Blinding panic! please reassure.

[r896neo]

As 31 jan deadline approaches i have had a looming fear.

I registered as self employed at the start of may 07, i.e. within this tax year. I recieved a self assesment form as i requested one just to check it out for future reference. Just before christmas I did however also receive a final deadline 31st January or face fine etc, warning notice.

I have been blissfully ignoring this as this is for 06-07 tax returns isnt it???

If i only started trading within this tax year i will not have to complete a return till after the end of this tax year? I am correct or should i get to it??

Thanks.

 

[Diyisfun]

You can call them & ask.
You can also complete the form with all details that you have, once they have received it you have then passed the deadline..I THINK

 

[WoodYouLike]

If you received a self-assessment form it is for the year 06/07 and the deadline is next week. (You're automagically registered in their database as soon as you register for self-employment I'm afraid - you don't have to register as soon as you become self-employed, just within a fixed period after you become self-employed and I think your 7th May registration triggered this).

Call them and ask for a delay in returning the form, finding an accountant who has time for you in this most hectic month for them won't happen.

Or send it in with preliminary figures (and mention that). Then find a proper accountant.

 

[r896neo]

thanks for the replies.

If the form i received is for 06/07 then there is no need for me to return it as i wasnt trading then and have no data to give them never mind pay tax on??

Is this right?

 

[WoodYouLike]

No. You have to return it or face a £ 100.00 penalty unless you have called them, explained the situation and receive permission not to send it in.

 

[Thermo]

my wife has had a look at the question (shes an accountant). If you requested one then you will have to fill it out, probably with your paye details that were applicable for the year, before you went self employed.

SHe also advises giving them a ring and double checking. They are extremley helpful

 

[saxondale]

sign the box that says " I`m employed.." fill in any extra income (capital gains etc ) and get it sent back quickly


many employed people get tax returns - you shouldnt have assumed it didnt apply yet