Bit of a dire situation here - advice needed muchly

phil_b_2

Hi all,

I'll try keep this short and to the point.

I have been operating as a self-employed web developer for about 1.5 years. the first 6 or so months of that were very sketchy doing odd jobs etc. The last year has been more full time.
I haven’t as yet paid any tax or national insurance contributions etc. I'm not even sure the relevant authorities know I exist... Tax return time has swung round and I really need to act.
I plan to gather all invoices raised and bank statements available, get together anything redeemable(phone bills, equipment purchases etc) and organise it. Chances are not much will link up as I’ve not taken thing as seriously as I should.

Now, How much am I likely to pay back, if my income for the last year or so has been in the £30-40k region?
Is there Any way of getting out of full repayment? I ask this as I understand there is certain leeway for someone in the first year of operation? Correct me if I'm wrong.

I have no idea where I stand at the moment.

Also note, I haven’t been saving much if anything .

to summarise. I am soon to inform the revenue I've been working self employed the last year at least, tell them how much I believe to have earned, show my somewhat scrappy records and only have about £3k to my name.

Any help/advice/suggestions/b*llockings is/are very welcome!

Regards,
Phil

furndire

I have pm'd you.
I don't envy you one bit sorting out - good luck. As soon as you can get an accountant to put you on the right track as to what to claim - if you get someone small and local, they will save you much more than will cost.

Mikeyorks

phil_b wrote:

..b*llockings ....are very welcome!

Regards,
Phil

Not on here .... as you'll get enough from the Revenue:rolleyes:

You'll be fined £100 for not registering - with possibly more to come as you don't stand a chance of getting your SA Return in for 31.1.07. However, I suspect they'll possibly pass as regards the £100 fine for that as there's an element of double jeopardy .. your not having registered means they haven't sent an SA Return. And had you asked for one .. then you've basically registered ? ..if you follow the drift.

All in all .. and bearing in mind the general lack of records etc. Worth your while investing in an Acct for at least this first year? He'll probably save you as much as it costs .. and will leave you with the basics of what records are needed etc etc. So you can then DIY the 2nd year .. if you choose?

cheerfulcat

Agree 100% - get yourself a decent chartered tax accountant ASAP.

Cook_County

Rather than posting this same question on several formus, none of which you could rely on if challenged, get yourself a chartered tax adviser or chartered accountant.