when to fill out a self-assessment

antoniomontana

I became self-employed in June 2009 and notified HMRC of my self-employed status, will I need to wait until Jan 2011 before completing my first tax return or will I have to do one in Jan 2010?

Pring

They'll send you out the paperwork in April 2010 but you won't actually have to file the return until October 31st 2010 (if you're filing paper) or January 31st 2011 if you're filing online (which is recommended!)

Murdina

Please do make sure though that if you think you are making a profit you do some sort of estimate of the amount of tax you might be due to pay for 2010 and start putting that money by. On 31 Jan 2011 if you have been making a profit you will have to pay ALL the tax due for 2009/2010 PLUS if that comes to more than £1,000 half as much again as a payment on account of 2010/11. (and same again on 31 July 2011).

It's a very important cash flow issue for those starting in self employment.