TAX RETURN QUESTION PLEASE

[stuffing]

dp became self employed 24/1/08
does anyone know when he has do do his tax return inland revenue says by 31st jan but not sure thanks

dh (who has been self emloted for the last two years) says that yes, the 31st of jan is correct

emloted... good word
I meant employed

but don't you have to do a full year first, won't it run from april 09 to april 10?

okay thanks alot

I would suggest that he completes it by 29th Jan as payment is supposed to be with the IR by the 31st Jan; and interest could be payable if it is late. I always complete mine online by 29th, it tells me how much to pay, I send a cheque to get there by 31st Jan.
bank transfer takes longer - 4 working days - so if he needs to pay that way he needs to complete his tax return at least 4 working days prior to 31st Jan.

That's my understanding of it (have been SE for 8 years now).

I'm filling mine in for last year, 2007-2008. He should call them and ask them as he'll get a £100 charge if he does not send it if he needs to do one. I started my business in June 06 so the first tax return was from June 06 to April 07.

first return 07/08, period 24/1/08 - 5/4/08, due by 31 Jan 09.

no mysterymoniker - he has to do a tax return for the tax year april 07 - mar 08 for this Jan. Only 2 months of that will be SE; he will have to complete an Employed page on the tax return as well, details will be on his p45.

I am part SE/part employed and have to fill in both sections every year.

sorry, he MAY have to comlete an employed page as well.

He needs to talk to the Tax office asap.

were new to all this he has all his paper work and accounts on the computer does he need to see an accountant first

he can do it himself online,

1. Has he got a UTR (unique tax reference - 10 digit number, NEEDED to file tax return online)
2. How involved is it, what does he do?

do you know what would be a tax allowable /disallowable? can you calculate capital allowances (if there are any)?
If it is straight forward he could bung it all online himself.

he is a car valeter he had a friend who is a bookkeeper and she sorted his accounts out and said everything looked okay he isnt earning loads as its only his first year i have just registered him online so we have to wait for the activation code to come through he hasnt had anyhting through at all from the inland revenue he assumed they would notify him of when and how to do it

so if you have registered him online I assume he has a UTR?
Have you informed HMRC he is self employed, is he paying class 2 NIC? If so he should have had a notification to do a tax return, they don't do anything else.
If you haven't notified them then you should have, they can't tell him to do a return if they don't know.

yes he notified the inland revenue and he has a utr but he has just reminded me that he was still working until may 08 the inland revenue knew that he was working and he was also self employed from jan o8
would it make a differance if he was only completley self employed from may 08 when he left his full time job as far as he was told by the inland revenue he wouldnt be earning enough by being self employed to play ni

no, doesn't matter that he was employed, and regardless of earning level (which may mean he didn't need to pay ni through the year) he still needs to put the self-employment on his tax return.

ok thanks i have told him he needs to ring them tomorrow to ask them some advice thanks for all your help
do you have to earn over a certain amount being self employed to oue tax

well, you get your personal allowances, but assuming he used those against his employment income then it is likely all his self employment earnings (income less allowable expenses) will be taxed at his marginal rate.