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Find financial and money saving discussions including debt and pension chat on our Money forum.

Money matters

Tax Return - can anyone help

18 replies

freshstart · 29/01/2006 22:15

is it true that if your earnings are very small you do a very basic tax return?

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bramblina · 29/01/2006 22:22

My Mum is an accountant so if this is still not answered for you by tomorrow i WILL PHONE HER AND ASK HER FOR YOU. Sorry didn't mean caps lock!!!

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ladymuck · 29/01/2006 22:28

Usually that is the case. If your earnings are from something exotic (overseas dividends or trusts) then you may still be asked to do a full return.

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freshstart · 29/01/2006 22:31

it has to be in by tuesday and im in a bit of a state about it

i registered when i started doing bodyshop parties

did it for a few months never actually made much and didnt keep records (i know, i know!)

just dont really know what to do!

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ladymuck · 29/01/2006 22:32

Presumably they've sent you a return?

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katymac · 29/01/2006 22:32

When did you start the business?

You can be fined if you don't get it in (sorry)

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ladymuck · 29/01/2006 22:34

Do you have any records at all (even bank statements) which will tell you what your income was - that is the most inportant figure formt he Revenue's perspective. If you can put that in you can always put in estmiates for your expenses and explain that you're still tracking them down.

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freshstart · 29/01/2006 22:34

yes sent me a return months and months ago - i have had my head stuck truly in the sand

i registered in i think erm August 2004 stopped in january 2005 but never informed them that i stopped

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chicagomum · 29/01/2006 22:35

Don't know if this might be of any help

tax returns

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ladymuck · 29/01/2006 22:35

Do you have any other income at all (either form employment or investments eg interest or dividends, capital gains)?

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katymac · 29/01/2006 22:35

I agree with Ladymuck

Which Tax return do you have (the long or short)?

I don't think you'll be able to change now

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freshstart · 29/01/2006 22:35

Its tricky because the way that it worked was

You bought the starter kit

took the kit and catalogues to the party and took orders.

total order value minus expenses and delivery 25% was mine to keep - that was the income. Never actually paid by bodyshop into a bank

I used to receive the money from the party then use my card to order online to the bodyshop.

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freshstart · 29/01/2006 22:36

I was employed in that tax year from April til September

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chicagomum · 29/01/2006 22:36

Oh and by the way, you can't be fined more than the amount of tax you owe, so if you don't owe anything the £100 late fee has to be returned to you (or if you owe less than £100 the fine has to be reduced to that figure).

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ladymuck · 29/01/2006 22:39

Unless they've sent you a short form, you'll have to do the long form I'm afriad. Had you done something earlier you could have phoned the Revenue, and they might have sent you a short return.

However, don't worry - take your time and go through the questions. You don't actually have to give that much details (you'll probably find yourself ticking No to most of the questions and only filling in 4 or 5 numbers in total).

Do be aware that the queue to hand in the return will be huge on Tuesday. If you possibly can, I would advise going tomorrow.

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freshstart · 29/01/2006 22:41

Where do I actually go to hand it in?

I applied to do it online but only the other day and doubt that the password will arrive before the deadline.

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ladymuck · 29/01/2006 22:47

Your local tax office. Try here .

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freshstart · 29/01/2006 22:48

Thankyou

Still have no idea where I might pluck figures from - scared to make them up in case they follow it up

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ladymuck · 29/01/2006 22:55

You have left it a little late...

You could try Bodyshop - they may be able to help you with details. Not sure what they can do in 24 hours, but it is where the Inland Revenue will get their informations form if necessary. Do you have any email confirmations of orders made?