4 times a year Tax Return for self employed?

[surf girl]

Thoughts anyone? http://www.dailymail.co.uk/news/article-3356692/Fill-tax-returns-four-times-year.html

I'm not sure it's actually a bad thing tbh

 

[suse82]

I don't think it'll bother me too much. I just work myself so my tax returns are quite simple & straight forward. I could see it being quite costly for people who get their accountant to do all their businesses.

 

[surf girl]

I don't think it'll bother me too much. I just work myself so my tax returns are quite simple & straight forward. I could see it being quite costly for people who get their accountant to do all their businesses.

Yea I did think that, but it's not really hard to do for yourself when you've been shown once. I saw someone comment on one story about it today that its hard enough to get the books in order at the end of the year, surely it would be easier to do it per quarter!

 

[Gina Ballerina]

It will make me do my books as I go and always be up to date.
Like I say I will every year.... 8 years on and I'm a mad woman in October.
Just the push I need to be a proper grown up!

 

[Grace_Hair]

Agree with Gina. I'd be more likely to do my books regularly

 

[Baggybear]

I don't like the sound of this at all.
I keep my books online and update them regularly but the thought of having to file every 3 months is not good, especially when they think it will be a longer more complex form, the thought of a £100 fine for being a day late filing the return and remembering that date every 3 months - no thanks.

 

[Pinkbunny28]

like we haven't got enough on our plates. I don't have time to be doing extra unnecessary forms.

 

[surf girl]

I don't like the sound of this at all.
I keep my books online and update them regularly but the thought of having to file every 3 months is not good, especially when they think it will be a longer more complex form, the thought of a £100 fine for being a day late filing the return and remembering that date every 3 months - no thanks.

Good point! I'm terrible at remembering things as it is I wouldn't be in business long if I got fined for being a day late all the time!

 

[glitz and glam]

Someone told me today to read the small print as apparently they can't legally demand this until 2018, but still I really won't have time to be doing this in the summer madness or any other busy times! It means a lot more stress and work for all of us. They are already making it harder for self employed people who claim working tax credit, as from April 2015 they are doing an assessment to see if you are a commercial and viable business or a hobby business you also have to prove you work the hours you state. I had the form sent to me they expected a huge amount of info and even though I have a bricks and mortar salon, business bank account website fb and Twitter page sent all that evidence in plus more they found my business not to be commercial or working towards profit! Even though it very much is and so cancelled my working tax credit with no notice, I appealed and got it over turnt but took 5 weeks. I know I'm going off topic but how much harder and how many forms do we have to do when we're building businesses for the future and employing people creating jobs to help their ' unemployed status' too. Drives me nuts! Why not clamp down on all those large corporate companies who are scamming the system out of paying their taxes!

 

[Emm87]

Oh no! I'm about to submit my very first tax return online for end of January, and I'm finding it so confusing! One is bad enough, never mind 4!!! Hopefully by the time that comes in to play, I'll have the hang of filling them in x

 

[Grace_Hair]

https://petition.parliament.uk/petitions/115895

A petition against it. Worth a try.

 

[byKaty]

Yip I signed it. Fack that!

 

[surf girl]

Someone told me today to read the small print as apparently they can't legally demand this until 2018, but still I really won't have time to be doing this in the summer madness or any other busy times! It means a lot more stress and work for all of us. They are already making it harder for self employed people who claim working tax credit, as from April 2015 they are doing an assessment to see if you are a commercial and viable business or a hobby business you also have to prove you work the hours you state. I had the form sent to me they expected a huge amount of info and even though I have a bricks and mortar salon, business bank account website fb and Twitter page sent all that evidence in plus more they found my business not to be commercial or working towards profit! Even though it very much is and so cancelled my working tax credit with no notice, I appealed and got it over turnt but took 5 weeks. I know I'm going off topic but how much harder and how many forms do we have to do when we're building businesses for the future and employing people creating jobs to help their ' unemployed status' too. Drives me nuts! Why not clamp down on all those large corporate companies who are scamming the system out of paying their taxes!

I don't think this is off topic I'm actually quite interested! May I ask what your turnover v overhead was for the period they looked at? Was the business in profit at the time? I haven't done my books since October and I was only just in profit at that time by about 2k, so I wonder how I'll fare? I heared this was going to happen but I wouldn't have expected them to do that to someone who has an actual salon! It's stupid they encouraged people to become self employed and start businesses to get off the dole but now they want the businesses to be doing what they dictate, I get that there are those who will milk the system by running craft businesses or painting type things that don't ever generate decent money but those of us who have actual shops shouldn't be punished! Jeeze it takes years to get to the point where a family in this day and age can completely get out of the tax credit system when self employed, give us a break!

