Please could someone explain...

[LittleAcorns]

...in really simple terms

this is my first tax return, I registered in July 07

Is the period Im concentrating on July 07 - April 08??

Please be kind, Im really bad at this, my cousin is in the process of becoming an accountant, guess where i'll be going in future :p

[HomefromHome]

...in really simple terms

this is my first tax return, I registered in July 07

Is the period Im concentrating on July 07 - April 08??

Please be kind, Im really bad at this, my cousin is in the process of becoming an accountant, guess where i'll be going in future :p

think it would be the year TO april 08 as i'm sure i filled in mine as soon as i got it last year - actually yes it was til april 08 cos i got it not long after! - BUT it depends on when you do your tax year from!! i stuck with the first monday in any april to the end of the 52nd week after that!:)

[FizzysFriends]

The tax year is the same for everyone. Trading year is different from company to company.

The tax return that you will doing now is to April 08.

[LittleAcorns]

phew thank you, will I have another bill to pay in July? I read something somewhere

[HomefromHome]

phew thank you, will I have another bill to pay in July? I read something somewhere

blimmin hope not!! lol:)

[miffy]

...in really simple terms

this is my first tax return, I registered in July 07

Is the period Im concentrating on July 07 - April 08??

Please be kind, Im really bad at this, my cousin is in the process of becoming an accountant, guess where i'll be going in future :p

Tax year's run from 6 April to 5 April so yes you're right.

Miffy xx

[FizzysFriends]

phew thank you, will I have another bill to pay in July? I read something somewhere

I think the people that are paying in July too are paying towards next years bill. I have never done that.

You may find that you wont have to pay tax if you only started in the July as with the start up costs as well as running costs you may fall below the lower earnings threshold.

[HomefromHome]

The tax year is the same for everyone. Trading year is different from company to company.

The tax return that you will doing now is to April 08.

on the form i did last year you can put your own dates in though??? do you mean that everyone gets the form in april/may but you put your own year to n from dates on?? god i hope i done it right!!!! and it seemed so simple - four pages - whoomph - in the post. :)

[FizzysFriends]

on the form i did last year you can put your own dates in though??? do you mean that everyone gets the form in april/may but you put your own year to n from dates on?? god i hope i done it right!!!! and it seemed so simple - four pages - whoomph - in the post. :)

Yes everyone gets the form around the same time and everyone has to file it by 31st January at the latest. Are you sure it wasn't asking the dates you were trading?

You can't change the tax year its what the Government works too, you will notice that its when tax credits go up and personal allowances go up.

Have you received your statement?

[HomefromHome]

Yes everyone gets the form around the same time and everyone has to file it by 31st January at the latest. Are you sure it wasn't asking the dates you were trading?

You can't change the tax year its what the Government works too, you will notice that its when tax credits go up and personal allowances go up.

Have you received your statement?

yeah i think that's what it was. trading year. phew - was worried then! i dont think i've got the statement yet for the one i filled out last may, but i knew it was well under tax bracket so wasnt worried. :)

[Chatterbox Childcare]

You shouldn't pay any tax for this year, theoretically you should have a negative balance to carry forward, therefore no payment in July.

When using an accountant remember that childminders have specific arrangements with the tax office with regards to what we can claim and this information isn't usually known by accountants unless they already deal with childminders. Have a look at the NCMA book for details.

[rickysmiths]

blimmin hope not!! lol:)

Once your tax bill on 31 jan is more than £500 you have to pay 50% more every Jan and the bal in July. So If your bill was £600 you would pay £900 in Jan and another £300 in july.