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Thread: I've made a mess...
16-01-2017, 11:59 AM #11Please note these ads will not show for registered crafts forum members.
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My latest business started in 2003 and not been audited during that time. I submit my return online and never had a problem, tbh think I am too small for them to bother but better safe than sorry. I run with the tax year but with your dates yes you should file your tax return by Jan 2018 but you will get a reminder when due.
You can choose your year end date it does not have to be a year since you registered, so if you select 5th April, you make your accounts up to that date and submit those figures on your tax return. I normally file by end of April which then means I have until end of Jan to pay any tax due. Different timescales depend if you file manually or online, so worth considering that fact
Last edited by Caroleecrafts; 16-01-2017 at 12:04 PM.
18-01-2017, 11:36 AM #12Junior Member Junior crafter
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- Dec 2016
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I recently submitted my first tax return online and was amazed by how simple it was to complete. As others have said, it's important to keep all records - P60, bank statements, annual bank statements of interest earned, statements from personal pension contributions, receipts etc. When I initially phoned HMRC, they were very helpful too.
What surprised me - and amused me - the most on the Self-Assessment form was one of the first questions which asked if I was involved in any tax-avoidance scheme...
18-01-2017, 06:46 PM #13Junior Member Junior crafter
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- Jan 2017
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That's a relief to learn, Nobby. All my banking is online and I don't get paper statements anymore but I'm sure I could request these if required. Are we meant to keep these important documents in the event of being audited? I'm certain I either have or can access these if needed but would like to have them looked out in advance, just in case. Better buy another folder and name it 'Important Stuff'.
Thank you so much to everyone! I just got a huge order today so I'm feeling really positive and the info from you all on the stressful side of it makes me feel much better. I had convinced myself I was going to jail for tax evasion/seriously bad book-keeping...
19-01-2017, 08:03 AM #14
You have to keep all records pertaining to your business for 6 years plus the current year. These can be in a paper format or stored digitally but you must be able to download to a stick if any items are requested by the HMRC. My banking is electronic but my business account still sends out statements each month. You can always print off the statements and keep if you want but I can access info online going back years.
17-02-2017, 04:46 PM #15
I cant see on this thread what your legal status is. The requirements for a sole trader are very different from for example those of a ltd company. It is not mandatory however, to have a business bank account (or even a separate bank account) for either. That said I would plan for success, because as your business grows you will find it increasing difficult to separate the monies properly and do your book-keeping well enough to keep both yourself and the tax man happy.Chief Sawdust Maker
The Wooden Chopping Board Company
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