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I have some self-employed income to declare from Sept 2013 onwards.
I log into my tax return account but it only allows me to file for Apr 2013-13.....does that mean I have to wait until this time next year to file my return?
I was all ready and excited to get it done 😆
income from september 2013 is still within the current tax year, so you can't file until April 2014 at the earliest
And you've got until next January to complete it 😀
No not really, I think you can file later this year. If before end of Sept, HMRC will calculate what you owe for you.
I logged into do mine, with 7 days to go, only to find out I hadn't activated my self assessment account....
I now have to wait for a new activation code to be sent out. Cutting it fine...
As DD said you will need to complete a 2013/14 tax return so no need to panic yet.
As you started trading from Sept 2013 you can either prepare your first year accounts to 5 April 2014 or 31 August 2014. If you do the later then you would need to prepare your tax return with [url= http://opentuition.com/wp-content/blogs.dir/1/files/group-documents/11/1271215764-BasisofassessmentOverlapprofit.doc ]overlap profit[/url]
Loddrik, if you haven't received it by next Thursday drop me an email.
Have you registered as self employed?
Go to your local tax office, an adviser there will be able to give you the best advice for your circumstances, that is what they are there for.
Craigxxl.
Cheers buddy. 😀
grahamh - Member
Go to your local tax office, an adviser there will be able to give you the best advice for your circumstances, that is what they are there for.
dont listen to him. he is wrong. what you do is leave the whole thing until 5pm on the 3oth of january then shit yourself with panic and have a total meltdown forcing famiy/friends to do it for you
jonah tonto - Memberwhat you do is leave the whole thing until 5pm on the 3oth of january then shit yourself with panic and have a total meltdown forcing famiy/friends to do it for you
Accepted truth in my family- if big brother phones up on the 30th, you don't answer the phone. If he comes to the door, you hide behind the sofa.
Just filed mine. These days it's so simple.
Argh! When does this need to be done by? I am registered for online SA, but I've only been self employed since late November.
craigxxl normally has the accurate answers here. Have you registered as self-employed? HMRC will write to you and request that you fill in a self-assessment tax return.
If your self-employed earnings only started in November, then they'll be part of a 2013/14 tax year - thus you can file anytime after April 1st 2014. The earlier you file, the earlier you'll know how much you need to set aside.
Also, if your earnings have taken a dip, then remember that you may have paid too much tax on your PAYE earnings up till November (as this tax is calculated on you earning a certain amount in a twelve month period.)
If you're earning and spending quite a bit towards those earnings, it might be worth speaking to an accountant. Many will let you visit them and have a chat which won't cost you anything other than your time - he or she may well save you more than he or she will charge. Also, using an accountant decreases your chances of being inspected.
I see, thanks. Yes, I've notified them of my self-employed status, and they haven't written to me so I think I'm ok. The people who are sending self assessments now are for earnings from April 2012 -April 2013? Does it work on actual and forecasted earnings then? I mean, if you self assess half way through the tax year, how do you know how much you'll earn?
Right, let me see if I can get this right...
I can't remember how it was when I started though... 😕 You tell them what your net profit was (if you're filing for as a self-employed sole trader) and they tell you how much tax you owe. They will then charge you next year based on these earnings. Say, your tax for one year was £5k, then your tax for the next year would be charged at £2.5k in January and another £2.5k in July (payments on account). Each time you file, they make the changes on account for your next Jan & July payments in accordance with your earnings going up or down.
So for you, you will be filing in 2014/15 for your 2013/2014 earnings. You will have a tax bill to pay in January 2015 PLUS a payment on account for what tax you should be paying for the coming year. You should, in theory, say put away 20% of each invoice paid (unless a massive chunk is materials) ready to pay that bill. I assume that if you file early in 2014/15, they'll tell you how much you owe and will happily take payment anytime, or in DDs up until January.
craigxxl...please clarify this for me. 🙂
That clears things up. Thanks mate 😉
in theory, say put away 20% of each invoice paid
Or more if you're straying into top tax rate...
I'm doing Mrs flap_jack's now. I can (just) remember when, in my youth, saturday nights were for having fun.
Is it still acceptable practice to burn down the trailer in the lockup and claim you've lost all your records at the end of each tax year?