Self Assessment Tax Return.......

Kilty_2

Hello,

I'm just sending away my self employed registration form on Monday, where do I stand with the tax return that must be sent to HMRC before 30th September for them to calculate tax due?

Doesn't look like I'd meet that deadline.

So far I've made a nice loss anyway

A_Nice_Englishman

If you do it online it will automatically do the calculations. You have until 30 December to do it this way.

Key dates

If you don't want to do it online, HMRC say

If we receive your paper Tax Return after 30 September and process this by 30 December, we will still calculate your tax and we will still try to collect tax through your tax code but we can't guarantee to tell you what to pay by 31 January 2007.

Kilty_2

Thank you!

I know I won't be paying any tax this tax year anyway, my profit is currently "-xxx"

A_Nice_Englishman

You're welcome, Kilty.

Sorry to hear you've made a loss this year but hopefully you'll be able to offset this against future profits (or get a refund if you've paid too much tax).

I really do recommend filing your return online, by the way. You can save it and come back to it later if you don't get it all done in one go and it points out your errors as well as doing the sums.

Kilty_2

I will do, more reliable than a) my handwriting and b) Royal Mail

Only been set up since July so a loss is inevitable

Oh yeah, I've marked on the form that I want information about Small Earnings Exception for National Insurance contributions, is that easy enough to apply for ?

A_Nice_Englishman

No idea about Small Earnings Exception I'm afraid. My (second) income is from property so NICs aren't involved. I'm sure someone else will be along who knows about it though!

Sarahsaver

Kilty wrote:

I will do, more reliable than a) my handwriting and b) Royal Mail

Only been set up since July so a loss is inevitable

Oh yeah, I've marked on the form that I want information about Small Earnings Exception for National Insurance contributions, is that easy enough to apply for ?

It is very easy to apply for, you can download a form off the HMRC website. Bear in mind that it may affect your future benefit entitlements.

WHA

If you've only started in business in July this year, you won't have to complete a self assessment tax return for your self employment.

The tax return that has to be completed by 30 September (by post) is for the tax year 6/4/05 to 5/4/06.

If you started trading in July 2006, the first tax return you'll have to complete is for the year 6/4/06 to 5/4/07 which obviously can't be started until after 5/4/07 and needs to be submitted by 30/9/07 or 31/1/08 (on line).

Kilty_2

Sarahsaver wrote:

It is very easy to apply for, you can download a form off the HMRC website. Bear in mind that it may affect your future benefit entitlements.

I'll be self employed for the next five years at the most, providing it even works out, so not really worried about that (The benefit of not paying £2.10 a week outweighs any effect it's gonna have on benefit entitlement)

Kilty_2

WHA wrote:

If you started trading in July 2006, the first tax return you'll have to complete is for the year 6/4/06 to 5/4/07 which obviously can't be started until after 5/4/07 and needs to be submitted by 30/9/07 or 31/1/08 (on line).

Didn't know that. THANK YOU :D:D:D:D:D:D

So all I need to sort out is the National Insurance stuff then.