[Finance] Self Assessment 2016-17

[Petee]

You aren't required to do one, but it's possible that you might be owed some money back. Either way, if there's something not quite right, it's likely that HMRC will pick up anything in the next 18 months and let you know.

Corrected

 

[Raleigh Chopper]

Your tax is due by 31 January, which is 10 months into the next tax year. So you've earnt the money that they are taxing you in. If anything, you're still four months behind.

Gazwag & Normski.
Thanks.
To be honest i know sod all about it, i am quite lucky in that Mrs Chopper does the spreadsheets and fully understands it, and sends them to the accountant who is a friend and meets up with him to discuss my tax when needed.
All i know is that i pay tax going forward on money not taken yet and i am sure 6 months was mentioned, i should know more i know and will ask the questions tommorrow and find out, either way a one man band self employed person should not pay tax on future money in my opinion, its not right.
All I do is shout a lot and kick the cat when the tax bill is due.
Last year I was made a limited company which apparently is not illegal but very much frowned upon and totally changes my tax affairs, it will kick in soon so will be interesting to see what tax i will be paying.
I trust Mrs Chopper & the accountant that they are doing it right.

 

[Normski1989]

Corrected

Seeing as it's almost ten months past the 16/17 tax year, he should hear within the next few months, as I said. That would be 12 months+ after the tax year in question, so I see your point.

Gazwag & Normski.
Thanks.
To be honest i know sod all about it, i am quite lucky in that Mrs Chopper does the spreadsheets and fully understands it, and sends them to the accountant who is a friend and meets up with him to discuss my tax when needed.
All i know is that i pay tax going forward on money not taken yet and i am sure 6 months was mentioned, i should know more i know and will ask the questions tommorrow and find out, either way a one man band self employed person should not pay tax on future money in my opinion, its not right.
All I do is shout a lot and kick the cat when the tax bill is due.
Last year I was made a limited company which apparently is not illegal but very much frowned upon and totally changes my tax affairs, it will kick in soon so will be interesting to see what tax i will be paying.
I trust Mrs Chopper & the accountant that they are doing it right.

You aren't paying tax on future money. You've received the money, but haven't declared it yet. Payments on account are a pain in the backside but they are quite logical and fair.

Oh, and Limited Companies aren't frowned upon at all. They're very common and a good way to save a small amount of tax.

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[SuperFurrySeagull]

I'm meant to be doing my return now.

Luckily NSC has a thread on Self-Assessment, so my procrastination kind of feels like I'm being productive.

 

[Hampster Gull]

I'm meant to be doing my return now.

Luckily NSC has a thread on Self-Assessment, so my procrastination kind of feels like I'm being productive.

NSC will be here for you on the evening of the 31st

 

[Garage_Doors]

I'm in smug camp. did mine back in April / May as i do every year, always have is as running total so just a matter of inputting it.

 

[Hampster Gull]

How are our procrastinators doing, any progress made?

 

[Weststander]

Seeing as it's almost ten months past the 16/17 tax year, he should hear within the next few months, as I said. That would be 12 months+ after the tax year in question, so I see your point.You aren't paying tax on future money. You've received the money, but haven't declared it yet. Payments on account are a pain in the backside but they are quite logical and fair.

Oh, and Limited Companies aren't frowned upon at all. They're very common and a good way to save a small amount of tax.

Sent from my SM-G930F using Tapatalk

This.

HMRC like dealing with limited companies. The accounts must follow company law and accounting standards, plus the accounts and corporate tax return are both filed in electronic formats which allow easy computer analysis for anomalies.

 

[Weststander]

Well as I understand it for those who’s turnover is £85k plus from April it’s quarterly returns of some sort and the rest of us self employed non limited company from April next year ..unless it gets delayed again

Been postponed until 1 April 2019.
https://www.icaew.com/technical/tax/making-tax-digital/mtd-for-businesses

 

[drew]

Just submitted mine with two days to spare (not including the 31st as difficult to file whilst in Southampton!!!).

 

[Herr Tubthumper]

This.

HMRC like dealing with limited companies. The accounts must follow company law and accounting standards, plus the accounts and corporate tax return are both filed in electronic formats which allow easy computer analysis for anomalies.

As an aside I was talking to HMRC a while back about EC sales. I was a little late when they switched from 3 months to 1 month but the guy told me not to worry as they’re 18 months behind themselves. Brilliant.

 

[Hampster Gull]

As an aside I was talking to HMRC a while back about EC sales. I was a little late when they switched from 3 months to 1 month but the guy told me not to worry as they’re 18 months behind themselves. Brilliant.

Wouldn’t happen in Germany

 

[El Presidente]

How are our procrastinators doing, any progress made?

I caved in and did mine today

 

[cjd]

I shall submit mine tomorrow....or maybe Tuesday. I like the thrill of leaving it late.

 

[LamieRobertson]

Been postponed until 1 April 2019.
https://www.icaew.com/technical/tax/making-tax-digital/mtd-for-businesses

Thats again then...what a mess...but thanks for that link...doesn't impact me as i am not VAT registered....but i am self employed so when they sort them out i'll be next

 

[LamieRobertson]

I shall submit mine tomorrow....or maybe Tuesday. I like the thrill of leaving it late.

My accountant emailed me my figures this evening...burning the midnight oil and all that...they will file ..i'll pay probably Tuesday

 

[Hampster Gull]

A

I shall submit mine tomorrow....or maybe Tuesday. I like the thrill of leaving it late.

Don’t panic if you have computer problems, just change the batteries

 

[mothy]

Have been doing them last few weeks (I'm an accountant). Still a few to do - including my own

 

[SuperFurrySeagull]

How are our procrastinators doing, any progress made?

All done & submitted - sacrificed the weekend to getting it done, barely left the house in three days...

 

[Normski1989]

Deadline day... in more days than one!

Guess what numpty accountant thought it'd be a good idea to break a tooth and need a root canal on the same day as the tax return deadline. *waves hand*

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