Folksy Ltd

Tax return help!

(curiouslyheather) #1

Hi,

I am figuring out how to do a tax return and it is so confusing. I started my business in January 2016 and I was wondering whether I actually needed to do a tax return for this year?

It’s really hard to figure out.

Any help?

(Sasha Garrett) #2

You have traded in the 2015-2016 tax year so yes you need to do a tax return. You can register as self employed and fill in the tax return forms online and if you do the online return you have until Jan 2017 to do it before you start incurring fines.
I’ve already been online and started filling in my return for 2015-2016 just waiting on a P60 from my other employer before I can submit it - the return is really easy if you have kept up to date records of expenses/purchases and sales (I keep a running spreadsheet as well as paper records).
Sasha

1 Like
(Eileens Craft Studio) #3

You’ve opened in almost at the end of a tax year ie

The tax year runs from 5th april to the next year 5th of april.

So you will only been open 3months of this tax year.

I was like yourself I opened in the middle of a tax year and I completed the form and was given a tiny tax rebate.

I would fill it in.

( Carol ) #4

I started reading in January 2010 and yes I filed a return for that year even though I made a loss as was buying materials etc.

I’ve already filed for 2015/16 :blush:

(HartAndCraft) #5

@curiouslyheather

Click here to register for online services https://online.hmrc.gov.uk/registration/individual

You will then need to wait about 7 days for your activation code. Once received, activate you account then you can sign up for Self Assessment. I’m assuming you will be a sole trader rather than a limited company or partnership. Let me know if I got that wrong.

Regards
Jan.

(curiouslyheather) #6

Thank you all. I really appreciate the help :slight_smile:

(HartAndCraft) #7

I would also advise not using iPad for anything on HMRC website - I got in a pickle using mine a could of weeks ago :wink: @curiouslyheather

(Brenda Cumming) #8

If you do a self assessment online you have until Jan 2017 to get it in…I am lucky and have a good friend who does mine for me…mind you I start nagging him around November as he tends to leave it until the last minute…but it IS his job and he is a real accountant, so he KNOWS what to do and when to do it by…phew.

(Diane Burton) #9

Wow you’re quick off the mark Carol, I’ve not even done the sums yet!

(Eileens Craft Studio) #10

me neither and I can’t do everything until I get a certain letter through the post. I’ll proberly do mine in a few months time.

( Carol ) #11

I do mine as soon as I get my P60. I keep my accounts up to date too, as soon as I spend/receive money I record it on a spreadsheet. I always file mine early as in April I have ‘tax year’ in mind. Come January I would have completely forgotten about it.

1 Like
(HartAndCraft) #12

I’m envious of you peeps who get your tax returns done as early as April.

When it comes to tax returns (which, apparently, don’t have to be taxing), why do I procrastinate? I know it has to be done. I know I could do mine now. I know I would feel a massive sense of achievement if I were to be able to mark it as “complete” on my To Do list.

So why, every year, do I insist on waiting till at least January 29th to complete my tax return??? Do I enjoy the sense of pressure & stress? Do I love the feeling I won’t be able to find all those crucial bank statements I need? Am I rebelling?

Every year I promise I will do my tax return before September, and every year it’s a last minute rush :thinking:

1 Like