Self Assessment Tax Return

Forever

Hi,

My total earnings for 2013/2014 tax year is a maximum amount of 5,000.

I have just filled in a small earnings exception online form with HMRC stating that I do want to pay voluntary class 2 NICS.

Do I still need to fill in a self assessment tax return?

Many thanks.

purdyoaten

Forever wrote: »

Hi,

My total earnings for 2013/2014 tax year is a maximum amount of 5,000.

I have just filled in a small earnings exception online form with HMRC stating that I do want to pay voluntary class 2 NICS.

Do I still need to fill in a self assessment tax return?

Many thanks.

As you are self-employed - yes! However, if you only commenced in 2013/14, your first return is for that year and the deadline for online submission is 31st January 2015.

glider3560

Yes.

Small earnings exemption covers only your self-employment income, whereas a tax return looks at your income from all sources.

Forever

Thank you very much for your feedback.

I am relieved to hear that I can wait until the end of January next year before I need to complete a tax return.

That gives me plenty of time to analyse exactly what I need to do.