Tax return Q from a Newby

Stavros_3

Apologies but having read stuff in this section and reading the HMRC website I am slightly confused, here are my circs if you can assist.

I started self employed this August (2008). I have registered with the HMRC. When exactly do I need to fill in a tax return for this financial year 2008 -9. I keep seeing by January online but the tax year doesn't finish until April, and how many returns do I fill in each year, many thanks

chriiiiiiiis

Because you commenced self employed during the current tax year (6 April 2008 to 5 April 2009), you don't have to complete a tax return until this tax year ends. HMRC will end you a tax return shortly after 5 April 2009.

If you plan to file your tax return by paper (hard copy), it has to reach HMRC by 31 October 2009. And if you plan to file online, you'll have until 31 January 2010. If you don't send a paper return by 31 October 2009, HMRC will assume you are going to file online - and if they receive a paper return after 31 October, will provide you with a penalty of £100.

Stavros_3

Many thanks, a very straightforward explanation

chriiiiiiiis

No problem - And don't bother paying an accountant hundreds of pounds to file the tax return for you.

Here to help.

Bigdaddy

It would also make sense if you draw up your accounts to 5 April each year, so your first accounts will be be from August 2008 to 5 April 2009. There is no requirement for you to do this as you can end your financial when you like, but it helps keep things simple and more efficient from your point of view.