Whats the score, when did this kick in and what happens if you have been running a business for several years and have never completed one. I operate outside IR35. Am i in the S*** and what should i do...
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Self Assessment
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Originally posted by liveforeverWhats the score, when did this kick in and what happens if you have been running a business for several years and have never completed one. I operate outside IR35. Am i in the S*** and what should i do...
Self assessment tax returns have been around for as long as I can remember. -
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what details do you need...
i haven't completed one since i started my business and i'm a director. I've been in touch with my accountant but i've had no respons as yet.Comment
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is that
Something he would do automatically or would I have to specifically ask him. I don't recall any conversation about self assessment. I always assumed it was for PAYE puppets, and therefore never give it a moments thought until this weekend. I feel like I’ve missed something ...Comment
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Well you would have had to sign the form. My accountant does mine for me and then mails it to me for a signature. If you are positive you have never signed one you may have problems. Then again i belive you don't have to complete one if your wages never hit a certain limit, but don't quote me on that.Comment
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Just
spoke to my accountant he says that becasue I have no personal tax liability then I don't have to complete a self assessment; it's academic.
If I had personal TAX liabilities then he would have told me to complete a self assessment from.Comment
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From HMRC's website
We need a Tax Return each year if you
work for yourself - that is, you are self-employed, or in partnership (we will also require Partnership Tax Returns)
are a company director
are a Name or member of Lloyd’s
are a Minister of Religion (of any faith or denomination)
have income from letting any property or land you own (but if you are an employee and this income is less than £2,500 a year a Tax Return may not be necessary)
receive other untaxed income and the tax due on it cannot be collected through a PAYE tax code
receive annually (or can be treated as receiving) income from a trust or settlement, or any income from the estate of a deceased person, and further tax is due on that income
have taxable foreign income, even if you are claiming that you are not normally resident in the UK (and including non-resident landlords)
PAYE puppets are generally excused !Comment
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