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This is my first year being self-employed, and I don't know if I should be paying tax or not, also what is the best figure to put down because I've not kept track of all my earning recorded.
I'm not trying to screw the system, just looking for some advice on how to work things out.
We are talking around £10'000 so far. Whats the tax I would pay?
Whatever you do, don't go to the tax office and tell them you have no records of your income! That's just asking to be investigated. Why have you not kept records for your busniess? Do you have bank statements you could use?
I suggest you go to an accountant and ask for help for this year and also ask for help in keeping proper records so you can do it properly next year.
Tax on £10,000 is about £750-ish.
JZB
Within 3 months of becoming self employed you should have registered with HMRC. The best advise would be to approach an accountant to complete your accounts and they should be able to pull together the neccesary information regarding your income and expenses.
Failure to file a tax return before the 31 Jan 2008 will result in an automatic penalty of £100.
As regards the amount of tax due this is worked out on your profit (Income less any expenses) and you get the first £5225 with no tax payable. The next £2150 is taxed at 10% your remaining profit will be taxed at 22%.
Hope this helps.
Tax Chap
My suggestion is to see a qualified accountant who will help you on reconstructing the records you should have kept.
Failure to keep proper records is punishable by a fine of up to £3,000 for each offence. You should also have notified HMRC of your self-employment within 3 months following the month in which you commenced. Failure to do that is also an offence with a £100 penalty.
Is the £10k your profit or just what you have received. There is a big difference. You only get taxed on the profit.
Make an appointment as a matter of urgency!
PAUL S
Go to www.hmrc.gov.uk this website will help you. I should know I work for HMRC
Capt Jack
If you are self employed you should be registered as such by the tax office.
They will send you a guide to what you should pay and when you should pay it. For anyone bright enough to successfully run their own business this is easy to understand information.
The website suggested by Paul S will also help, it has absolutely every bit of information you need to know about the tax system on there somewhere!
You will be able to claim certain costs against your incomings. But all income above that will be taxed.
go to your local tax office .they will not only help you filling the form in but will advise on all the things you are entitled to.
they will save you £s.
gordonmother
Depending on what expenses you are claiming against your income, if you have not made any money after deducting your expenses you will not pay anything. On the other hand, if you have made profit, you have to pay 20% of your profit as tax.
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