Tax returns | Mumsnet

Scaredycat259 · 2025-01-31T16:07:39+00:00

hi in october Etsy forced all sellers to register a UTR code, meaning i will now have to do a self assessment every year. My earnings on Etsy will barely hit the £1000 threshold anyway, but im happy to do it. the thing is on my Gov app it says i do not need to pay any tax yet, presumably because i only registered in October, so im pressed for time now, do i do one today for 23/24 with a migraine, and a screaming toddler and a partner that cant calm him down or do i wait until next year. Im scared that if i start it now and get stuck im in trouble because today is the last day for it.

NikkiAlexander · 31/01/2025 16:15

I would think it depends upon when you declared you started trading. If you declared October when you registered then The return would be due for 24/25 next year.

If you declared trading in 23-24 then you need to complete one today.

Original poster

Scaredycat259 · 31/01/2025 16:18

i declared from October. Its basically a hobby that i sell. i likely wont be paying any tax anyway but if i did start selling more then at least im prepared!

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KnickerlessParsons · 31/01/2025 16:21

You've left it a bit late. Don't they have to be submitted by today?

Original poster

Scaredycat259 · 31/01/2025 16:24

KnickerlessParsons · 31/01/2025 16:21

You've left it a bit late. Don't they have to be submitted by today?

Which is why i said pressed for time. Ive had a horrid few months, no time for myself, anxiety, parents disowned me, a velcro toddler, day job and Etsy orders. this is the first time i have been able to sit and do it.

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StMarie4me · 31/01/2025 16:32

The £1000 is immaterial if you also have other earnings.
You will not have do it by today. You can do it after today, and then make a POA, then you will do it for NEXT January 31st for the tax year up to 06/04/25.

You will pay tax on the £1k, less your allowable expenses, at the same rate that you pay tax on your other job, unless it takes you into the next bracket.

Original poster

Scaredycat259 · 31/01/2025 16:36

StMarie4me · 31/01/2025 16:32

The £1000 is immaterial if you also have other earnings.
You will not have do it by today. You can do it after today, and then make a POA, then you will do it for NEXT January 31st for the tax year up to 06/04/25.

You will pay tax on the £1k, less your allowable expenses, at the same rate that you pay tax on your other job, unless it takes you into the next bracket.

Everything ive read it is only taxable on side hustles earning over £1000, even on HMRC website. Also no chance it will take me into the next bracket, im on min wage part time.

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SelfieAssessment · 31/01/2025 16:38

Today's deadline is for the tax year 6th April 2023 - 5th April 2024.

To the very best of my experience and knowedge, if you declared you started trading ('set up business') in October 2024, then your trading will be included in the tax year 6th April 2024 - 5th April 2025, so you will complete your tax return and submit it online at any any point between the 6th April 2025 and 31st January 2026 at the latest.

Keep immaculate records in a box file, including your notes and print-outs of key pieces of information, and you will be fine.

If, on the other hand, you declared in October 2024 that you started trading ('set up business')earlier than that date, then that could be different, depending on exactly when in which tax year.

Sorry about the migraine and other issues - they're the pits

Original poster

Scaredycat259 · 31/01/2025 16:41

SelfieAssessment · 31/01/2025 16:38

Today's deadline is for the tax year 6th April 2023 - 5th April 2024.

To the very best of my experience and knowedge, if you declared you started trading ('set up business') in October 2024, then your trading will be included in the tax year 6th April 2024 - 5th April 2025, so you will complete your tax return and submit it online at any any point between the 6th April 2025 and 31st January 2026 at the latest.

Keep immaculate records in a box file, including your notes and print-outs of key pieces of information, and you will be fine.

If, on the other hand, you declared in October 2024 that you started trading ('set up business')earlier than that date, then that could be different, depending on exactly when in which tax year.

Sorry about the migraine and other issues - they're the pits

thanks, toddlers and their refusals to nap eh? If i sit down he wants to be on my knee or playing. i cant get it through peoples heads sometimes that when i mean i have no time, i mean i have no time, the 3am wake ups and climbing into bed with us arent helping, im exhausted.

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Allatonce2024 · 31/01/2025 16:42

Today's deadline is for the April 23 to April-24 tax year and the earnings/turnover you made then

museumum · 31/01/2025 16:45

You don’t need to do a 23/24 return if you started in October 24.
You will have to do a 24/25 one. The deadline will be 31 January 2026 but you can do it any time after 6 April 25 (or when you get your p60 for the year if you also have a paye job). Your future self will love you if you do it in the summer and avoid all this silly last minute stress.

SelfieAssessment · 31/01/2025 16:48

museumum · 31/01/2025 16:45

You don’t need to do a 23/24 return if you started in October 24.
You will have to do a 24/25 one. The deadline will be 31 January 2026 but you can do it any time after 6 April 25 (or when you get your p60 for the year if you also have a paye job). Your future self will love you if you do it in the summer and avoid all this silly last minute stress.

Edited

This is my take on it, too (as outlined above).

And this might be a handy article for when you're feeling better, OP.

https://www.litrg.org.uk/news/do-you-need-register-self-assessment-dont-miss-deadline-5-october-2024

Do you need to register for self assessment? Don’t miss the deadline of 5 October 2024 | Low Incomes Tax Reform Group

If you have a new source of taxable income which started between 6 April 2023 and 5 April 2024, which you may need to pay tax and/or national

https://www.litrg.org.uk/news/do-you-need-register-self-assessment-dont-miss-deadline-5-october-2024

LIZS · 31/01/2025 16:55

KnickerlessParsons · 31/01/2025 16:21

You've left it a bit late. Don't they have to be submitted by today?

Not for 24-25 tax year.

CitizenZ · 31/01/2025 16:59

StMarie4me · 31/01/2025 16:32

The £1000 is immaterial if you also have other earnings.
You will not have do it by today. You can do it after today, and then make a POA, then you will do it for NEXT January 31st for the tax year up to 06/04/25.

You will pay tax on the £1k, less your allowable expenses, at the same rate that you pay tax on your other job, unless it takes you into the next bracket.

Nonsense!

Why do people insist on giving tax advice when they don't know what they are talking about. There will be no POA, she hasn't even turned over £1,000, and OP can choose to take the trading allowance rather than produce expenses which in itself is worth £1,000.

StMarie4me · 31/01/2025 17:13

@CitizenZ no need to be so rude!

I love that I get it when the OP seemed to think that having a clingy toddler was a reasonable excuse for not having done one that she thought was due.

Good grief.

Original poster

Scaredycat259 · 31/01/2025 17:33

StMarie4me · 31/01/2025 17:13

@CitizenZ no need to be so rude!

I love that I get it when the OP seemed to think that having a clingy toddler was a reasonable excuse for not having done one that she thought was due.

Good grief.

yes i'll just leave him screaming at me for a cuddle whilst i try to concentrate on a laptop. Stamping his feet and choking because he cant breathe from crying so much. TRY MY LIFE!

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