When do I need to do tax self employed assesment ?

babybethanysmum

Hi
Please bear with me as I am new to this ! If I started my business after 6th April 2011 do I need to do a self assesment soon or do I not need to do one until end of NEXT financial year ?
Any help will be greatly appreciated. Thanks in advance.

steve1980

HMRC will send you through a letter telling when to do it.

Did you let HMRC know that you were self employed?

babybethanysmum

No not yet.........

leveller2911

babybethanysmum wrote: »

No not yet.........

Any reason why not? National Insurance? did you notify them that you were going Self Employed?. You need a UTR number so that on 5th April(this year) your year will finish and you need to submit accounts for the previous year ,without that number you can't submit accounts and may well be fined.

Contact them 1st thing Monday morning....

steve1980

leveller2911 wrote: »

Contact them 1st thing Monday morning....

And expect a fine.

pjclar02

Just to reduce the melodrama slightly. If you started self-employment on 6 April 2011, your first self-assessment tax return will not be due until 31 January 2013, and this will cover the year from 6 April 2011 to 5 April 2012.

31 January 2013 is also the date by which you need to have notified HMRC that you are self-employed in order to avoid a fine. So as it stands there will be no fine. However, I would recommend you do not leave it until the last minute!

leveller2911

pjclar02 wrote: »

Just to reduce the melodrama slightly. If you started self-employment on 6 April 2011, your first self-assessment tax return will not be due until 31 January 2013, and this will cover the year from 6 April 2011 to 5 April 2012.

31 January 2013 is also the date by which you need to have notified HMRC that you are self-employed in order to avoid a fine. So as it stands there will be no fine. However, I would recommend you do not leave it until the last minute!

Whilst i'm not disagreeing with what you say.When someone starts their own business they need to keep accurate, regular accounts and the OP,s end of financial year is this April and they should
do their tax return at the earliest date possible thereafter ,leaving it till the last minute will only create problems.

Why would they not notify HMRC that they are starting self employment at the time at which they start self-employment?

As someone who has been self employed for over 25yrs I can say from a fair amount of experience that if people postpone these things then problems arise and they will be back here in 9 months time panicing because they have problems with HMRC.. It makes poor business sense putting off till tomorrow what can be done today. If they get their self assessment in as soon as possible they will also know how much tax they will need to pay and plan their year ahead,leaving it may end up with more tax to pay than they thought and no time left to put away enough tax.

Edinburghlass_2

http://www.hmrc.gov.uk/working/intro/selfemployed.htm#1

Andrea75

leveller2911 wrote: »

Whilst i'm not disagreeing with what you say.When someone starts their own business they need to keep accurate, regular accounts and the OP,s end of financial year is this April and they should
do their tax return at the earliest date possible thereafter ,leaving it till the last minute will only create problems.

Why would they not notify HMRC that they are starting self employment at the time at which they start self-employment?

As someone who has been self employed for over 25yrs I can say from a fair amount of experience that if people postpone these things then problems arise and they will be back here in 9 months time panicing because they have problems with HMRC.. It makes poor business sense putting off till tomorrow what can be done today. If they get their self assessment in as soon as possible they will also know how much tax they will need to pay and plan their year ahead,leaving it may end up with more tax to pay than they thought and no time left to put away enough tax.

Hiya, just a quick point on your comments above. I'm a tax return newbie. I've been renting my property since October 2011, registered for SA in November 11 and received my UTR in Jan 12. I contacted HMRC via the website and asked them when I could expect a Notice to submit my online tax return as I was worried that I was uncertain of all the rules and that i'd miss the deadline and would incur a penalty or be in trouble with the tax office. I then received 2 e-mail responses from 2 different advisors confirming that my deadline for online submission was 31 January 2013. And they said that I would receive a Notice after the 6th April 2012 to do this.

I'm assuming that my tax return will include all rental income/allowance expenses etc from October 2011 until January 2013 as they didn't mention this.

Thanks in advance for any feedback.