FREE PERSONAL/SMALL BIZ TAX HELP. Self assessment deadline looming

laprincesashazzy

I seem to have done something very foolish. In my anxiety to do the right thing I told the tax man that I was starting self employment from 1st April, as I was being made redundant from 31st March and didn't want a gap between the two. I then went on holiday and didn't actually start trading till late April. Now they sent me a tax return for last year as I was technically self employed for 4 days. I didn't earn anything last year apart from my job, so do i only need to fill in the details from my P60? Or do I have to do the whole form?

HellsBells63

Hi there.

I am a sole trader and wonder what's the best way to deal with vehicles. Can I keep my vehicle as private and pay myself and any staff mileage allowance? If so, do I need any petrol receipts for me and any staff? As I understand it I don't as I can only claim a fixed amount back in VAT (if I become VAT registered) - is this still the case and what is the fixed amount?

Thanks:T

onamission_2

i have retrained as an acupuncturist over the last 3 years. can I claim my training fees and/ or travel costs as part of my new business set up (pre planning)? I have received conflicting advice on this. btw I continued to work full time PAYE (34k pa) during this time.

I rent a therapy room weekly and plan to have a "home base" from Jan 08 - a therapy room in my house. so can I claim for the room /electricity/heating as it would be the business address - how do i work out what i should be claiming for this?

Would it be simpler to have a mobile phone just for the business use and claim that rather than a % of telephone on landline and personal mobile?

I understood that home to rental room is like normal commuting so I cannot claim travel expenses for going to my rented room?but now i will have a permanent room for the business at home will that change anything for next year?

finally can I claim dry cleaning of my white coats as a business expense?

thank you for giving of your time.

ribenagirl

Hi Tony,

Is there a limit on how much NI you have to pay? I work for the NHS as a therapist (so pay standard employee's NI there), but have also started doing some private work, where I am paying class 2 NI plus at some point class (is it 4?) NI. So I am paying 3 seperate lots of NI...is there any limit on this!!

I'd also like to know about filling in tax returns - when I rang HMIT to tell them I was starting up in private practice, I blurted out 1st April as a start date, but also in reality didn't start until later that month but they have taken me at my word and I'll also be getting a tax return although nothing to put on it.... :T

lastly, please could you give me some guidance on claiming back mileage on my personal car for business use in my private practice? I am guessing I can claim something but not sure how much? Many thanks, Ribena xx

Millie's_Mum

Hi

This is probably really simple but the explanation given by the Revenue in the help box is confusing.

My DH is self employed and sometimes works under the CIS scheme, should the total amount in box 3.29 be the amount he received/invoiced (ie a certain amount of it is after tax because of CIS, most of it is not) or the full amount he would have received/invoiced if not for CIS?

The explanation from the Revenue is "Enter in box 3.29 the amount of your turnover, if it includes income from which tax has been taken off (excluding deductions made be contractors on account of tax)"

I can intepret that that either way!

beanokid

I am a sole trader, working part time on PAYE and freelance training consultant. I am about to retrain to become a driving instructor, can I claim against tax for the cost of this retraining? Thanks

swindondave

Hi.
I registered as Sel Employed on 16 April 2007 as I work (2nd employment) for another company who requires me to be self employed (they dont tax the money I earn from working for them). When do I do my first Tax Return?

I am Class II N.I. Contributons exempt.
I will be earning about £1,500 per year with this company as self employed. I also work full time which is taxed and NI'd!

Thank you.

NJ10

I am confused! Do I need to do a tax return for the year ending 5/4/07 or not? I was made redundant at the end of February and received a lump sum. I registered as self-employed on 1st March 2007. I made a loss in the first month. I have not been asked to do a tax return for the year ending 5/4/07. The IR said that as I had only been trading for a month then I might not be asked to do a return and that it would be included in next years. Is this correct? Would it be better for me to do a return anyway particularly as I made a loss?

Thanks

killa47

Hi Tony
I am wanting fo file my son's return online but he is living overseas at present and has lost his P60. His last employer promises to send a Statement of Earnings but hasn't. Is there any way we can ask the Revenue to confirm his P60 earnings or can we complete the return WITHOUT his P60 earnings. The return has to be done because of unearned income levels.
Solution would be appreciated.

caz7620

My son is about to become self-employed. His start date will be around the beginning of October. When should his end of year be? Should it be 12 months from his start date or is it better to be the 4th April 2008?

If it’s the 4th April, will he have to fill in a self-assessment form as part employed and part self-employed?

What is his best option?

Thank you.