[Finance] Self Assessment 2016-17

Normski1989 said:

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.

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Normski1989 said:

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.

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Petee said:

Corrected

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Raleigh Chopper said:

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.

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SuperFurrySeagull said:

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.

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Normski1989 said:

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

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LamieRobertson said:

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

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Weststander said:

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.

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Herr Tubthumper said:

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.

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Hampster Gull said:

How are our procrastinators doing, any progress made?

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Weststander said:

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

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cjd said:

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

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cjd said:

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

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Hampster Gull said:

How are our procrastinators doing, any progress made?

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