Self Employment and Self Tax Return - my deadline to submit tax

Bookworm105

you have a lot of threads on here where others have already pointed out you are really out of your depth. I note you have already refused to use an accountant.

asking for links for such simple things as registering for SA implies you also need to do a lot more self learning

Please work your way through the many webinars and introductory guides that HMRC provide for the self employed so you understand the basic framework and concepts that you have decided you will self administer in order to do a self employed tax return. Asking (and repeating) questions on here for the factual stuff is no way to operate your business

HMRC email updates, videos and webinars if you’re self-employed - GOV.UK (www.gov.uk)

[Deleted User]

RKO1 said:

Thank you for the messages.

I'm currently waiting for my UTR number to arrive in the mail. 

I haven't registered for self-assessment yet. Where would I go to do this. Link please?

To clarify:

1. I need to declare the £200 I earned on 3rd April 2024 by 31st January 2025?

2. The bulk of my locum work so far needs to be declared by 31st January 2026?

I have expenses, like memberships, from December 2023 that apply to my 2024 tax year. Should these expenses be declared by 31st January 2025, or can they be included in the return due by 31st January 2026?

Presumably you were PAYE before commencing as a locum? 

Register for self-assessment by 5th October 2024 and file a return for 2023/24 by 31st January 2025. On that you declare ALL of your income received in that tax year including PAYE income. 

Most importantly claim all of your professional subscriptions, indemnity insurance etc at your employment income. If you claim against your self-employed income you will simply create a loss and will forego the trading allowance. So:

a) Professional subscriptions against PAYE.
b) Declare £200 locum income for 2023/24 and claim trading allowance of £200 to reduce to NIl. 

Declare your 2024/25 earnings and expenses on your 2024/25 return which must be submitted by 31st January 2026. Expenses incurred in 2023/24 CANNOT be claimed in 2024/25. 

I will leave the option of claiming the whole £1000 trading allowance  against 2023/24 out there!

Dazed_and_C0nfused

Bookworm105 said:

you have a lot of threads on here where others have already pointed out you are really out of your depth. I note you have already refused to use an accountant.

asking for links for such simple things as registering for SA implies you also need to do a lot more self learning

Please work your way through the many webinars and introductory guides that HMRC provide for the self employed so you understand the basic framework and concepts that you have decided you will self administer in order to do a self employed tax return. Asking (and repeating) questions on here for the factual stuff is no way to operate your business

HMRC email updates, videos and webinars if you’re self-employed - GOV.UK (www.gov.uk)

100% this ^^^^

I fail to see how you can be waiting for your UTR if you haven't registered for Self Assessment 🤔

I'm currently waiting for my UTR number to arrive in the mail. 

I haven't registered for self-assessment yet.

[Deleted User]

Bookworm105 said:

you have a lot of threads on here where others have already pointed out you are really out of your depth. I note you have already refused to use an accountant.

asking for links for such simple things as registering for SA implies you also need to do a lot more self learning

Please work your way through the many webinars and introductory guides that HMRC provide for the self employed so you understand the basic framework and concepts that you have decided you will self administer in order to do a self employed tax return. Asking (and repeating) questions on here for the factual stuff is no way to operate your business

HMRC email updates, videos and webinars if you’re self-employed - GOV.UK (www.gov.uk)

Ah - didn’t link with the other threads before replying. Great advice.

RKO1

DullGreyGuy said:

You register via https://www.gov.uk/register-for-self-assessment 

Thank you
In my post I received my UTR number and another letter saying I need file my tax return for year 6 April 2023 to 5th April 2024. If I owe any tax I need to pay by 31st Jan 2025.

Would this refer to the one day work I did on 3rd April 2024? 

As the bulk of my work I'm currently doing started from 6th April. Which I'm assuming I'll pay for the following tax year? 

400ixl

As people have suggested, for the first years taxes get yourself an accountant. They will likely save you more than the fees you will pay them in comparison to you bumbling around here.

Are you doing cash basis, accrual basis and hybrid accounting?
What are you doing about pensions?
Do you have equipment?
Do you have a vehicle or travel?
Do you have saving interest or dividends?
What about National Insurance?

Once you have seen what you are eligible to claim back then maybe do them yourself in future years.

You are struggling with 101 and you don't know what are the right questions to ask, and others won't either as they don't know your situation. So you will get very basic advice, some good and some potentially bad.

You won't need to do a tax return for the 2023/2024 tax year from what you have said as you are below the threshold. You will need to do one for the 2024/2025 tax year. The period for that submission opens in April 2025 and you have to have filed by the end of January 2026 and paid any owing taxes. Far better to do it as early as possible so you know your tax liability.

Of course you want to have a view of your balances on a monthly basis so you know how much you need to be putting aside to pay your tax bill.

Dazed_and_C0nfused

RKO1 said:

DullGreyGuy said:

You register via https://www.gov.uk/register-for-self-assessment 

Thank you
In my post I received my UTR number and another letter saying I need file my tax return for year 6 April 2023 to 5th April 2024. If I owe any tax I need to pay by 31st Jan 2025.

Would this refer to the one day work I did on 3rd April 2024? 

As the bulk of my work I'm currently doing started from 6th April. Which I'm assuming I'll pay for the following tax year? 

No, it is for you to declare all taxable income and establish any tax owed for the year as a whole.

If you are claiming the trading allowance this may only be a pound or two owed on your PAYE income but it's still part of your Self Assessment return 

sheramber

Your tax return covers all your income for the tax year from all sources.