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Tax question

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    How much tax you pay, and when, depends on your financial year end.

    The law is very complicated on this. TaxAid have a basic guide to it here and you can give them a call on 0845 120 3779, open 10am-12 noon Monday to Thursday.

    As a general rule you pay tax on profits in the year you publish your accounts. With a new business this can cause problems. It sounds like that if your financial year end is in the 2008/2009 tax year you will have to get your return in by 31 January 2009.

    Bear in mind you are expected to make two payments a year on your tax, an intermin payment in January and a final payment in July.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If it is a self-assessment you are doing then for the financial year April 07 - April 08 you will be completing a self assessment this time next year.

    Unless you get it in early, which never happens for me :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you get the tax return in early enough then HMRC will work out the tax for you.

    It depends on your profits as to whether its worth getting an accountant to do the paperwork for you. It can be pricy.

    Don't forget simple things like making sure that you load as much as you can onto your business as business expenditure. So many people forget that business mileage, for instance, is worth 40p per mile and is not taxable. If you drive a lot for business it can make a difference.
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