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so leaving as late as poss so i don't pay much interest
thought i had til april, didn't i?
Fines start after 31st Jan in respect of the 2013/2014 tax year. CHOP CHOP.
just haven't paid it yet. it sucks that the deadline for the application is the same as the deadline for payment, doesn't make no sense.
although i'm pretty sure you can set up a DD that means you're not paying a lump sum by that date - look into that?
but I did in previous years and did self assessments for it.
Because I don't have any additional income to pay tax on, do I have to do anything at all (because done previous SAs) or do I just completely ignore it all now. They won't chase me up and say 'where is this years SA?'
you've not been trading, just as a precaution and as proof of alerting them to it. Tbh, unless you were pulling in thousands upon thousands i can't see the feds being all over you
If they are expecting you to sabmit and you don't (even if you have no tax to pay) then automatic 100 quid fine, then daily fines, they are ubercunts. definitely worth calling/checking online and ascertaining whether they are expecting you to submit each year. You get a letter form them assaying you no longer have to submit unless your circumstances change, and in the absence of that letter, you are expected to submit.
That's a really cynical way of working. :-/ I'd completely assumed if i'd stopped trading i could just kick back and not worry about it.
before they believe that you have stopped trading!
Good old govt
For all that people go on about how lax our taxes are in this country, we are actually more like a olice state in the light of the GARR regime (onus now on taxpayer to tell the govt what it is doing to minimise its tax exposure) plus the introduction of accelerated payment schemes means that, if the revenue says you owe x and you dispute that, then even if the revenue hasn't yet proved that more tax is payable, you have to pay up instantly, and they'll reimburse you (most likely a few years down the line) if they are wrong. it is more draconian than any other European jurisdiction.
for half her estimated earnings *next year*. The fact that's even legal is bonkers. As you say, I think it's easy to believe that tax breaks are a soft touch but it's far from the truth
might be worth submitting a nil return anyway (or whatever they are called- basically fill it in and send it in anyway, even though it shows no tax to pay. dead easy to do online if you have a government gateway number.)
you have to do it because they expect one from you
could be wrong though, like
IOt doesn't even just apply to self employed people. Those in employment, and who pay through PAYE seem to trigger a tripwire when their salary exceeds a certain amount- you are seen as more likely to have the likes of investments, buy-to let properties etc that they should be knowing about, and so they make you fill out a return. Even if your salary drops before the trigger level, you're still expected to submit a return warranting this, before they finally let you drop off their list.
thanks everyone for the really helpful replies. will give them a call to let them know/avoid a shock.
this year is the first time I've used an accountant to handle it all. Best decision ever. Saved me more than double what they'll charge.
I mainly did it because I was nervous about figuring out things like half my pension against my freelance earnings, and also because both the mrs and I do freelance work the rules about charging against rent and bills when two of you work from one place etc.
Didn't even know what was reasonable to be claiming back in general, and in total my tax bill was more than a grand less than i thought it would be, while I think I paid abour 400 quid for the accountant.
1 - 0 xylopwn
because they "work from home". absolutely ridiculous.
gotta work from somewhere, and those renting a desk in an office will be allowed to claim back sooooo
You'd be a fool not to. http://www.hmrc.gov.uk/manuals/bimmanual/bim47825.htm
the things people will claim back is ridiculous. my friend just basically puts anything he buys on there. books, cds, dvds. it's all "research". claiming rent is just a step too far for me. i claim serious stuff like my laptop, but anything else is just too wanky.
the research stuff, if it got out of hand, could see him being done for fraud (but if it's little stuff they won't give a shit obv). But rent? It's pure mental not to. You've said upthread you're holding off because of the overdraft situation, the tax breaks are literally designed to help people in your situation continue comfortably building a business.
It's a small inducement to encourage entrepreneurship. otherwise everybody would just be employed and to hell with the risk of self employment!
just people who could easily work from the office but just fancy staying at home in their pjs
*also* putting rent against it?
who could (should) be working at the office, but blagging it and working at home
Unless they're set up as a company and take dividends rather than salary (where, at a certain tipping point the tax paid on diviidends plus the corporation tax suffered by the entitiy might make it profitable) But otherwise, on the whole, there's not much in it- it's still income tax. if the revenue have offered the ability to claim a relief, you're a numpty not to take it.
But even so, just chucking in a few gig tickets here and there (which are a legitimate 'research' thing for me) has meant that my expenses are looking pretty healthy each month on top of travel. Thank god.
