Tax self assessment question
S83
Posts: 6 Forumite
Hi guys.
Very new to this and self assessment tax returns as I've just gone freelance.
I registered as my own company and went 'self employed', with my first week of freelance starting in the last week of the 13/14 tax year.
My earnings for that week were £925, and having filed a tax return for that week, I've been told I owe no tax/NI/student loan.
This sounds right to me, but being new to it I wanted to make sure I wasn't being naive?
Also, with next year's tax return I'm therefore assuming I don't have to count or declare the week mentioned above as it fell within 13/14? Silly questions I know but as I said I'm very new to it and want to avoid messing it all up!
Any feedback would be much appreciated.
Very new to this and self assessment tax returns as I've just gone freelance.
I registered as my own company and went 'self employed', with my first week of freelance starting in the last week of the 13/14 tax year.
My earnings for that week were £925, and having filed a tax return for that week, I've been told I owe no tax/NI/student loan.
This sounds right to me, but being new to it I wanted to make sure I wasn't being naive?
Also, with next year's tax return I'm therefore assuming I don't have to count or declare the week mentioned above as it fell within 13/14? Silly questions I know but as I said I'm very new to it and want to avoid messing it all up!
Any feedback would be much appreciated.
0
Comments
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Hi guys.
Very new to this and self assessment tax returns as I've just gone freelance.
I registered as my own company and went 'self employed', with my first week of freelance starting in the last week of the 13/14 tax year.
My earnings for that week were £925, and having filed a tax return for that week, I've been told I owe no tax/NI/student loan.
This sounds right to me, but being new to it I wanted to make sure I wasn't being naive?
Also, with next year's tax return I'm therefore assuming I don't have to count or declare the week mentioned above as it fell within 13/14? Silly questions I know but as I said I'm very new to it and want to avoid messing it all up!
Any feedback would be much appreciated.
Didn't you have any other earnings for that year ?0 -
I did but my tax/SL/NI was paid by my employer.0
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blondebubbles wrote: »You may want to put your question to the tax forum for more responses.
Have you got a link? I can't find it. Thanks so much.0 -
I did but my tax/SL/NI was paid by my employer.
Employment still has to be entered onto your SA return otherwise it will be wrongly calculated. Assuming you are a basic rate taxpayer and earning above £10,000, the tax on £925 will be 20% of that which is £185. Student loan may also be possible depending on the rest of your income. So what other income do you have?
Tax board is here;
http://forums.moneysavingexpert.com/forumdisplay.php?f=220 -
Ah !!!!!!.
In that case I will need to enter my earnings as per my salary?
That'll be £30k per year broken across the tax year then.
I better log back into that assessment!
S.0 -
If it makes you feel better, I have been doing it wrong for the last six years, although in my case I have been making losses so will get some tax back!0
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Ah !!!!!!.
In that case I will need to enter my earnings as per my salary?
Not sure what you mean by that but basically you will have a page for Employment where you enter the details from your P60 - ie earnings and tax etc. You will also have a page for Self Employment where you enter self employed earnings.That'll be £30k per year broken across the tax year then.
You will be due to pay tax then. Quite probably student loan if that's applicable.I better log back into that assessment!
S.
Looks like it.0 -
Much appreciated.0
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