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Tax return questions

4 replies

MrsTtobe · 29/01/2025 15:16

So I registered my small business as a sole trader in January 2024, I've worked out all of my ins and outs for the whole of 2024 and made a gross total of just over £7,000 but my questions are
a) do I have to submit my tax return by Friday?
b) do I have to submit my tax return for the whole of Jan 24-Dec 24 or just Jan 24 - Apr 24?

I've been told different things by different people and can't find anything online and don't want to sit on the phone to them for 3 hours 😳

Thank you

OP posts:
Dramalam · 29/01/2025 15:18

Yes you need to submit a tax return by the 31st and it will be for the period of January 2024 - April 5th 2024.

BatshitIsTheOnlyExplanation · 29/01/2025 15:48

Definitely don't be late or you'll be fined. And don't submit all 2024 earnings, or you'll end up in a mess if any tax is owed.

Caterina99 · 29/01/2025 15:56

Definitely tax year is January 2024 (when you started) to 5 April 2024. This is due by 31 January 2025

You can be fined £100 for not submitting on time

Your next tax return will be for April 6 2024 to April 5 2025 and will be due by 31 January 2026

MrsTtobe · 29/01/2025 16:47

That's really helpful, thanks so much.
A job for tomorrow then, wish me luck with my first ever tax return 😳

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