Tax return question I am so so confused...please help

[Sissy]

Hi
I started CMinding in middle August 2011 and I was absolutely sure I was not due to pay taxes yet as I still have not worked one complete year...( I know I might be wrong and I am not sure now where I got this idea from)...
But, talking to other CMinders in the area, one said I should have paid tax in January and other said I should pay in April...
I asked them if HMRC send them any remind letter or anything when they are due to pay tax and they said, no, they don't.
I am very confused now...I know I should call them and ask, but I just thought I would ask here first and prepare myself for the phone call.
Thanks for your help.

[aly]

no they are wrong.

if you started aug 11 you are still in the financial year until april 12 this year...so you wouldnt have had to pay tax yet....usually in your fist year you should see a loss as you ahve start up costs etc.....your tax return {if online} ia to be done by 31st jan 2013, or if you are sending it in it will be this oct 2012......if thers tax to pay its usually [ayable by 31st jan 2013 also.

[aly]

also it doesnt need to be a complete year...it is whenever you start up to the next april...so if you start in feb 2012 {for example} then your tax year will be feb 2012-april 2012.....as the tax year runs april to april.

[Sissy]

Phew!
I hate it when I doubt myself...
Thanks so much for your help I was panicking.
Will they send me a reminder? And what is easier, paper or online?
And is it really simple and straight foward CMs can do on their own? I am not keen on taking an accountant...

[Stapleton83]

Yes they will send you a tax return reminder and offer you the choice of completing on paper or online so long as you have registered yourself as being self-employed.

It is relatively straight forward the NCMA account book tells you what expenses you can include etc and breaks it down so it's not too difficult! Hope that helps.

Sam :)

[aly]

ive done it online.....
1) it gives me more time
2) less to do :laughing:

I usually leave it til 31st jan to do online lol....but hoping this year to do asap as i need to get my tax credtis sorted sooner this year.