Tax self assessment question

S83

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.

NYM

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

I did but my tax/SL/NI was paid by my employer.

S83

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.

jem16

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

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

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!

jem16

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

Much appreciated.