Tax self assessment question

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.

Comments

  • NYM
    NYM Posts: 4,066
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    S83 wrote: »
    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 ?
  • S83
    S83 Posts: 6 Forumite
    I did but my tax/SL/NI was paid by my employer.
  • S83
    S83 Posts: 6 Forumite
    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.
  • jem16
    jem16 Posts: 19,397
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    edited 31 May 2014 at 2:41PM
    S83 wrote: »
    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=22
  • S83
    S83 Posts: 6 Forumite
    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.
  • anmarj
    anmarj Posts: 1,817
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    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! :D
  • jem16
    jem16 Posts: 19,397
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    S83 wrote: »
    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.
  • S83
    S83 Posts: 6 Forumite
    Much appreciated.
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