Self Assessment

[LongHairedLily]

Hi Ladies and Gents

 

I registered as a Sole Trader with HMRC on the 5th of September. Last week was able to register for Self Assessment.

 

The question is when do I complete Self Assessment, I saw paper returns had to be in at the end of this month and online returnees given a couple or so months longer.

 

As a newbie do I have to do my Self Assessment end of this month or the date for online returns.

I will only be less than two months old if I need to do a paper return! Not much to put down.

[jadeybags]

Online is January, but I am sure Tax credits (if you claim them) wants to see the confirmed income for last year, at the start of january, something like that anyway, I remember thinking it was before the deadline for self assessment,which confused me, hopefully someone can confirm that!

[LongHairedLily]

Hi Jady

 

I think maybe I have read it right on HMRC that the paper deadline for this month and the end of Jan 2014 filings are for tax return 2012/2013 April 2012 to April 2013. As I only set up this Sept 2013, I may not be required. As for Tax Credits I will ring to them to clarify what they require.

 

I'm going to ring HMRC Self Assessment just to be on the safe side.

 

Thanks

[ericsbrother]

the deadline is for the 2012-13 tax year and dosnt apply to you as your assessment wont be active until the end of this tax year.

[cgg13]

^ What ericsbrother said. Your first return will be due for the year to 5th April 2014, which will need to be submitted on paper by 31/10/2014 or online by 31/01/2015.

 

What quite a few people do, to avoid having to calculate parts of years etc is make your accounting y/e 31st March - so your first accounts will only be 7 months for the first year, this keeps things inline with the 5th april tax year end.