self assessment dilemma..

newbridge

Hello experts,
I am a full time employed but did 1-2 jobs privately before few months and hence had registered as a self-employed. I knew that i had to do a self assessment before 31st jan11 online. I went on the HMRC website to register today and found that it will take upto 7 days!! to send the pin by post. My income on self-employment wasn't event above £300.

What do you think would happen? will I have to shell out some heavy fine. Or is there any other option left.

Thanks

OCD

newbridge wrote: »

Hello experts,
I am a full time employed but did 1-2 jobs privately before few months and hence had registered as a self-employed. I knew that i had to do a self assessment before 31st jan11 online. I went on the HMRC website to register today and found that it will take upto 7 days!! to send the pin by post. My income on self-employment wasn't event above £300.

What do you think would happen? will I have to shell out some heavy fine. Or is there any other option left.

Thanks

When did you do these jobs?
Are you sure they fall under the 09-10 tax year?
When were you registered SA?
Are definitely required to submit a return this year?

If you are required to submit a return and do not do so, the fine is £100. However, the dealine of 31/01 is for online filing.

You may still be able to file a paper return and not incur a fine.

Hopefully someone will be along soon to give you some more precise advice.

MX5huggy

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageNoNavigation_ShowContent&propertyType=document&id=HMCE_PROD1_029841#P1_42

From the above.
Penalties if you miss the deadline

If HMRC receives your tax return after the deadline, you'll get a late filing penalty of £100. If it’s a Partnership Tax Return that's late, there's a £100 penalty for each partner.
But the penalty will be reduced to nil as long as you pay all of the tax you owe by 31 January if either of the following returns are late:

• your personal tax return (form SA100)
• a Trust and Estate Tax Return (form SA800)

So just pay the tax required now, does not matter if you pay too much as you can get it back (or leave with HMRC for next year).

newbridge

ok, thanks for your prompt replies. I did some work in early 2010 but had registered as self employed in end of 2009.

So I can pay the tax directly, which is very little(almost equal to the fine!). So should I just get the HMRC account information and transfer the money and then can do the self assessment procedure as soon as i receive the online pin. And re-claim over-paid money if required. Is that right?

newbridge

OCD wrote: »

If you are required to submit a return and do not do so, the fine is £100. However, the dealine of 31/01 is for online filing.

You may still be able to file a paper return and not incur a fine.

Isn't the date(oct2010) for filing by paper already gone? If not can you pl tell me how can i do that without incurring fine.

Thanks.

MX5huggy

newbridge wrote: »

ok, thanks for your prompt replies. I did some work in early 2010 but had registered as self employed in end of 2009.

So I can pay the tax directly, which is very little(almost equal to the fine!). So should I just get the HMRC account information and transfer the money and then can do the self assessment procedure as soon as i receive the online pin. And re-claim over-paid money if required. Is that right?

That right, the amount of any fine cannot exceed the tax owed so if you have paid the tax then the fine is £0.

alanamyles

Sorry I can't offer advice about the deadlines and possibility of a fine, but have you considered going to your local tax office in person? A friend of mine did this on Friday after realizing like you that he'd be unable to file online in time for the deadline - he was able to make his payment and avoid the fine there and then. Maybe it would be helpful for you too?

OCD

Yes - that is correct - paper dealine has gone.
Good advice about paying tax owed now though!

Please check with tax office when your first return due.

newbridge

As suggested in previous replies, I had paid the owed tax (<100). But I haven't received anything from HMRC except a letter saying thank you for you £40 of your fine. Its been more than 3 months and the tax wasn't filed. I thought there would be some kind of notification from them. What should I do? Is there a huge fine waiting for me?

no-oneknowsme

I know you say that you paid the tax which was due but you did actually file the return didnt you?

Your post makes no mention of you doning this.....

newbridge

no-oneknowsme wrote: »

I know you say that you paid the tax which was due but you did actually file the return didnt you?

Your post makes no mention of you doning this.....

No I haven't filled anything yet...but have paid the money. Is it likely i will have to pay any fine