I went self-employed last year in April 2006. I am getting forms through from Inland Revenue reminding me to get my tax return in before 31st January 2007 and also have a tax return form.. do i need to do this tax return as its for year ending 5th April 2006?? I'm so dumb when it comes to tax related stuff, sorry! Whats the correct thing to do? inform the inland rev via letter? fill in the form with nil/0 on it? help! ....
2007-01-19 01:37:45 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
i actually declared myself self-employed from 5th April 06.. if that helps?
2007-01-19 01:59:39 · update #1
If you have received a form then you need to fill it in with all income your received up to the 5th of April 2006. Interest on savings, dividends and pay wether employed or self employed. I received one at nineteen and in college all I had to declare was my post office savings. If you dont send it back you will be fined £100. You may be inline for a refund!
2007-01-19 01:47:53 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes you do, although it sounds silly as it is only a few days maybe - as long as you were self employed before the 5th that is.
Look on the bright side - I got a big tax refund when I was in this situation as due to setting up costs my business made a loss in its first few months, yet I'd been paying tax through my previous employment. If your business made a loss in those first few days (very likely) you can get a refund too.
2007-01-19 09:49:36 · answer #2 · answered by grown-up 2 · 1⤊ 0⤋
Yes, if they have sent you a form you need to fill it in.
Had it been earlier, you might have been able to negotiate a short-order tax form or being put back in the PAYE system, if this applies to you.
2007-01-19 09:47:21 · answer #3 · answered by Michael H 7 · 1⤊ 0⤋