Tax Return Nightmare!!!

gerturdeanna

I've left it really late obviously cos I'm very stupid. I only made £84.00 in 05-06 from Mystery Shooping along with my day job. Will I get charged a penalty now for not submitting on time??

one-non-blonde

If you're already set up for it you could still submit online. Otherwise go down to your local tax office tomorrow and hand the forms in (and make sure they stamp them). I've done this in the past with other forms (end of year payroll, I always leave things till the last minute!) so I would presume self-assessment shouldn't be any different.

Hoddie_2

You have until close of play on Thursday to prevent a penalty. If you earn over 7,185 elsewhere, the tax on your mystery shopping will be £18.48. Any penalty will be capped at £18.48 also.

gerturdeanna

I've left the forms at home!!! AAAARRRRGGGGHHH. I am right in understanding that the only penalty will be £18.48??? I earned less than that amount as I was on maternity leave until Novemeber 2005 and then only £450ish per month thereafter.

Mikeyorks

gerturdeanna wrote:

I've left the forms at home!!! .

Whilst we all believe you ... regrettably HMRC do not accept that as a legitimate excuse (given that you've had 9 months to get it done:rolleyes: ).

If your only income has been around £2500 then the penalty will be the lesser of £100 or whatever tax is due. Which sounds to be 'nil' - from what you say? So the penalty will be reduced to 'nil' once the Return is processed. The £18.48 was based on the assumption you would pay tax at 22% on the £84 - and your detail since, suggests that's not the case.

So ..... get it posted in tomorrow morning. And ... get yourself organised next year;)

sarahlouise210

If you are going to continue to receive only earning minimal earnings from mystery shopping then there really is no need for a Self Assessment tax return - you can estimate the earnings and have the amount placed in your tax code...this way you pay any tax due through your wages. At the end of each year you can confirm the actual amount received to make sure you have paid the correct tax. If you do not want a tax return next year then be quick in both getting your return in and writing a letter to say you do not need a return in future- if you leave it too long then the computer will automatically select you to receive a return next year.