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Re-start sole trading, tax return Jan 27?

monaymadlol
Posts: 472 Forumite

in Cutting tax
Hi 👋 I will be restarting occasional sole trader work soon alongside my employed work which employers have allowed.
Havent sole traded since early last year so haven't had to do self assessment.
I will be registering again for SA with HMRC.
My question is, in the past my accounting year was 5/4 to 4/4 which I'd like to keep. But should I not have it as this if I re-start sole trading next month?
Also, is it correct i won't have to do a tax return jan 26 for 24/25? And do a tax return for 25/26 in jan 27 in the tax year that I'll have traded? I expect turnover each year to be under 10k.
Thanks
Havent sole traded since early last year so haven't had to do self assessment.
I will be registering again for SA with HMRC.
My question is, in the past my accounting year was 5/4 to 4/4 which I'd like to keep. But should I not have it as this if I re-start sole trading next month?
Also, is it correct i won't have to do a tax return jan 26 for 24/25? And do a tax return for 25/26 in jan 27 in the tax year that I'll have traded? I expect turnover each year to be under 10k.
Thanks
0
Comments
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You'd start mid the financial year but still report inline with the financial year so your 25/26 return will only cover Oct-Apr
As long as you deregistered then no return will be required for 24/25 if no self employment occurred in that financial year.1
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