- Tax return for self employed – when is it due?
You need an accountant.
I’m self-employed as a sole trader so the following is my crude understanding of the situation:
Your tax return is due Jan 31st the year following (so your tax return for the financial year Apr 2012 to Apr 2013 is due by Jan 31st 2014).
You pay your tax in two lumps:
1) Jan 31st you pay half ‘on account’ (for the year coming due, i.e. 2013/14)
2) July 31st you pay second half ‘on account’ (again 2013/14)
Then next Jan (2014) you settle up your ‘on account’ payments for the year 2013/14 when you submit your tax return for that period in addition to paying half on account for the period 2014/15 (and the above pattern repeats).
Don’t forget you need to be VAT registered if your earnings are above the VAT registration threshold.
But I’m not an accountant, so don’t take my word as gospel.Posted 4 years ago
There are limits on things like heating, lighting etc even if you’re working from home. You need an accountant.
You also need to be careful about working from home – that could be interpreted as an unauthorized change of use (in planning terms) from a C3 dwelling house use to an A2 professional services use (if you’re not careful).
I’m not an accountant, but planning I do know 🙂Posted 4 years agocraigxxlMember
Not all subscriptions and training for new skills are allowable for tax.
Have a read of these
I hope you have already registered as self employed with HMRC as they applying fines for late notification.
Don’t forget to account for your other income including interest received and offset.Posted 4 years agopaver456Member
i pay around £350 for my years accounts which is good value ..
ive been with the same accountant for 25yrs and had only one inspection in that time and the revenue owed me £100 after that !!!!
some accountants charge the earth so do get quotes and avoid fancy offices and lots of flashy cars etc (my accountant has his office and 2 staff at his house so no large bills for grabbing councils, landlords and business loans for big egos)Posted 4 years agomarcus7Member
I just got my accountants estimate…. bit of a nasty suprise! I knew i would owe £X in january but didnt know they would like an additional %50 of this as a forward payment on projected earnings!.. ouch. My advise is get an accountant, it’ll cost about £300 and will save you from potentially nasty suprises/bills!.Posted 4 years agonickjbSubscriber
Just to throw in the other point of view. I just do my own accounts. Put the receipts in pile then every couple of months type them into a spreadsheet. At the end of the year fill in the on-line form and pay the man. I did buy this book (http://www.amazon.co.uk/Small-Business-Tax-Saving-Tactics/dp/190730228X) and spend a bit of time on the HMRC website. Not sure an accountant could save me over £300 a year, that is a big chunk of my tax bill as I’m not a high roller with a fancy watch, but it might give peace of mind that I’ve not done something wrong.
The hardest part is remembering every time I check my balance that a chunk of it isn’t mine, but belongs to the tax manPosted 4 years agocraigxxlMember
I charge around £250 (tax allowable expense so only actually costing you £200) for the accounts and £80 (non tax allowable) for the tax return. Depending on the work required.Posted 4 years ago
For that you obviously get the tax return calculated and submitted. You also get a set of bound and formatted accounts which are becoming requested more by lenders who have taken submitted tax returns with a pinch of salt. It also enables the business to understand how they performed that year so that can improve in the next period. We also deal with any enquiries with HMRC which are normally to resolve quickly with correction calculations and documentation to back them up. For the fee I think what you get is great value.
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