Tax returns

[rocketmanbkk]

Friends

Does HMRC contact you when they want you to do your yearly returns?

Cheers

Rct

 

[PlumbBobBob]

Sometimes. Although as long as you do it before Christmas if online you will be ok

 

[LPC]

I guess so because I got a letter a few days ago! Got till December to actually do it though I think?

 

[Scott_D]

I guess so because I got a letter a few days ago! Got till December to actually do it though I think?

Same here

 

[Ray Stafford]

I'm afraid you can't necessarily rely on it.

The obligation is on you to understand the system, to work out what you owe, and then to pay it.

In one of the worst travesties of natural justice in the history of public administration, you can ask HMRC for advice, follow it to the letter, and YOU can still be found liable for a breach if THEIR advice turns out to be wrong.

 

[village idiot]

Friends

Does HMRC contact you when they want you to do your yearly returns?

Cheers

Rct

You will get a letter from HMRC anytime after April to end of May, encouraging you to submit your accounts and pay any taxes due. For online submissions, you have to submit by end of September. After September, you will be contacted again around December, encouraging you to submit your accounts (postal submission only) and pay any outstanding tax due to be received by HMRC latest 31st January. HMRC will also carry out constant TV reminders. After the 31st of January, you get an automatic fine of £100, plus any interest on tax that should have been due. It is only a matter of time, then the £100 penalty will be increased.

 

[rocketmanbkk]

I've not used an accountant but done my simple monthly accounts myself, basically money banked versus outgoings, simple as no VAT to deal with. It is just then a case of telling HMRC what these figures are? Do they want them certified? See receipts etc.?

 

[Roger Welton]

AS you say, if you're below the VAT threshold you can do 3 line accounting, turnover, expenditure and profit.

You need to keep all receipts and invoices in case you get audited though.

 

[village idiot]

I'm afraid you can't necessarily rely on it.

The obligation is on you to understand the system, to work out what you owe, and then to pay it.

In one of the worst travesties of natural justice in the history of public administration, you can ask HMRC for advice, follow it to the letter, and YOU can still be found liable for a breach if THEIR advice turns out to be wrong.

In addition to the above, even if you have an accountant, the onus of keeping within the ''law'' is your responsibility. When your accountant prepares (and submits) your tax returns, he/she ensures that you are made to sign a disclaimer. In effect, everything they have prepared and submitted to HMRC is based on information you supplied. So, if any discrepancies are found, you get the end of the stick, not your accountant.

Be aware that should HMRC decide that you are not being upfront with your taxes, (especially if you have been trading and avoiding tax payments) they will decide what they believe you owe. This figure is always TEN TIMES over and above what you really should have paid. It is then up to you to prove that their figures are wrong. That will involve you getting the services of a lawyer and an accountant. Costly process and could drag you down big time. When they get their claws on you, they won't let go. If you can fight your corner, they quickly back down. If you can't, they will make sure you are used as an example to others who may also be avoiding submitting their accounts and paying their taxes

 

[rocketmanbkk]

Yes, got all receipts in monthly folders.

Made a trading loss

So, no tax to pay. Been paying NI monthly.

I also been told that I can take my loss forward to this year.

I'll contact HMRC to get this out of the way,

Cheers

 

[village idiot]

AS you say, if you're below the VAT threshold you can do 3 line accounting, turnover, expenditure and profit.

You need to keep all receipts and invoices in case you get audited though.

The law requires you to keep your records for SIX years.

I've not used an accountant but done my simple monthly accounts myself, basically money banked versus outgoings, simple as no VAT to deal with. It is just then a case of telling HMRC what these figures are? Do they want them certified? See receipts etc.?

You do not need your returns certified if you are not a Limited company etc. You can do them yourself and submit them online or by post. The Revenue will go through them and if they suspect any mistakes, they will have them corrected and make any adjustments to tax payments, sending you a refund or a request for more money. To be honest, if you play by their rules, they can be very helpful

 

[rocketmanbkk]

Cheers, I'm not up to any skulduggery. Just simple profit/loss with me really. I hope to at least break even or better this year.

 

[Ermintrude]

Declare scrap tho!

 

[julesverne]

You will get a letter from HMRC anytime after April to end of May, encouraging you to submit your accounts and pay any taxes due. For online submissions, you have to submit by end of September. After September, you will be contacted again around December, encouraging you to submit your accounts (postal submission only) and pay any outstanding tax due to be received by HMRC latest 31st January. HMRC will also carry out constant TV reminders. After the 31st of January, you get an automatic fine of £100, plus any interest on tax that should have been due. It is only a matter of time, then the £100 penalty will be increased.

wrong way round you have up until october to submit tax returns by post(does anybody still do that anymore) and up until 31st January to file it online, but remember you also have to pay your tax bill by 31st of january if you owe tax.

from hmrc website
HM Revenue & Customs: Completing your tax return (self-employed)

 

[rocketmanbkk]

Just completed my tax return online, a 30 min job, pretty simple.

See what they say.