MSE News: Self-assessment Q&A: Fill in tax return now or face fines

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"If you're self-employed and haven't already filed a self-assessment tax return, do it now to avoid a hefty fine..."
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Self-assessment Q&A: Fill in tax return now or face fines

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  • I-LOV-MONEY
    I-LOV-MONEY Posts: 1,267 Forumite
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    This is the second year that I have had to complete an online SA form. I thought it would be relatively easy just to list my income and outgoings, but they ask what seem to be complicated questions!

    Also getting together all the papers necessary. This year (13/14) I am keeping them all in a folder as they come in, so next time I will have them all to hand.

    I suppose being methodical would help.

    I would get an Accountant but there goes some of my 'profit'.!
    Thank you for reading this message.
  • jamesd
    jamesd Posts: 26,103 Forumite
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    If you need help there's a HMRC online course at www.hmrc.gov.uk/courses/syob2/syob2/HTML/syob2_605.html .

    If you don't get all you need together in time, use estimates and submit it, use the notes to say what you've estimated, then correct it with a revision later. You can also save the incomplete tax return whenever you want so you can get started on what you have at any time and add the rest later.
  • trashed
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    Hi sorry if this is a really stupid question. I went part time from my work in June 2013 and registered for for SA online as I started taking classes in my local area. As I have been only treating it as a side job I have only made around £1500 since I started. I have lived on savings and my part time job also while I build it up. My question is when is my first online SA due to be paid to HMRC? Sorry if this is silly to ask but I'm really not too sure. Thanks for all your help everybody.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
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    edited 21 January 2014 at 3:49AM
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    trashed wrote: »
    Hi sorry if this is a really stupid question. I went part time from my work in June 2013 and registered for for SA online as I started taking classes in my local area. As I have been only treating it as a side job I have only made around £1500 since I started. I have lived on savings and my part time job also while I build it up. My question is when is my first online SA due to be paid to HMRC? Sorry if this is silly to ask but I'm really not too sure. Thanks for all your help everybody.
    just to clarify - when you say you registered for SA online was this also registering your self employment, ie HMRC now know you have a mix of PAYE employment (part time work) and self employment (plus savings income)
    http://www.hmrc.gov.uk/FINDOUT/

    on that basis they will write to you to inform you when you must do a tax return (which is why there is a deadline by which you must notify them of your self employment - chicken and egg at work here!).

    I assume you commenced self employment after 5 April 2013? If so then your first tax year is 6/4/13 - 5/4/14 and the tax return for that is due by 31 Oct 2014 if submitted on paper or 31 Jan 2015 if submitted online. Clearly you appear to be able to submit online so the latter is your deadline for 13/14's earnings

    you do not say how much your part time earnings are and therefore whether your total earnings will be more than your personal allowance in 13/14 and so if you'll be liable to any tax at all.
    However, it will be excellent discipline for you if you get the habit of always setting aside 29% of your self employment earnings to cover the eventual tax bill on that money ie 20% income tax and 9% NI. there are many threads form SE people who have spent the tax money and are now looking for advice on how to delay paying HMRC with money they no longer have!

    In reality for 13/14 your estimate of 1,500 means you can choose not to pay any class 2 NI but you must submit a small earnings exemption claim if you want to do that http://www.hmrc.gov.uk/working/intro/class2.htm
    (do make sure that you pay enough NI from your PAYE job to get credits towards your state pension entitlement if you opt out of Class 2)
  • I-LOV-MONEY
    I-LOV-MONEY Posts: 1,267 Forumite
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    If I were to do voluntary work and got paid mileage; should that be declared as income - inasmuch no profit is made? Just thinking of the consequences before I start.
    Thank you for reading this message.
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