hi all -
I started working at the end of april and each month have kept records of my expenses (deducting the correct percentage for bills etc).
I pay National insurance (I phoned up when I started work) but im just wondering how I submit my taxes online and when I need to do this by?
im really confused by this all.
thanks
You need to register as self employed ASAP:Quote:
Originally Posted by 2lovelygirls
HM Revenue & Customs: Self Employed
I'd look at:
I want to...
Register a new business for tax and National Insurance
You can register for self assessment too, see link on the left side of that page 'do it online...'
As Moggy said if you haven't already register with HMRC as self-employed they then send out tax returns each year.
If you started working in April 2014 then you will submit the tax year April 2014- Apr 2015 sometime after may 2015 (When HMRC send out the tax returns) and before end Oct (I think) for paper returns and before end Jan 2016 for online returns - you also have to pay any money due by Jan 31st 2016.
To register for on-line returns you need to register with Government Gateway Government Gateway - Home -register as an individual for self assessment on-line. You will be given/sent a password and registration code - which you will need to keep safe as it is the same every year.
I run my tax year from 1st April to 31st March each year because I invoice and do my expenses monthly and this saves me splitting months for tax time. My advice is for you to run yours the same, obviously 14-15 would be from your start date to the end of March.
You can submit your return anytime after 5th April each year and if you do it online you will see if there is any tax and ni to pay. The ni limit before charge is lower than the tax allowance. You have until 31st October each year to submit a paper return if you want the hmrc to calculate the tax. You can submit an online return up to and including 31st January each year but any tax and ni due would also need to be paid on 31st January.
My advice, submit your return as soon as it is ready and then you know your liabilities.
Sorry to hijack but this post has confused me even more now of what to do with my tax return.
I too started at the end of April 2014 after leaving employment elsewhere. So do I wait for the tax office to send me a form for May 2015 or do I submit it online before 31st of January 2014. I have registered with NI and HMRC as self employed from End of April 2014 and vaguely remember something about a Government gateway in the paperwork they sent me (best get reading it again).
Really don't want to be late and get a fine but as I said before this post has now confused me as to when to put my return in.
Any advice gratefully accepted you lovely people :)
You can't submit at the end of this month as your tax year doesn't finish until March/April 15. So going forward think about the year you are in. You finish year 14/15 and this has to be lodged and paid for by the end of January of the following year.Quote:
Originally Posted by mum67
Hope that helps
Thanks for the quick reply Chatterbox :)
So am I right in thinking just get up to scratch on accounts from last April 2014 and keep up to date with it all until next January 2015?
Just remember your first tax year will end APRIL 2015 so that's when you will need to work out total income for the last year and total expenses which will then give you a final figure of your profit for the last year. You will then need to start a new year for April 2015 to April 2016. It is best to submit your return as soon as possible you don't have to wait til Jan 16 that is the deadline. I try and do mine as soon as I can as the year I had to pay tax so I had time to prepare for it.Quote:
Originally Posted by mum67
No get up to date and then on 5th April submit your return and you will know if you have any tax to pay by 31st Jnauary 2016. Why leave it until January. Get it done and keep up to date!Quote:
Originally Posted by mum67
Ok thanks everyone, Chatterbox I can imagine you are shaking your head and tut tutting at my post lol sorry I will get there with this accounts mallarkey I promise:thumbsup:
Not at all - we all had to start somewhere once and I am happy to share what I know, as is everyone else so always ask :)Quote:
Originally Posted by mum67