Self Assessment questions

dawn_rose

Hiya i have just set up as a sole trader and registered through the online gateway as a business, when do i have to fill in a tax return? will they send out the tax return paperwork to me or do i need to phone up to have it sent out? Many thanks Dawn x

InsideInsurance

If you started trading this tax year, ie after 5th April, then your first return will need to be done by end of Jan 2015 if you do it online, a couple of months earlier if you want to do it by paper

dawn_rose

If i do it on paper will they send me a form closer to the time or do i need to request one?

nomunnofun

dawn_rose wrote: »

If i do it on paper will they send me a form closer to the time or do i need to request one?

It should be issued in or around 10th April 2014. If you are registered it will be issued to you automatically.

PlutoinCapricorn

My reminder to complete a tax return for 2012/13 arrived on May 1st, so you should get something around the same time next year.

I strongly recommend completing the return online, as opposed to using the paper form.

tyllwyd

One thing I would warn you about - if you start trading now, your first tax payment won't be due until January 2015, and it will be the full tax bill for 2013-14 and possibly plus another half again as a payment on account for the following tax year - so potentially a large sum of money to find all in one go. Make sure you save towards it as you go along!

spenderdave

PlutoinCapricorn wrote: »

My reminder to complete a tax return for 2012/13 arrived on May 1st, so you should get something around the same time next year.

I strongly recommend completing the return online, as opposed to using the paper form.

Not having received my reminder yet, I went to the self assessment site the other day and it said 'we sent you a notice on April 5th but have not yet heard from you...'. I assume it got lost in the post or even more likely was not sent out in the first place.

Yes, you should be doing it online. But as others have said, since you have only just started your business you don't need to do anything this tax year apart from sorting yourself out to do your business accounts. You do though need to notify HMRC that you are now self employed so they will send you the stuff next year.

I currently get refunds of my tax. When you do that online you get the repayment VERY quickly.

dawn_rose

thanks for replies I have already registered three weeks ago after i first started trading and have been keeping accounts since day 1. I shall save as a go along for my tax bill but in my first year of trading i don't anticipate going over my tax allowance (but you never now it could take off) x