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Second Income Self Assessment - Bit Stuck!
LoneWolf
Posts: 3 Newbie
Hi All,
Done a lot of reading but can't seem to get my head around what I need to be doing here. Thought I'd ask here because I've had a lot of clear and concise help previously.
I've literally just started a side business, completely different industry to my 9-5, and amazingly its taken off quickly. I have secured a couple of recurring clients who have me booked in for at least the next 12 months, meaning this is now a fixed second income.
Obviously that now makes it time for tax implications (not just an eBay hobby), but I've confused myself on self assessment.
I am about to register as a sole trader for this side gig. I've only really officially started from late November/1st December 2015.
Do I need to be completing a tax return for the January 2015 deadline? Or am I waiting for the next year - totalling up the next 12 months? Is there anything else I need to be doing (aside from keeping records over this time)?
Apologies if a stupid question, I have searched but can't seem to find my answer in black and white. Was going to ring HMRC and query but thought I might get some further resources asking here.
Thanks!
Done a lot of reading but can't seem to get my head around what I need to be doing here. Thought I'd ask here because I've had a lot of clear and concise help previously.
I've literally just started a side business, completely different industry to my 9-5, and amazingly its taken off quickly. I have secured a couple of recurring clients who have me booked in for at least the next 12 months, meaning this is now a fixed second income.
Obviously that now makes it time for tax implications (not just an eBay hobby), but I've confused myself on self assessment.
I am about to register as a sole trader for this side gig. I've only really officially started from late November/1st December 2015.
Do I need to be completing a tax return for the January 2015 deadline? Or am I waiting for the next year - totalling up the next 12 months? Is there anything else I need to be doing (aside from keeping records over this time)?
Apologies if a stupid question, I have searched but can't seem to find my answer in black and white. Was going to ring HMRC and query but thought I might get some further resources asking here.
Thanks!
0
Comments
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https://www.gov.uk/self-assessment-tax-returns/deadlines
Deadlines for las tax year 2014/15, add a year for this tax year 2015/16. You cant complete it before the year ends on 5th April 2016.0
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