I am self employed do I need to get my tax return in before Jan 31st?

Question

I am frightend of going to the tax office. Do they still use the rack to make you confess?

Answer 1

Don't be frightend find a book keep like me see an accountant or go to the tax office.

Yes tax returns for 2005 - 2006 have to be in and tax paid before the 31st Jan 07. Also if you owe more than 500.00 you have to pay half the amount on top as well - this is on account of next years.

You have to calculate the Tax and the class 4 NI yourself now - so you may be better off seeing someone as mentioned above.

Again don't worry about the Tax office they will help you do it they like you to get it right so less work for them.

Answer 2

You haven't mentioned when you started self employment.

2005-2006 tax returns are due in by 31st Jan, or its penalty time, and that relates to self employment that started during 06 April 2005-05 April 2006.

If you started after 05 April 2006 then your 2006-2007 tax return will be issued after April this year due 31 Jan 2008.

Oh those days of the rack, Iron maiden and the capa Uruguaya . .

Answer 3

Ah, don't be afraid! You can do it all online now.

Or why not get an accountant to sort it out for you, not sure how much they cost but it may be worth it if you're getting all stressed out about it.

Anyway, I think the tax office has had customer service training or something, I've always found them extremely helpful whenever I've had to do something, I was even investigated once and lived to tell the tale with minimal scarring...

Answer 4

Not quite the rack - but if you don't file your self assessment before 31.01.07 you will face a statutory £100 penalty - this can sometimes be waived providing there is not tax due. If tax is due you will also get charged late interest fees.

The revenue love to take, take, take!

Answer 5

Yes, yes, yes. Use the internet. www.hmrc.gov.uk

Answer 6

no i think they use the cross and nails now