Self Assessment - do I need to fill in now (or not till April time)??

asy1mpo

Hi

I am a freelance web designer and started my business around May 16th 2008.

I have all the details for filling out self assessment online.

I just wondered, do I actually need to fill/register something by January 31st 2009? Or since I didnt actually start till after April 5th 2008 (and therefore no taxable income for 2007/08) I dont actually need to do it till April 2009????

CLAPTON

If you started in May 2008 then you must file and pay tax by 31st Jan 2010
however I would suggest you actually file by October 2009 so the HMRC can work out your tax for you.

Presumably you have already registered with the HMRC as a self employed person. (you need to register within three months of starting and are liable for class2 NI ..subject to likely income)

asy1mpo

Yeah, I am already registered self employed and have already been paying some NI contributions.

If I do it online (by Jan 31st 2010) isnt it all calculated for me??

So I dont need to do anything before Jan 31st 2009??

ceeforcat

The return required to be submitted by 31/01/09 is for income 6/4/07 - 5/4/08 - you did not start celf employment until May 08 - so No.

Possetjohn

As noted in previous posts you don't need to file a return for the 08-09 tax year until after the end of the tax year (5/4/2009).

I assume from your post you are going to do the return yourself and not use an accountant?

If you do it online you have until 31/1/2010 to submit it, but best advice is to do it by the end of 2009 as the HM revenue system gets overloaded in January!!

It takes a period of time to register to use the online system. You have to input your details, then they have to send you an activation PIN which takes about 2 weeks.

You can complete your return on-line using the HM revenue system in stages. It saves any details you have previously put in and you start where you left off. It is not the most brilliant of systems but has worked OK for me. It gives you an online calculation when completed and you have chance to review it and check for mistakes before you submit it. Don't forget to keep a record of the sumission receipt when you do!!

tyllwyd

You should get a letter from HMRC in about April/May telling you that you need to do a self-assessment tax form for your 08/09 income, and that is the one that needs to be filed (and paid) by the end of January 2010 at the latest, as other people have said.

One thing to watch out for - you will probably have to start paying payments on account at that point, so in January 2010 you will have to pay all your tax for 08/09 plus half as much again as a payment on account for the next year (so if your tax bill was £1000, you'd have to pay £1500 in total). That means the very first tax bill is usually a big one, so make sure you are saving now!!

asy1mpo

thanks for your replies everyone

Dealwithit

before 31st Jan

asy1mpo

Dealwithit wrote: »

before 31st Jan

is that 2009 or 2010?? Did you read my original post (started business in May 2008)

Dealwithit

I am sorry, if it was after 5th April, 2008 which yours was then this would fall into the tax year of 2009/10 and it would be 31st janauary, 2010. teach me to read the post in future.