurance, privately, out of your "after tax" money, they there should be some relief for you.

But in my case, as it's through work, it's definitely taxable

Yes this is all I'm saying - the government should incentivise people taking out certain types of insurance that guard against extreme negative outcomes. In the same way as they provide tax relief (for most people) on paying into a pension, for example. Not taxing people on it would be a good way to encourage employers to provide it as a regular benefit.

[Jobbo]

Why should a very specific area of insurance be incentivised over other types of insurance, though?

[dinny_g]

Why should a very specific area of insurance be incentivised over other types of insurance, though?

I guess Car Insurance and Medical Insurance are different in terms of impact they have on the state ?

If I get sick and need long term and expensive treatment, I won't need the NHS to fund it ?

[Gavster]

Self assessment time again Good news is that my self-employed income went up considerably in the 24-25 tax year bad news being that my tax payments, and 25-26 payments also do too

I far preferred when I was a VAT registered Ltd Co, because of the necessity to keep on top of the accounts on a monthly/quarterly basis. SA is too easy to leave to the last minute, although the making tax digital stuff should change that.

Good luck to anyone else doing SA this month

[dinny_g]

I'm 99% sure I got a letter from HMRC last year saying I no longer need to submit self assessment. This makes sense because I have previously had some addition bits and pieces to declare but this is all finished now and my last two submissions are simply re-stating what my employer has declared.

However, I'm still getting all my reminder e-mails from HMRC - I have to root out the letter

[Rich B]

I'm 99% sure I got a letter from HMRC last year saying I no longer need to submit self assessment. This makes sense because I have previously had some addition bits and pieces to declare but this is all finished now and my last two submissions are simply re-stating what my employer has declared.

However, I'm still getting all my reminder e-mails from HMRC - I have to root out the letter

yeah, the thresholds have all thankfully gone now, so you only need to do it if you have more complex incomes.

[mikeyb]

Self assessment time again Good news is that my self-employed income went up considerably in the 24-25 tax year bad news being that my tax payments, and 25-26 payments also do too

I far preferred when I was a VAT registered Ltd Co, because of the necessity to keep on top of the accounts on a monthly/quarterly basis. SA is too easy to leave to the last minute, although the making tax digital stuff should change that.

Good luck to anyone else doing SA this month

I'm sure you already know this Gav, but you can apply to reduce your 25/26 payments on account if you think your earnings will be lower than the 24/25 year.

Depending on your earnings in the 24/25 year, if you're a sole trader you may be captured by the new Making Tax Digital for Income Tax rules coming in from April 26, necessitating quarterly submissions to HMRC with income/expenditure info.

[Gavster]

Thanks for the pointers Mikey, I was considering reducing the payments on on account, although looking at the numbers I reckon next tax year is going to be the same or higher income again, so it could just be kicking the can down the road.