Sorry - Another tax return question :(

steven_garner

Hi all,

Sorry for my complete lack of knowledge but I became self-employed last Sept (but also still in full time employment)
Im aware that the deadline of tax return is due by the end of this month and was planning on doing it online later today but im not convinced I need to do one yet?

So my question,

If I have been self employed since Sept 2009 will I need to file a tax return? If so would it be a full tax return? And is it pretty straight forward to complete?
Also I have made no money, all money made has been put back into the business – will this make a difference?

Thanks in advance.

Possetjohn

Hi Steven,

I assume you have registered with HRMC as self-employed?
You will not need to complete a tax return for your self employment until later this year for the tax year 2009-10.
If you register with HMRC you can complete it on line. It has to be done by 31/1/2011, but much better to do it before then. Don't forget that if you are still employed as well the tax return will cover both parts. You are only taxed on profits so if you have not made any profits in 09-10 tax year there will be no tax to pay from your self employment. If your profits are below a certain level, you can apply for exemption from Class 2 NI as well

steven_garner

Possetjohn wrote: »

Hi Steven,

I assume you have registered with HRMC as self-employed?
You will not need to complete a tax return for your self employment until later this year for the tax year 2009-10.
If you register with HMRC you can complete it on line. It has to be done by 31/1/2011, but much better to do it before then. Don't forget that if you are still employed as well the tax return will cover both parts. You are only taxed on profits so if you have not made any profits in 09-10 tax year there will be no tax to pay from your self employment. If your profits are below a certain level, you can apply for exemption from Class 2 NI as well

Thanks for the fast reply!

Yes, i registered as soon as i started working for myself in Sept, i have already applied for the NI exemption and received my certificate of small earnings.
So i don’t need to worry myself with a tax return now then - brilliant

Thanks for your help!