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snowgoose
14-01-2012, 02:53 PM
I was wondering if anyone could help.:confused:

Last May, I registered self employed. This was only because I was selling the odd things to friends and family most, but just wanted to cover my back.

Now, I'm really confused about tax returns. From what I understand, everyone who is filling theirs in at the mo is doing so for 2010/11 financial year? So if this is correct I won't have to do one for another year yet?

Is this right or have I got it all completely wrong?

I realize it's coming to the end of the month soon and am paranoid about not filling one in when I should have done and ending up with a bloody big fine.

Can anyone help?

beadsbydesign
14-01-2012, 03:05 PM
You are correct. you will be issued with a paper return in April 2012. You can fill it in on paper and send it off for October 2012 or you can register to do it online and fill it online by the end of January 2013.
You can choose the date you want to account for. To make life simple I would select to start your tax year 5/4 as it then comes in line, so in april your tax return will be for May 2011 until april 4th 2012. you will have till January 2013 to submit it.

The following year you would do your return from 5th april 2012 to 4th April 2013.

snowgoose
14-01-2012, 03:35 PM
Thanks for the reply.

Means I can stop worrying a little less now then :D

Jake

beadsbydesign
14-01-2012, 03:36 PM
put your feet up for another year! (but don't forget to keep al the paperwork etc.)

snowgoose
14-01-2012, 03:42 PM
hehe, I plan to.

Well not exactly put my feet up, more craft my bum off :mf:

Angi
14-01-2012, 08:00 PM
I'm exactly the same - I registered in May 2011 too, and despite me having an accountancy degree and my husband being an accountant I'm still paranoid about missing a tax return deadline. Even though I know that the returns being done now are for 2010/2011 and my first return will be for 2011/2012 so wont be due until after April this year I still have a wee panic every now and then - particularly when I hear Moira Stewart's warning on the radio!

Eiledon
14-01-2012, 08:04 PM
That's right. Just done mine and had to pay them huge amounts of tax! well not huge, but more than i'd like.

You started after the cut off date of the 4th April so you have another years grace.

I did find out (after I had sent it in) that I could have claimed mileage, electricity and oil (As we don't have gas where I live).

If you find an idiots guide to filling out the form before next year, let me know!:mf:

LibertyMel
14-01-2012, 11:20 PM
This is the exact same question I was just about to post! Phew, I can relax again now! Thanks :)

SilverStitcher
15-01-2012, 09:34 AM
Just a quick note: the cut off day for tax is 5th April, not 4th. New Tax year starts on 6th.

Regards

Lynda

greannancrafts
15-01-2012, 09:50 AM
That's right. Just done mine and had to pay them huge amounts of tax! well not huge, but more than i'd like.

You started after the cut off date of the 4th April so you have another years grace.

I did find out (after I had sent it in) that I could have claimed mileage, electricity and oil (As we don't have gas where I live).

If you find an idiots guide to filling out the form before next year, let me know!:mf:

There is so much that you can off set, getting an accountant will save you more than he/she costs.

Jane

donstu71
15-01-2012, 11:10 PM
Just out of curiosity as ive not yet set up as self employed,how much does it cost to set up and what monthly fees are there involved?Im asking as ive never been self employed in the uk,i have in Spain when i lived there and it was a nightmare!!