redgoalsuk Thread watched Self assessment return error

redgoalsuk

Hi All

I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment.

I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023.

My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this employment)

My earnings from self employed up to 5/4/24 were £42,272

This is below the £85k VAT threshold so why am I getting an error when I enter 42,272 in the self employed income field?

thanks
Rog

TheSpectator

redgoalsuk said:

Hi All

I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment.

I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023.

My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this employment)

My earnings from self employed up to 5/4/24 were £42,272

This is below the £85k VAT threshold so why am I getting an error when I enter 42,272 in the self employed income field?

thanks
Rog

Because £42,272 for 5 months is more than £85k when extrapolated. The £85k turnover limit is for 12 months so if your pro-rata amount is higher you can't complete the '3 line account' section.

redgoalsuk

TheSpectator said:

redgoalsuk said:

Hi All

I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment.

I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023.

My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this employment)

My earnings from self employed up to 5/4/24 were £42,272

This is below the £85k VAT threshold so why am I getting an error when I enter 42,272 in the self employed income field?

thanks
Rog

Because £42,272 for 5 months is more than £85k when extrapolated. The £85k turnover limit is for 12 months so if your pro-rata amount is higher you can't complete the '3 line account' section.

Many Thanks for the response

Sorry im a little confused (its my first time doing an self assessment tax return), what do I need to do in order to complete my tax return online before the 31st January deadline?

TheSpectator

redgoalsuk said:

TheSpectator said:

redgoalsuk said:

Hi All

I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment.

I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023.

My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this employment)

My earnings from self employed up to 5/4/24 were £42,272

This is below the £85k VAT threshold so why am I getting an error when I enter 42,272 in the self employed income field?

thanks
Rog

Because £42,272 for 5 months is more than £85k when extrapolated. The £85k turnover limit is for 12 months so if your pro-rata amount is higher you can't complete the '3 line account' section.

Many Thanks for the response

Sorry im a little confused (its my first time doing an self assessment tax return), what do I need to do in order to complete my tax return online before the 31st January deadline?

You need to complete a SA103F rather than SA103S.

As an aside, if you expect your annual turnover to be over the VAT threshold you should be registering now and notbjust waiting till you are over it.