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cecilyp123 | I became self employed july 07 do i need to do a self assement tax return this year? |
Additional Details
i informed the goverment staright away wen i became self employed. and i pay national insirance contributions. but the have not sent me anything about self assesement or tax return and i tried to do it online but it said it was for last year up to april which i was still at college so it seems to me that a pay as from next april is that right.
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rory the tiger
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No you dont, self -assessment, runs a year behind PAYE. tax returns for the yr 2006/07(6 Apr 06 - 5 Apr 07) to need to be in by 31/01/08. Cos you started July 07, your 1st return will be for the yr 2007/08. You will be issd a rtn in April 08. |
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Lynda Lou
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You will need to fill out a Tax Return for the tax year 07-08 after April of this year. As the tax years run from April to March, you are not due to fill out a Return just yet. Just bear in mind that if you are due to pay more than £500 in tax, you will also have to pre-pay the following year's tax and this will be split into two payments to be made at the end of January and end of July. The tax office base this prepayment on the amount of tax you actually have due. So in January 2009, you may have to pay one and a half times the amount of tax they calculate. Say, for instance, you do your Tax Return after April 2008, in December 2008 the Tax man will tell you how much tax is due based on your Return. Say it is £900. At the end of January 2009, you will have to pay the £900 plus £450 prepayment, which makes a total of £1350, and then at the end of July 2009 you will have to pay the remaining £450. The following year, 2010, the Tax man will take into account how much you have prepaid and with charge you the difference or refund the overpayment. However, if the amount of your tax is less than £500, you will just have to pay that at the end of January and there will be no prepayment. |
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Kerry K
 |
Yes - tax year runs from april to april. I became self employed in January 07 and had to fill out a tax return to cover january, february and march.
Hurry up - time is running out and you will be fined |
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spook542
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No you won't.
You'll have to do one next year to cover the period from July 07 to April 08.
The tax returns being done this year cover the period up to April 07. |
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aires69uk OFFICIAL
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Yeah probably. But don't worry, with self-assessment - tax doesn't have to be taxing. lol |
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KT
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Tax year runs from 6th april to 5th april. You only started work in the tax year 07/08. So your first tax return will have to be submitted to HMRC by 31st January 2009. |
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crywater2000
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yes |
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helloyou
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Contact your tax office. As well as collecting tax, they can be quite helpful. |
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boo!!
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yes, the tax year runs from 06/04/07 - 05/04/08. Any self employemt in this period requires a self assessment tax return. |
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Onestep downfrom God
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Lynda Lou is right. |
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J
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yup. |
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Ian
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Yes you do. More importantly you need to have informed the Inland Revenue and National Contributions that you are now self-employed. You have to have done this within three months of becoming self-employed, in your case before October 2007, otherwise expect a fine for £100 for late notification.
Any decent accountant will complete your tax form for a fee. |
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Kerry
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yes. my husband became self employed in august 07. you should have heard from the tax office by now. did you go to the tax office straight away? if not, go now. my husband did his self assessment over the Internet. |
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browny28
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yes. your best bet is to look up an accountant, that way your less likely to get a tax bill. well, if the accountant is any good. |
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Dark Crusader
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yes you do |
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Barbie V
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yes so get it in now or you will end up with a fine |
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