Dream Weaver

Started working for myself in Jan 2002, and had my first tax return in April 2002 which was for the previous year (or in my case just for Jan to April).

The tax return was to be paid by 31 January 2003 which was done, so when is my next one due, and when will it have to be paid? My reckoning from the IR website is that my next return for 02/03 year will arrive this April and wont have to be paid til Jan 2004.

Is this correct?

templar

Almost.

You're right about the tax return, not due until 31st January 2004. However you might have to make a payment on account of tax for the year 02/03 on 31st July 2003. You're accountant should be able to tell you.

Roj

Dream Weaver

Cheers Roj, thought that might be the case also.

DW

Newbie123

A tip for anyone starting up in self employment is that there has been a fairly recent rule change,

You have to inform them within 3 months of starting otherwise they will fine you £100. Your accountant should be able to help you with the forms, are you can do it here ....

http://www.inlandrevenue.gov.uk/startingup/register.htm

Sorry for hijacking your thread Dreamweaver, but I've come across a couple of new clients recently who had setup in business, but had waited a few months before informing anyone.






[Edited by Newbie123 - 2/9/2003 8:35:18 PM]

Molbyman

iTrader: (2)

I started working self-employed about 20 months ago. If you contact your local tax office they will help you alot. I have been on a couple of one-day courses locally run by the tax dept.. Found out I could do all the accounts myself...no need to pay an accountant in my case. It was pretty simple for my business. Your questions re. dates will all be answered if you can get to a course.

mbc

you will have to make a payment on account in july this year