 

[Nila]

OH MY GOD! This is going to be a nightmare! Like we already didn't have enough stress doing it once in a year!!!

 

[sarahpoppy24]

I've also heard that they will give you one year to make the same profit as being on min wage full time for one year. If you don't do that in a year, any extra help you get will stop completely. So people won't be able to go self employed if they get help with money to start up or if they have kids on a low income etc. It's also to stop people working part time and claiming money to top it up. I'm not saying any of you guys do this but they need to consider it can take longer than a year to make a profit and some people do start part time as they don't have full time clients straight away. Xx

 

[surf girl]

You can guarantee there will be hiccups trying to implement that too! Aww this government gets on my nerves!

 

[glitz and glam]

I don't think this is off topic I'm actually quite interested! May I ask what your turnover v overhead was for the period they looked at? Was the business in profit at the time? I haven't done my books since October and I was only just in profit at that time by about 2k, so I wonder how I'll fare? I heared this was going to happen but I wouldn't have expected them to do that to someone who has an actual salon! It's stupid they encouraged people to become self employed and start businesses to get off the dole but now they want the businesses to be doing what they dictate, I get that there are those who will milk the system by running craft businesses or painting type things that don't ever generate decent money but those of us who have actual shops shouldn't be punished! Jeeze it takes years to get to the point where a family in this day and age can completely get out of the tax credit system when self employed, give us a break!

I raised it as a complaint and was re looked and and decision was changed to say I did meet criteria, they are looking that you are earning the hours you put down you were working x minimum wage. So after paying all bills and staff ect and only being in the salon 2 yrs ( one at current one and one at a small studio as a starting point in same high street to test market) I would need to be taking home I think I worked out £24k. Minimum wage is going up again in April so not only does my therapist wage need to go up for a second time this year mine does too! They make it so hard. Every person self employed claiming working tax will eventually be looked at. But as we all know it can take a while and Rome wasn't built In a day, I'm now in catch 22 I need to open salon longer and so increase my hours to cover more clients and grow business as I've cut as many costs as poss without cutting quality to my clients but that means id be expected to take a lot more. So growing a business is no longer an easy task

 

[surf girl]

I raised it as a complaint and was re looked and and decision was changed to say I did meet criteria, they are looking that you are earning the hours you put down you were working x minimum wage. So after paying all bills and staff ect and only being in the salon 2 yrs ( one at current one and one at a small studio as a starting point in same high street to test market) I would need to be taking home I think I worked out £24k. Minimum wage is going up again in April so not only does my therapist wage need to go up for a second time this year mine does too! They make it so hard. Every person self employed claiming working tax will eventually be looked at. But as we all know it can take a while and Rome wasn't built In a day, I'm now in catch 22 I need to open salon longer and so increase my hours to cover more clients and grow business as I've cut as many costs as poss without cutting quality to my clients but that means id be expected to take a lot more. So growing a business is no longer an easy task

I don't earn anywhere near the minimum wage for myself, I don't even take an apprentice wage really, I have no staff to pay either, I'm gonna have a fight on my hands when they get round to me lol! I can show growth within the business from the start date to now but there's always things I need to get when there is spare money available, I hope the people with these powers have some business knowledge, how am I going to prove to a random regular office person that my business is actually doing what it's supposed to at this point? ive not even turned over £24k yet lol let alone taken it as drawing! Aw god

 

[byKaty]

I don't earn anywhere near the minimum wage for myself, I don't even take an apprentice wage really, I have no staff to pay either, I'm gonna have a fight on my hands when they get round to me lol! I can show growth within the business from the start date to now but there's always things I need to get when there is spare money available, I hope the people with these powers have some business knowledge, how am I going to prove to a random regular office person that my business is actually doing what it's supposed to at this point? ive not even turned over £24k yet lol let alone taken it as drawing! Aw god

Clearly these staff making the decisions have no real business sense. Why do they have make it so hard?? I'm having to do 35 hours in my office job then 2 full days in salon as can't afford to drop to 2 days.

 

[glitz and glam]

It depends how long you've been trading as if it's not long and you can prove you are being careful within your budget competitive with your prices offering what your clients want getting in more than spending out ect they will class you as a start up. How I see it is I've got a year pretty much to earn a large wage or if my business can't do that I will be classed as a hobby business as it doesn't give me a good enough wage. They don't ask how much your turn over has increased any major purchases you've had due to expansion or repair and maintenance, if you have employees ect. It's very black and white and they are very cagey about how they make the decision and what the criteria is! It's ridiculous. So basically I have a year to work my ass off even more! Luckily christmas was very good for me and the clients have mostly rebooked for jam or feb which is keeping the momentum going, still a worry though.