Self assessment return error

[redgoalsuk]

Hi All

I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment.

I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023.

My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this employment)

My earnings from self employed up to 5/4/24 were £42,272

This is below the £85k VAT threshold so why am I getting an error when I enter 42,272 in the self employed income field?

thanks
Rog

https://imgur.com/a/wRJ1CrT

 

[Bobbo]

Your employment of 37,994 has nothing to do with it.

The point is that your self-employed turnover for the period (five months and a few days) was 42,272. If your turnover was at that level for a whole year it would be about 100k. This is over 85,000.

The key bit is "maximum ANNUALISED amount".

 

[redgoalsuk]

Many Thanks for the response

Sorry im a little confused (its my first time doing an self assessment tax return), what do I need to do in order to complete my tax return online before the 31st January deadline?

 

[Bobbo]

Many Thanks for the response

Sorry im a little confused (its my first time doing an self assessment tax return), what do I need to do in order to complete my tax return online before the 31st January deadline?

I don't personally do a tax return so I can't be sure but it looks like you are trying to fill in the 'short' pages re your self employment rather than the 'full' self employment pages. It is the latter you need to complete.

 

[Lisa Thomas]

Probably best advised to get an accountant to file this for you as mistakes can be costly, and you may be about to cross the VAT threshold.

Feel free to DM me for a recommendation.

 

[DWS]

As Bobbo says you need to fill out the ‘full’ form not the ‘short’ form
Remember VAT threshold is a rolling 12 months so if your self employed earnings continued as they were for the first 5 months then you may well have breached the threshold as Lisa points out, the threshold does not reset in April!

 

[MyAccountantOnline]

Hi All

I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment.

I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023.

My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this employment)

My earnings from self employed up to 5/4/24 were £42,272

This is below the £85k VAT threshold so why am I getting an error when I enter 42,272 in the self employed income field?

thanks
Rog

https://imgur.com/a/wRJ1CrT

Are you using HMRC's online software or some third party software?

I cant see the image you've posted.