PANIC!! Accounts due?

[Hayles]

My hubby went self employed in November 04. Should he submit accounts by end of this month?

Argghh!
Hayles

 

[DuaneJackson]

Yep, for everything he did up until April '05.

We'll see you again next month : )

 

[Hayles]

Oh POO!

 

[Hayles]

He's accounts will be really simple.

Will it be ok to go down to the tax office with the spread sheet and ask them to help fill in the form? Or are we too late?

 

[DuaneJackson]

I'm not sure to be honest, hopefully someone else will know the answer.

 

[clairemackaness]

If he goes to the tax office with his sales ledger, tax forms and any payslips and P60's he has they will help him fill it in.

I did my first one a few weeks ago and was petrified, but it was really easy and they are very friendly and helpful.

Dont panic

 

[multilingual]

I would tell him to take his cheque book with him as well, as you only have 3 working days left to pay the tax.

£100 penalty if late.

JB

 

[Hayles]

And I was so smug about getting my tax return in with a week to spare...

Damn! Didn't think his return would be due til next year.

 

[clairemackaness]

I would tell him to take his cheque book with him as well, as you only have 3 working days left to pay the tax.

£100 penalty if late.

JB

Thats not true. You have 3 days to submit your tax return if you want them to calculate the tax for you. They will then let you know what you owe at a later date. The £100 fine is for non submission of the forms. Stop scaring the poor girl.

 

[Alpha]

Thats not true. You have 3 days to submit your tax return if you want them to calculate the tax for you. They will then let you know what you owe at a later date. The £100 fine is for non submission of the forms. Stop scaring the poor girl.

Claire that part is correct but there are interest and surcharges as well for late payment so you also have 3 working days left to pay!!

 

[clairemackaness]

Thats not true. You have 3 days to submit your tax return if you want them to calculate the tax for you. They will then let you know what you owe at a later date. The £100 fine is for non submission of the forms. Stop scaring the poor girl.

Claire that part is correct but there are interest and surcharges as well for late payment so you also have 3 working days left to pay!!

Thats not true. I went and handed in my tax return two weeks ago and they said that there is nothing to pay until they tell you how much you have to pay. The 31st Jan deadline is for getting your tax return in, not paying the bill

 

[autolycus]

Thats not true. You have 3 days to submit your tax return if you want them to calculate the tax for you. They will then let you know what you owe at a later date. The £100 fine is for non submission of the forms. Stop scaring the poor girl.

Claire that part is correct but there are interest and surcharges as well for late payment so you also have 3 working days left to pay!!

Thats not true. I went and handed in my tax return two weeks ago and they said that there is nothing to pay until they tell you how much you have to pay. The 31st Jan deadline is for getting your tax return in, not paying the bill

But I thought they would only calculate your tax for you, and tell you what you owe, if you submitted before 30 September....

 

[Alpha]

Thats not true. I went and handed in my tax return two weeks ago and they said that there is nothing to pay until they tell you how much you have to pay. The 31st Jan deadline is for getting your tax return in, not paying the bill

Glad to see you are now an expert in self assessment.

As proof of what I stated



Taken from HMRC website

If you were sent a Tax Return by 31 October 2005 this is the deadline for paying the balance of any tax you owe.

Interest will be charged if we have not received your payment by this date.

Some people may have to make 'payments on account'. Each payment will normally equal one half of the previous year's tax liability (after taking off tax deducted at source and tax credits on dividends). The payments are due on 31 January in the tax year and 31 July following the tax year.

If you need to make a first payment on account for the tax year ending on 5 April 2006 this is the date by which it should be paid.

If you wish to check it yourself then go to

http://www.hmrc.gov.uk/sa/index.htm

And click on key dates under quick links

 

[clairemackaness]

I'm just going by what the tax office told me. I've never declared myself as an expert.

 

[Alpha]

I'm just going by what the tax office told me. I've never declared myself as an expert.

So don't tell me I'm wrong when you do not know anything about it.


. :wink:

Also shows you how good your tax office contact was, arent you glad that they fill in your tax form for you

 

[autolycus]

Claire,

IANAA, but I'd recommend you work out what (if anything) you owe and get it paid by Tuesday.

Don't wait for the Revenue to tell you what you owe - AIUI you lost the option for them to do that on 30/9/05.

Instead, use the tax calculation paperwork that comes with the tax return to work out what you owe. Then get a cheque for that amount in to them, with the SA form, by 31 Jan.

Not doubting that the person at the tax office said what you say they did. But do you think they will definitely back up your story further down the line if there are penalties and interest to be had? :wink:

Dave.

 

[dcaccounting]

Also shows you how good your tax office contact was, arent you glad that they fill in your tax form for you

That is so true.... I really dont know how some of them get the job in the first place let alone be let unleashed with given advice to the general public!

Trust your accountant not your tax office :lol:

Regards

Dean

 

[clairemackaness]

Sorry if I offended, but people seemed to be really hammering into poor hayles.

I have phoned my tax office and they have assured me that they are sending out invoices and that I will not have to pay anything. Thankfully my profit balanced out with my overpay from my full time job (I was on emergency tax). So lucky old me!

 

[dcaccounting]

Thankfully my profit balanced out with my overpay from my full time job (I was on emergency tax). So lucky old me!

That is why you will have nothing to pay! They wont be sending an "invoice" it will be a statement of account.

This is pretty much why its called "self assesment" as each case is totally individual.

Regards

Dean

 

[multilingual]

Claire,

I was once told (a long time ago) by somebody at the VAT office that I could hold back from registering for VAT because I could claim the VAT that I had payed out for three years previous to registration.

What she didn't say was that I could only claim back VAT on purchases that I still owned at the time of registration!

That little bit of misinformation cost me about £8500.

I never listen to anyone now, even the 'experts' bacause in the end it was me who suffered, not the girl at the call centre.

When it comes to Tax and VAT the only person who is responsible is yourself, no matter what you have been told by anyone else.

(Unless you get it in writing) :wink:

JB

 

[Jayne]

That is so true JB, we were told we wouldn't pay Tax in our first year of business and that information was wrong. We ended up paying £6,000 in total and nearly stuffed us before we got started.

And another tip, keep your eye on your NI payments, they are always cocking mine up, last time they said I owed a £1,000, but I'd been paying it, turned out it was there computer that had cocked up, so always question any over-due payments. I now pay by direct debit and got a bill for £350 this year (I owe nothing)..lol , they are hopeless, so keep every single letter they ever send you, just in case you have to ring them and tell them they have done yet another mistake :roll: .

Jayne