View Full Version : SA Help

1st September 2004, 08:07
HI Please help

I started contracting this year. I have an accountant and he has been sending me documents to sign throughout the year. I have sent many cheques to him for payment to the IR. At the end of june i stopped trading through my Ltd Co and starting trading through Parasol. I have been reading up on the IR site about SA and who and when it should be done. To tell you the truth i'm confused about it all. So i have some questions.
1 = Because i'm now through Parasol will i have to do a SA form.
2 = Do i get it sent to me as a prompt of when it needs to be done or am i expected to know when to do it.
3 = and any other general help about SA as i don't really understand it that much


Thanks in advance

Darren at 1st Accountancy Serv Ltd
1st September 2004, 08:59
Has the IR sent you a request to file a tax return or the form itself?

1st September 2004, 09:08
You will automatically be sent SA forms by the IR if appropriate.
I think you will only get an SA form when using an umbrella if you are paying high rate tax.
Filling the forms out is not difficult but if you are worried about it there are cheap SA form filling services available. Once you have completed your first form subsequent years forms will be very similar.
Don't worry about SA until you receive the forms in the post.

1st September 2004, 12:27
>Don't worry about SA until you receive the
>forms in the post

Not always true.
If you fall under SA and you don't receive the forms because they were loss in the post (or some idiot in the IR couldn't be bothered to send them out). The IR still take a dim view and say it's your duty to pay the right tax and you should have downloaded the SA forms from the Net, etc.

All about fairness you see ...

I've known many people who didn't realise that they fell into SA due to Gordon not moving the top rate ceiling with inflation and got an automatic 100 quid penalty for late filing.

Not knowing you fall into SA is not an excuse the IR take. (The interest on your savings is not taken off at 40 percent and the IR always want your bank account details)

1st September 2004, 12:40
Interesting.................I knew the fines were in place but have never heard of anyone being fined who did not receive an SA form in the first place.

I would find it hard to accept that the Revenue would make a fine, even a small one, stick without the due reminder being sent.

1st September 2004, 12:59
That’s why they call it “self” assessment. It’s the tax payers responsibility to fill in the form.

If you were a company director during the tax year in question (or have untaxed income – say from letting a property) you are required to fill in an SA return even if the tax office didn’t send you a form. It’s not difficult to do (it looks worse than it is). Hopefully most of the form will not apply to you.

You should either give your tax office a call and they will send you the forms, download the forms from the IR website, or register to file the return online (so you can see how much tax you owe as soon as you fill it in). Either way, try not to leave it to the last minute if this is your first return.

1st September 2004, 13:18
SO you do the SA form for the previous tax year. In that case then i was still trading under my ltd company so therefore my accountant should fill it out. Won't need to worry about this year tax until next year.

What are the dates as to when these forms have to be filled in and completed.

Darren at 1st Accountancy Serv Ltd
1st September 2004, 13:26
For the 2004 Return - 30th Sept 2004 if you want the IR to do the calculations, 31st Jan 2005 if you're accountants doing it.

For 2005 Return - same as above, only a year later.

The tax due on the 2004 return must also be paid by 31st Jan 2005.

1st September 2004, 14:12
That’s why they call it “self” assessment. It’s the tax payers responsibility to fill in the form.

It was called self assessment because it is exactly that - a self assessment of your tax - terminology can hardly cover filling out a form that has not been sent planetit.

1st September 2004, 14:18
In that case then i was still trading under my ltd company so therefore my accountant should fill it out.Your accountant does the accounting for your business. SA is your personal accounting. Many accountants do include it but a picky tax inspector could quite rightly declare the work as a benefit in kind.

Unless your accountant is a phsycic he would have had to ask you a shedload of questions about other divvis, incomes from rentals, etc. etc. - if he didn't ask for that sort of thing he didn't do your SA - you would have had to sign it anyway so unless you are in the habit of signing everthing put in front of you without knowing what it is you should know if one was done.

1st September 2004, 14:50
>have never heard of anyone being fined who
>did not receive an SA form in the first place

Sad but true. Just look at the IR SA website for this little gem:

"If you do not receive a tax return, you must notify us if you are chargeable to tax and/or National Insurance Contributions on any new or additional sources of income or gains."

If you owe less than 100 quid then the fine is the same amount as tax owed i.e. if you owe 40 quid tax then you pay 80 (40 tax and 40 for fine)

1st September 2004, 16:08
and you've got to let them know that you need to complete a Tax Return by October so that they can send one to you within 3 months of January 31st!