Self Employment Help

no-oneknowsme

dollydo wrote: »

I got a letter from the inland revenue on christmas eve, now saying weve noticed you are eligible for self assessment now. Stating they have enclosed a leaflet, but no leaflet enclosed.

It says we will let you know when we want the self assessment completed. But it doesnt specify.

Can some please confirm to me that i dont have to complete one by Jan 2011. Im not going bonkers am i?

Only started trading in October.

Thanks guys

This is standard . First thing we received was a NIC bill (as i have mentioned before) and then maybe a week later we received the same letter that you describe above.

You will not receive a notice to file a return until approx June of 2011 .


You definately do not need to file a return in Jan 2011. Think about it....the return which people will be filing by the deadline of Jan 2011 takes into account earnings from self employment between 2009+2010 ..... you were not self employed during this period of time so thers no earnings for you to assess !

Mahmood_Reza

agree with the above, the current tax return filing frenetic activity is focused on filing a return of income & capital gains for the tax year 2009-100 (06.04.09 to 05.04.10). On a related point, if your total taxable income exceeds the taxable allowance of £6475 then you will be paying tax, if self employed profits are over £5715 then you will pay class 4 NIC