Mumsnet has not checked the qualifications, experience, or professional insurance of anyone posting on Mumsnet and cannot be held responsible for any advice given on the site. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

CAN SOME explain to me in simple terms about self assessment, due 31st January

(7 Posts)

now am i right in thinking this is for year , 2011/12. ie. from april 2012 P60?

i am a bit confused about this, i registered as self employed last summer and owe tax, i paid most of it in december but have a bit more to pay by the end of january.

Is this all I need to do until i get P60 in April/May 2013?
and then apply regarding pay for april 12 to april 13?

LIZS Wed 09-Jan-13 08:44:12

Sounds right. You shouldn't need to reapply to SA though , it will continue until you are asked to stop. If you only registered as SE in 2012 then you won't be including income for that period this time.

thanks, <<phew>>
when you say 2012, you mean from April 2012, this financial year?

LIZS Wed 09-Jan-13 08:53:53

yes this financial year April 2012-13

MrAnchovy Wed 09-Jan-13 09:07:42

I think you are still a bit confused.

You won't get a P60 for the year to 5th April 2013 unless you are employed at that date.

When you say you registered as self employed "last summer" do you mean in the summer of 2012? No Income Tax or Class 4 NI is due on your earnings for this period until January 2014. What "tax" did you pay in December? Was it Class 2 NI (a fixed £2.65 a week)? What "bit more" do you have to pay in January? Are you in the Construction Industry Scheme?

hi, yes, i am employed as well as self employed, two jobs.
i registered last summer but actually started workign self employed late 2011.
i dont think i earned enough to pay class 2 NI. fixed at 2.65 a week. i wrote to tell them that.
but i have to pay paye tax, on 2011 until end march 2012.
I believe.
so basically the tax you pay is always paid by end of january but roughly 18 months behind

MrAnchovy Wed 09-Jan-13 10:11:37

"but i have to pay paye tax, on 2011 until end march 2012. I believe."

Have they asked you to fill in a tax return for the year ending 5 April 2012? Have you done that yet? (If you did your self employed accounts up to 31 March that is fine). If so check your online HMRC account it will tell you how much you have to pay when.

"so basically the tax you pay is always paid by end of january but roughly 18 months behind"

Yes, although when the amount you pay in January goes over £1,000 you will have to make payments on account so you pay 50% of the previous year's amount again in January 20XX and 50% again in July 20XX with final settlement in January 20YY where YY = XX + 1.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now