Self Assessment ?!

[Pixels Ink]

Okay, this is scary territoryfor me. I started up my own business at the beginning of December. I've seen the ads on TV about Self Assesment and the deadline being January 31st.

I am going down to the Inland Revenue this coming week to register for tax etc. Do I need to do a self assesment?

As Penelope Pitstop used to say 'HELP!'

Colin.

 

[gordonthegofor]

The adverts for self-assessment refer to the tax year ending April 2005, so if you started in Dec 05 don't worry

 

[KM-Tiger]

As Penelope Pitstop used to say 'HELP!'

An accountant is the best person to help.

In your first year of operation you have some choice as to when your business financial year will end, so you could for instance run to Mar 31st and then start a new year. This first period would then be in tax year 05/06. Or you could run to Dec 06 for your first year. There will be pros and cons to either choice.

As I said, discuss with an accountant.

 

[DuaneJackson]

As Gordon said, you don't need to worry about it as it's for the year ending April '05.

Kent Manufacturer, I think you may be getting personal tax returns confused with company returns.

I suspect this is the first of many questions on this topic in the next few weeks.

 

[KM-Tiger]

Kent Manufacturer, I think you may be getting personal tax returns confused with company returns.

Hmm....I didn't mean to, I thought there were still choices to be made, even as a Sole Trader or Partnership. But it is a *long* time, certainly well before Self Assessment, since I traded as either, so perhaps things have changed.

 

[Joyous]

Hi Colin

If you started trading in December 2005 the profits arising are assessable in the tax year 2005-06. Your 2005-06 self assessment return is not due in until 31 Jan 2007. Expect the Inland Revenue to send you a blank form shortly after 6 April 2006.

If the Revenue have not sent you a 2004-05 return to complete and you have no other income that needs to be declared then you don't have to worry about self assessment for this year.

I am going down to the Inland Revenue this coming week to register for tax etc.

You can actually register over the phone via the self employment helpline on 08459 15 45 15. They'll just ask you few questions about you and your business - takes about 10 minutes. Better than wasting half a day traipsing down to the tax office.

Regards

Joy

 

[Pixels Ink]

You can actually register over the phone via the self employment helpline on 08459 15 45 15. They'll just ask you few questions about you and your business - takes about 10 minutes. Better than wasting half a day traipsing down to the tax office.

Regards

Joy

Thanks Joy,
Guess what! I'm going to just be giving them a call.

And thanks everyone, thats kind of eased a few worries....for now

Colin

 

[Pixels Ink]

Well, you were quite correct Joy


Not including the 1 minute on hold, it took 9minutes 57 seconds to complete the registration.

Spot on.

and thanks again for that.

Colin

 

[Joyous]

...oh OK then - ten minutes give or take three seconds if you must have the exact time.

Glad you got it sorted out.

Regards

Joy