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maxiswindies

Self Employed question please

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maxiswindies

Hi all. I started my own little window business in September 17. Registered with HMRC for self assessment etc. My understanding is i will not need to do any self assessment until I've been trading for at least a year. Is that right? I have maintained good records of all outgoings and money earned so feel good about that. Any help anyone please. Cheers 

 

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Incheck
Hi all. I started my own little window business in September 17. Registered with HMRC for self assessment etc. My understanding is i will not need to do any self assessment until I've been trading for at least a year. Is that right? I have maintained good records of all outgoings and money earned so feel good about that. Any help anyone please. Cheers 
 

Hi fella, i believe the first time you will need to do anything is in april (for sept to end of march) and do a tax return then. I started in october 14 and went to the accountant april 15


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Part Timer

You will need to do a tax return for the tax year 2017 / 2018. HMRC will inform you 

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Incheck

It doesnt specifically have to be april but its good practise to run with the financial year. Gives you plenty of warning about tax you need to pay way before the deadline anyway


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Part Timer
1 minute ago, Incheck said:

It doesnt specifically have to be april but its good practise to run with the financial year. Gives you plenty of warning about tax you need to pay way before the deadline anyway


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Everyone's tax year runs from April 6th 2017 to April 5th 2018. Only Limited companies have different tax years. 

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J and S

Think your first tax return will be due before 31/01/2019 including payment.

That return will be for monies earned from when you started in September 2017 to April 2018.

Must be submitted and paid for before 31/01/2019.

Don't forget that payment will include tax for earnings up to April 2018 plus half of what they calculate your earnings for April 2018/2019...they usually base this on what your previous years earnings were then adjust up or down on your next years tax return.

So if your tax for Sept/April 2018  works out at £1000 your bill will be £1500 in January 2019 with a further £500 due in July 2019 which will mean that in July 2019 you are paid up to April 2019.

Think I got that about right.

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maxiswindies

Thanks everyone that's what I thought. But just wanted to be sure. This forum is do good for all sorts of advice and help. Merry Christmas and Happy New Year to everyone.

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