Help please!! Its all a muddle

megisabel

Hi

Im all in a muddle.

I registered as Self employed in October 2004 as I started doing bodyshop parties. I wasnt working anywhere at this time. Although had been up until September 2004.

Anyway I diddled around with doing some bodyshop parties and then mini iq parties (same kind of thing - partyplan)

Didnt make any money on either, in fact probably made a loss.

The thing is I have NO PAPERWORK or figures for any of it.

I am now self employed properly as a childminder but only since September 2005.

I have a tax return that I have just been sitting on but now have to have it in for 31.1.06 or I will get a fine.

What the hell do I do?

Cook_County

1. If the first actions were a hobby then they are not-self-employment and should be reported as non-deductible hobby losses on your tax return.

2. The second activity is a different self-employment so will have a different accounting period starting in October 2005.

3. If you applied for the small earnings exception from NIC in view of the first activity you may need to start paying if your income is now greater than the exexmption limit.

richgirl

megisabel wrote:

Hi

Im all in a muddle.

I registered as Self employed in October 2004 as I started doing bodyshop parties. I wasnt working anywhere at this time. Although had been up until September 2004.

Anyway I diddled around with doing some bodyshop parties and then mini iq parties (same kind of thing - partyplan)

Didnt make any money on either, in fact probably made a loss.

The thing is I have NO PAPERWORK or figures for any of it.

I am now self employed properly as a childminder but only since September 2005.

I have a tax return that I have just been sitting on but now have to have it in for 31.1.06 or I will get a fine.

What the hell do I do?

You need to know your gross earnings and your total expenses, the difference between the two is what your taxed on.

Theres a tax calcultator here which will calc how much tax is owed on profits / income.

http://www.moneyforums.co.uk/uk_tax_calc.php

sophistica

And you can only be fined if you are late AND you actually owe tax...of you owe no tax they can't fien you but you will need to complete a form.