View Full Version : newbie and tax...Helpp !!
chriss
31-01-2013, 05:59 PM
HEllo, A quick question, do I send off a self assessment tax form even if I just started up beginning of January ? And what about all the expenses ? are they "wasted" cos I obviously will not have earned very much ? Mr Anchovy plz..or anyone in the know ??:panic:
HEllo, A quick question, do I send off a self assessment tax form even if I just started up beginning of January ? And what about all the expenses ? are they "wasted" cos I obviously will not have earned very much ? Mr Anchovy plz..or anyone in the know ??:panic:
No you don't need to send anything off (leaving it a bit late anyway!). Your tax year is from April 2012 to April 2013. We haven't got to April 2013 yet so relax. The tax year you are currently in will require a completed self assessment form next January 2014 for online or October 2013 for paper returns.
Because of your set up costs you may find you have made a loss this year, I believe you can carry over a loss to next years accounts.
MrAnchovy
31-01-2013, 06:11 PM
No, you do not have to submit a return online until January 2014.
Your start-up expenses could be "wasted", I suggest you see an accountant as to make best use of them it is likely that you need to be calculating prepayments and/or extending your accounting period to April 2014. No panic for this, I'd suggest about September when you have a good idea of monthy income and expenditure.
chriss
31-01-2013, 06:27 PM
Thank you both..Tax is scary :eek:
Thank you both..Tax is scary :eek:
Remember, tax doesn't have to be taxing (but it normally is!) :laughing:
Personally I would advise doing your tax return before Jan 2014 - why leave it to the last minute & do it in a panic?
Personally I would advise doing your tax return before Jan 2014 - why leave it to the last minute & do it in a panic?
That's what I think too! There's no difference between doing it 7th April or 31st January at 11pm so why not do it in April and get it done! I think some people work more efficiently when they HAVE to get something done! :D
MrAnchovy
01-02-2013, 11:00 AM
Actually in this case there is a difference between doing it in April and doing it later - although I agree it should not be left until January, which is why I suggested September as a good time to look at it.