Quarterly returns for self employed?

[Fluffycloudland77]

I'd better learn how to do my own tax, no way can I afford to pay for 4 tax returns a year.

I'm self-employed, registered as a sole trader, and I don't do quarterly tax returns. Perhaps you are thinking of quarterly VAT? Unless you have a limited company, you do not need to be VAT registered (and if you do have a limited company, you can't do your own tax, you have to use an chartered accountant).

In principle you should be able to do your own tax return, once a year. I am terrible with numbers, so I use an accountant. It costs me £250, but I am sure you can get it cheaper. It doesn't have to be a chartered accountant if yu are a sole trader.

They haven't been bought in yet and so may not apply.

Basic tax returns are fairly easy to do, have a look online and it talks you through it all. Do you just have self employed income or is there rentals or capital gains? They can be more complicated to do well.

Misscph - sorry but the information you have given is totally incorrect:

VAT registration depends on turnover rather than limited company status - its currently £85k per year.

An audit is only required if you do not meet two of the following exemption criteria:

TO greater than £10.1m

Assets less than £5.2m

50 employees or fewer

If you are below these thresholds you only need an audit if your memorandum of articles require it or your shareholders ask for it.

Sorry you didn't comment about Audit but you don it need a chartered accountant to calculate your tax - that's just not true.

Look at Quickbooks
The requirement for quarterly tax returns hasn't been implemented yet so there's no need to panic

Fluffy, what's your annual turn over? If it's not enough to pay VAT (under £86k ish), then its really Easy to do online. All you do is enter your turnover as one figure and your outgoings as another, plus details of any other income that you might get. You don't need to detail anything.

Moan, thank you for putting that right - I am guessing you are an accountant or similar?

Hi Miss, I'm a Management Accountant but work in small businesses and have done lots of these returns (or the calculations for them) and you only need a chartered accountant when having an Audit (the requirement for which is laid out above).