Self employment questions.

Rtj123

I registered self employed in January of this year. I had been working a few months previous and told hmrc about this. I registered online and received a letter from them confirming I have registered for self assessment?
Obviously January was the previous tax year and I will now be required to declare my earnings for April 2016 to April 2017?? Although this won't be much...
My question when do I need to do this? And how?
Do they send me a letter to do it?
Thanks.

Dazed_and_confused

You need to complete a self assessment return with details of all your taxable income, not just your business.

This has to be completed by end of October if using snail mail otherwise 31 January 2018 is the deadline.

Any tax/NIC/student loan etc owed will be payable on 31 January 2018 as well. If you need to make payments on account towards the 2017:18 liability then the first one of these will also be payable on 31 January 2018 (the second would be 31 July 2018).

Rtj123

Okay thankyou. Do I receive a letter from hmrc?
I'm registered self employed. So I take it my earnings will be taxable and that gets paid (if I need to..over the tax free allowance) before January 2018 for the tax year April 2016 to April 2017. Is this correct?
Also you say from January 2018 I will need to do one for April 2017 until then? Is this a new thing?
Thanks.

Mersey_2

No, that's the norm - the end of Jan following the tax year is the deadline for online S/A returns, but you're best not leaving it 'til the last day in case there are IT problems due to the volume of submissions.


You'll need to request a code to sign in which HMRC will send in the post. This usually takes 2 weeks.

Rtj123

I recieved a letter when I registered self employed with a 10 digit code? Is this it?

jobbingmusician

No idea how your 10 digit code relates - too long since I was sent one. But if you intend to file your SA online you will need a user ID and password. These come from HMRC and take about 2 weeks to arrive so it's a good idea to ask for them now.

You have until the end of Jan 2018 to file your accounts online for the tax year ending Mar 2017. If you have another PAYE job (which some people do) I would recommend scanning your P60 from year end, and emailing this P60 to yourself. Open a folder in your email called tax, and keep backups of all your tax stuff in there. Email yourself a copy of your login details when you get them, and then they will be in a safe digital place every year when you need them.

And, top tip! You cannot copy and paste your password to log in to SA. You have to physically type it in. Every year I forget this, and it is usually the most major worry of my tax return now I am confident that all the other info is safely held in my email system.

Wookey

Rtj123 wrote: »

I recieved a letter when I registered self employed with a 10 digit code? Is this it?

That will be your UTR number, you use it when completing your online assessment.

Rtj123

Great thankyou.

Another question..

I recently sold my motorbike and the buyer paid in cash. Obviously this has nothing to do with money I earn through working I'm just wondering if it's still ok to put it into the bank? As I only have one account, would I still have to declare this money for taxing even though it's not through money I've earned working?

Guest101

Rtj123 wrote: »

Great thankyou.

Another question..

I recently sold my motorbike and the buyer paid in cash. Obviously this has nothing to do with money I earn through working I'm just wondering if it's still ok to put it into the bank? As I only have one account, would I still have to declare this money for taxing even though it's not through money I've earned working?

No, but it may be an idea to have two accounts.


one personal for household things
and one for your employment, where you can keep some money aside to cover any future expenses.