self assessment
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Thread: self assessment

  1. #1
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    Default self assessment

    hi everyone.
    ive just done my first self assessment and i just have a question. i only started on August 2017 so my earning are just under 10500 as self employed. should i or should i not get any tax back? the result was only that i had to pay nic 102.60 and nothing else... is this normal? when would i get any money back?

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    Where you employed before going self employed in August as I am not sure why you think you would get some tax back ?
    Pixie Dust

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    You don't get money back...

    You file a tax return which shows

    1. Total income

    2. Total expenses

    3. your net income - this is your 'wage' if you want to think of it like that.

    You then pay tax if you reach the threshold and NI class 2 ... and class 4 depending on the threshold

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    Sounds like you've been charged for about 30-odd weeks of Class 2 NI: about right if you've CMed since August, and your total income since last April has been below the income tax threshold.

    If you had any form of employment or other income during that period, you may be entitled to a tax refund: eg PAYE may have been overpaid for a job between April and August, as it would have been calculated pro-rata on the assumption you’d stay in the job for a full 12 months.

    You should have declared all income and employment on the self-assessment. There’s a typically large and complicated section for this, just to make the transition to self-employment unnecessarily painful.

    If you think you’ve gone wrong or are unsure, you could 'phone HMRC, especially if you have a few hundred unused minutes on your telephone contract and like listening to recorded music.
    Last edited by bunyip; 10-04-2018 at 07:23 AM.

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    If your combined income from employment and self employment is less than the threshold, and you have paid tax on your employed income between April and August, then you may be entitled to a tax refund of those payments
    Make sure you submitted your employed income details AND your self employed income on your self assessment - if you do it online, it normally tells you at the end when it calculates what is owed, if you're entitled to a refund.

    You can only get tax back if:
    you've paid it in the first instance
    and have earned below the threshold for that tax year

    You do not get a refund on National Insurance payments


    In addition, it's a common misconception for newly self employed people, that when they hear the term 'claiming expenses back' that we receive the money we've spent, in a physical sense - actual money - back from HMRC. We don't.
    We deduct our expenses from the money we've received - therefore, we've 'claimed expenses back'
    Hope that helps

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