When do I need to submit my first Income Tax Self Assessment?

Question

Hi, I hope you guys might be able to help me out here. I've been self-employed since July 2005 and I believe that this year I will have to complete my first self-assessment. I am definitely going to get an accountant involved, but due to the cost outlay (and the fact I'm quite skint at the moment) I would prefer to leave it for a couple of months. Could anyone tell me when the self-assessment form is due and how I get it? (is it sent to me?) Also, is it pretty straightforward to fill in? And when do I actually pay the tax - do I send a cheque with it or will I be billed for it?

Many Thanks In Advance!

Answer 1

Grom ignore everyone above. Im an accountant and I will be able to help you.

The easiest way to do this is to fill in your first return which would be from July 05 to 5th April 2006. If you send in all your paperwork to HM Revenue & Customs by 30th September 2006 for the above period then they will calculate your tax for you. However you really should use an accountant as HM Revenue will only calculate the tax due on what you send them. They wont ask you questions like, do you have a computer that is used for business purposes, which can then be used as a tax deductable expense. You actually have until 31st January 2007 to submit your return, and the tax if any that is due, is also payable on the same date. Please e-mail me at : [e-mail] and I will be pleased to assist you further.

Answer 2

end of september. fill in the form on line. remember to include interest on any loans as expenditure and capital depreciation of any fixed assets. in your first accounting year you should not be paying tax. in fact if you have to use an accountant he should be able to get a deficit on the first year. in any case the tax office will send you a bill for payment in two halves starting jan next year. this will have a due date and then they charge interest on the amount after that date. this can be useful if you need a loan because the interest charged is less than the bank rate and you can use this money for a few months instead of borrowing from the bank. do not try this with the vat office though they are not as flexible

Answer 3

Micheal O is a really god answer.

If you were self employed since July 05, then your 1st Tax year ends April 06, by which you need to complete a Self assesment form by 30th September, and the Inland Revenue will calculate your Tax for you.

You then pay by after January 07, but fill in the form ASAP.

Get an accountant to help you with t, but it is not that hard if you decide to go it alone.

If you miss the 30th Sept deadline, you have till Jan 07, then you have to calculate the tax yourself, which is Harder to do. And if you miss that deadline, £100 penalty automaticcally.

Don't risk it, get help now.

Answer 4

You may not receive estimated forms until later. An accountant will have some.

Estimated payments are due, since it is so close, September 15, 2006.
Next year estimate for 2006, Jan. 15, 2007.

Estimates for 2007, April 15, "aside from filing date for 2006", June 15, 2007, September 15, 2007.

Missed estimates may incur a penalty. 90% of previous year tax paid, must be sent as quarterly estimates. Unless income is far less than previous year.

Answer 5

dont fill it in your self you will get fucked by the tax office get a aercount to fill it in . give phone bills petrol ex i got 800 p back when add a 3446 pounds sorry i spell ****

Answer 6

next deadline is 20 sept if its your first one you will need to call the inland revenue and they will send you one, after that they normally send you some or call/bug you

Answer 7

I'm sure there's one due for September.

Answer 8

the next year after you start making money

Answer 9

30th September is the next deadline, and you can do it online.

Answer 10

before april 31st each year