Tax Return and other like this

[A.Dudau]

Good morning guys,
I have a question now that the Financial year is closing.Do i have to send any form to HMRC?
And until when i can do?
Thank you

 

[Zeno]

You may have to send a tax return for the year ended 5th April 2009 to HMRC by 31st October if sending a paper return or by 31st January 2010 if lodging online but this depends on your circumstances.

These are the main reasons why you would need to submit a return:-

• you are self-employed or in partnership;
• you are a company director;
• you are an employee or pensioner with complex tax affairs;
• you receive income from UK property or land;
• you receive other unearned or untaxed income on which tax cannot be collected via PAYE;
• you receive taxable foreign income;
• you receive income from a trust or settlement on which further tax is due; and
• you receive any other income which is not taxed at source.

 

[A.Dudau]

Yes my mistake i'm sorry i did not said in what context.
I'm working and i have a company registerd as solo trader.
So is only the tax return that i have to complete?

 

[Zeno]

As a sole trader, your tax return is the only form required to be sent by yourself. You should also have registered to pay class 2 National Insurance contributions.

If your turnover exceeds £67k in any 12 month period you will have to register for VAT. You will then have to make VAT returns that can be monthly, quarterly or annually depending on your circumstances and preferences.

 

[Accounting Sage]

Within 3 months of incorporation of the company you need to inform HMRC.
You will also have to file annual accounts and annual return to companies house depending upon your accounting reference date.

 

[Zeno]

Within 3 months of incorporation of the company you need to inform HMRC.
You will also have to file annual accounts and annual return to companies house depending upon your accounting reference date.

He is a sole trader but uses the word company in place of business.

 

[A.Dudau]

Yes i'm sorry is business not company.
I did register with HMRC back when i started the business in july last year.
Also i asked for not to pay Class 2 NI and also i'm not VAt registerd.
Is a very small,tiny business.
From july till now my turnover(sales) is only 700 £

 

[Zeno]

Do you have other income say from employment?

If you do, it may be that you will be making losses from your business if you have only made sales of £700.

If so, you may be able to use these losses against your employment income and reclaim some of the tax paid.

May be worth seeing an accountant.