Never filled a tax return before - confused!

janninew

Good afternoon,

Quick question,

I started a business last June 2017 and registered as self employed. I also had a full time job on PAYE. My business made a loss, do I still complete my self assessment before January?

Finding it so confusing. Try to ring and can't get through or it recommends I go online. On my online account the self assessment form is waiting to be filled, yet I didn't make £1000. I've already paid the tax due from my full time job.

Any help would be appreciated.

Thank you.

00ec25

2 separate questions, answer yes to one or both and you'll need to do a return:

1. has HMRC sent you a "notice to complete" a tax return? If yes, then you must, or you will be fined

2. you say you have made a loss. Do you wish to notify
HMRC of that loss so that you can then claim it in future years against any taxable profits you make in years to come? If yes, then you must submit a return

rather straightforward rules:
https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return


"You’ll need to send a tax return if, in the last tax year:

your income from self-employment was more than £1,000 - this is your ‘trading allowance’

....

If you’ve been told to send a return
If you get an email or letter from HM Revenue and Customs (HMRC) telling you to send a return but you do not think you need to, check if you need to send a return.

janninew

I've never had any communication from them other than my log on details, would this notice to complete arrive in the post?

I created my government gate way account and its sat in there. Didn't even know I could claim my loss against future years.

Thank you.

TheCyclingProgrammer

You may have received your notice to file a tax return electronically. If, when you log in to your account, it says that a tax return is due for 2017/18 then you can take it as a given that you have received a notice to file a tax return.

It would have been better to wait until after the tax year finished to see if you'd made any profit before registering but as that's now done it might be simplest to just do the tax return.