Bloody knew you were holding back in the OP. But now we know this is a thinly veiled "I've got an accountant" thread. And, having gotten to the bottom of that little xylomystery, I can sleep easy in my bed once more. Phew!
Having an accountant literally only suggests that I am bad at maths (which is true) and lazy (which is in this circumstance true).
But if I'm allowed to call it showing off, i will obviously leap on it Wza.
Dive right in and don't deny yourself the pleasure! You BLOODY LOVE this shiz, and we'd be cruel gits indeed if we sought to strip you of that status anxiety fix.
your post betrays something similar the other way around, and likewise I'll letcha have it.
btw in that case: remember that thing i was hoping it'd be able to have achieved by now? just about managed it. cryptic cryptic, but you have a good memory.
I'll not sully the moment by dragging the debate on.
Don't think I recall the project, but thumbs up regardless. #winning
not much to be achieved on a board that almost entirely exists on egotism and counter-ego egotism. Hugging it out is the best way to move forward.
...because I am lazy and a bit thick
He starts explaining the benefits of being VAT registered and I just nod along. He might as well be speaking Japanese, which I also do not understand.
really not looking forward to it at all
Put the online gateway on a massive tv and have a glass of red.
(never done it before, thought I had until April and only had to do Jan-April as I set up my company last Jan, but oh no).
Pretty much done now, thankfully I've saved waaaay too much for the tax bill so should be getting a bit of cash in recompense. It definitely fucking sucks though, god knows how so many people do this every year.
I guess the stuff I have done isn't that *hard* but it's time consuming and I'm mostly just fucking terrified of getting it wrong.
WHICH HIS DAD PAID FOR.
GET HIM WZA!!!!
I just meant he's forced him to take me on as a client.
I won't forget this, xylo.
(pint next tues?)
Did ol' badders start a thread about it, though?
after i've apologised to various people for mentioning my relationship, being cisgendered and living in London. You're in a queue.
Now I get my Marckee doesn't hold truck with it all.
i'm at a loss as to why you'd get pelters for this
your passion for waistcoats on the other hand.... ;)
Do the taxes that need to be paid by Jan 31st 2015 relate to payments from April 1st 2013 to March 31st 2014?
don't listen to these lazy people who can't do maths! The tax year runs 6th April 2013 till 5th April 2014, with teh relevant return to be submitted and paid on or before 31st Jan 2015.
this is why i always fuck up every year.
All people in this thread listen to PO
this is my first year doing them and I was about to do them all wrong, and then all wrong again, but now correctly. maybe.
You get 9 months to lodge and pay your taxes?
Never done it before. Haven't started thinking about this yet. Think I registered an online account this time last year but dunno. 99.9% confident that I'm well under the tax threshold for the given year. Planning to blitz it this weekend. How panicked should I be on a scale of 1 to AAAAAAAAAAA
From March to April 2013 I was employed part time.
From April 2013 to ~July 2014 I had a zero hours contract with the same company, although in effect I did no work for them beyond around September 2013.
so you're under the threshold with combined earnings of part-time job and your freelance work together?
*arranges weekend long fishing trip*
so it should be pretty quick :)
Even if you don't have tax to pay.
I'm sadly only too familiar with doing the return which is basically 'dear mr tax man, here is everything I earned and even though I know I don't owe you tax right now, here is some really personal info about me and my business, please may I be excused now?'
at about 11pm on Sunday night, ta
took fucking ages for me to get it working first time, had to wait for a password in the post or something ludicrous like that
AND NOT FREAKING OUT AT ALL.
i've got my tax bill for this year which i'm paying off in one go this month, but i also have a bill for an amount they're going to charge me later in the year, presumably a calculation on what they think i'll need to pay next year. what's the deal with that?
You need to pay that too.
Not uncommon these days, but if you're in the know you can sometimes fight them. depends on your circs.
(I think the second is 31 July)
I scanned the link... is ^this basically a kinda equivalent of paying a month's rent at the start of your tenancy?
and the other half six months in advance.
Which means given the government hypothetical cash you haven't actually *earned* yet, not to mentioned cleared through your bank account. A bit like having to pay a deposit on a new tenancy before your landlord has given you the old one back. Except when the old landlord does finally pay up you have a windfall of sorts.
Might start claiming interest from my bank on savings I intend to deposit throughout the forthcoming 12 months. They can claim it back if things don't pan out as planned.
I know, party day right?
500 tax back for me YES!
But I also did a few months waged taxed work that I'm hoping balances it out? Yeah? YEAH?
TAX NEEDN'T BE TAXING!!!!