Tax Return

[ma7ie]

Hi

I was just wondering if anybody knows when I will receive my first tax return?

I started minding last August.

I've been told it won't be until 2009.

Can anybody help?

Thanks
Marie x:confused:

[manjay]

Hi

I was just wondering if anybody knows when I will receive my first tax return?

I started minding last August.

I've been told it won't be until 2009.

Can anybody help?

Thanks
Marie x:confused:

You will have to complete one for this year 07/08. You should receive it in April that is of course if you have told them you are self employed.

amanda xx

[sarah32]

I'd love to know the answer to this one as well. Didnt start minding till Sept but I have receipts for a couple months prior for things I bought. Do they just send you a form when you have to fill it in or do you have to request it?

Im also very confused.

Sarah

[manjay]

You have to advise HMRC that you are self employed within 3 months of starting self employment iyswim! They will send you a tax return at the end of this tax year which is 5th apl 08. You can either complete that or most of us find it easier to register and complete it online.

I only started minding in November last year but for my financial reasons had registered as SE in Jan last year. This means I completed a return in Apl 07

Hope that makes sense

amanda xx

[ma7ie]

I notified the tax office about being self employed straight away.

So when I receive the tax return in April, does this mean I then have until next January to return it if doing it online?

Marie x

[manjay]

I notified the tax office about being self employed straight away.

So when I receive the tax return in April, does this mean I then have until next January to return it if doing it online?

Marie x

Yes you would have until 31st Jan 09 to return it. Personally mine gets done in April. I have pretty much kept my accounts up to date so it will be easy to transfer the figures to the return in April. However I may be on my own in this as I know lots leave theirs until Jan to complete.

amanda xx

[ma7ie]

Thanks Amanda

Much clearer now.

Marie x

[John]

Can i ask, when you have return the tax return and payed all you owe if anything, Does the money what is left in your buisness account go back in to the buiness or is it your own to do whant you want? i was going to put it back in to the Childminding buisness would i be able to do this? putting it back in to the biz will help for the next years wages and other childminding thing's. This as been playing on my mind for a while now anyone can help i'll be a happy chappy lol.

By the way i'm on late as i've just come back from from night fishing with afew mates. looks like cod for tea tomorrow lol.

John.

[sarah707]

Can i ask, when you have return the tax return and payed all you owe if anything, Does the money what is left in your buisness account go back in to the buiness or is it your own to do whant you want? i was going to put it back in to the Childminding buisness would i be able to do this? putting it back in to the biz will help for the next years wages and other childminding thing's. John.

Anything that is left after you have paid the tax man is yours to do with as you please... it's profit though, you can't offset it against next year's tax. You can spend it on the business or on yourself...it's your 'wages' I suppose!
Hope that makes sense John x:D

[Banana]

I've still got to do mine :panic:

lol - I like to leave things unyil the last minute.

Going to do it at some point before this sunday.

xxx

[suzilio]

Hi there,
I became a registered childminder in October 2007 in Northern Ireland but have only begun earning money now in January 2008. Should I register with Inland Revenue before the end of January (within the 3 months) OR do I have 3 months to register from the time I start earning? Does that make sense? I hope someone can answer this as soon as possible because I would need to do it tomorrow if I am running late, I don't want to get a fine!

Cheers,

Susan

[sarah707]

In England it's within 3 months of starting to earn money...

I don't know about Ireland though, I suggest you give them a ring tomorrow! :D

[John]

Anything that is left after you have paid the tax man is yours to do with as you please... it's profit though, you can't offset it against next year's tax. You can spend it on the business or on yourself...it's your 'wages' I suppose!
Hope that makes sense John x:D

Thank's For the replay sarahnev707 and i think i understand lol at the end any cash you have is classed as you wage and go can go to the pub and buy you (sarahnev707) a meal and a drink :)

John.

[sarah707]

Thank's For the replay sarahnev707 and i think i understand lol at the end any cash you have is classed as you wage and go can go to the pub and buy you (sarahnev707) a meal and a drink :)
John.


I'd have to run that one past the kids first John... but I'll be sure to look you up if I'm ever your way :D

[John]

I'd have to run that one past the kids first John... but I'll be sure to look you up if I'm ever your way :D

That would be nice.

John.

[Angela234]

I get mine done May time they then sent me a tax bill which i thought didn't have to be paid until April but i had a reminder last week to say it had to be paid by 31st Jan so i have paid it.
So how does that work for people who are only now sending in their Tax Return when do they pay any owed tax?

Angela

[susi513]

The tax year starts in April, when you can do your accounts for the previous year. But you have from April to September to finish your accounts and submit your paper return to Inland Revenue. If you file online instead of on paper then you get until 31 Jan to do it as it automatically calculates your bill there and then. The payment is usually due by 31 Jan so if you don't submit your return til then you have to pay straight away (or they can charge interest on your late payment and if you are really late there are additional charges)

If you're organised enough to submit your return early in the year you'll have plenty of time to arrange your payments as you found Angela.

If your tax bill goes over a certain amount then you also have to pay on account for the current year. So by 31 Jan I had to pay £1000 for the year 06/07 and £500 for the year 07/08, even though I have no idea what I will have earned by the end of March 08. And they expect another £500 next July .

HTH