My 1st Self Assessment Tax Return has come!

[Becky_simon]

Hi there
As above it came yesterday, I was expecting it but it still made me *gulp*!
I'm gonna b doing it online so I have till end of January 2013 to do it, so I'm not panicking yet. However I would like to know what this period includes? By this I mean I started 14 nov 2011, when's the cut off point?
Thanks

 

[izzidoll]

5th April 2012

The tax year runs from 6th April 2011 to 5th April 2012, if you started up your business on 14 Nov then that is your start date.

 

[Becky_simon]

5th April 2012

The tax year runs from 6th April 2011 to 5th April 2012, if you started up your business on 14 Nov then that is your start date.

Thank you so much for that wonderful information, perfect xx

 

[Becky_simon]

Hello again

Could do with a wee bit of help answering some of these questions really. They are probably really simply, I just need to understand exactly what its asking?

Im on section 4 of my return. Its asking what my turnover is. Do I start from Nov 14 2011 up to April 5 2012 and includes all my takings earned less the consuambles I had to buy in?

I clicked on the ? next to the question and it says to include my turnover for the whole year, even If I haven't earned it yet. Well I only start Nov last year so am I right in what I have said above? Or have I miss understood?

 

[chazz!!]

I think turnover is everything earnt. Before you take anything away. X

Sent from my GT-P1000 using SalonGeek

 

[Becky_simon]

God im confused!

My form says I have made a loss, but I haven't! Think I need to ring someone and have a chat!

 

[Steph86]

I was waiting to get put thru for 20mins today before I had to hang up! Think I will call them in an eve in hope they aren't as busy!

Xxi

 

[meli_moo]

Oh I got my first one on saturday, I've not started doing it yet but I'm dreading it!

 

[Becky_simon]

It's not actually that bad, a lot if the questions r too In depth for me and don't apply as im mobile.
Some questions I don't know why they mean so ann having to click the ? To try and understand.
Because it says I have made a loss (which I haven't) it says they have overpaid me tax, but they haven't!
I have a friend who is an accountant who can hopefully set me straight!

 

[Lucy-Jayne]

Your turnover is your total sales. Add up all of your treatments and retails sales from the date you started in November up until 5th April of this year.

Don't take anything like expenses off of it.

(I'm a part qualified accountant)

 

[Becky_simon]

Your turnover is your total sales. Add up all of your treatments and retails sales from the date you started in November up until 5th April of this year.

Don't take anything like expenses off of it.

(I'm a part qualified accountant)

I haven't! Where it has asked for turnover iv put in from the dates you have just said all my sales. Where it has asked about expenses iv put down my travel, laundry and p&p

 

[divalou]

I'm going to be doing my own tax this year for the first time in 4 years as my accountant is just too expensive!!

Has anyone got any tips on allowances/what you can claim for?

Thanks
Lou x

 

[fozzyo]

I've always used the TaxCalc software for doing my self assessment return. Really makes it easy to put together. It's not too expensive - and it makes sure you have done everything and shows you your tax calculations and how much you have to pay.

Mat

 

[Charlee-c]

Best advice I can give is get it done asap!any questions ring the call centre but make sure your at your computer so you understand where the information goes.make a note of the assistants name time and date you called In case you have any problems further along the way!

Xx

 

[nikkib]

Best advice I can give is get it done asap!any questions ring the call centre but make sure your at your computer so you understand where the information goes.make a note of the assistants name time and date you called In case you have any problems further along the way!

Xx

All the calls should be recorded anyway so any problems the call can be retrieved.

This time of year is the busiest time for the tax office, sa helpline and online servives ( barr the 31st Jan) plus it is also the PAYE peak which will be putting the queues up too.

With turnover I believe that they look for annual turnover so for instance i you made £1000 in 6 months that would annualise over 12 months to £2000. It then takes the calculation from that and the dates recorded. I may be wrong but that seems to ring a bell.

 

[Lucy-Jayne]

With turnover I believe that they look for annual turnover so for instance i you made £1000 in 6 months that would annualise over 12 months to £2000. It then takes the calculation from that and the dates recorded. I may be wrong but that seems to ring a bell.

Sorry, that's incorrect. With VAT they ask you to estimate what your total turnover will be for the year so work out if you should be paying VAT but it hasn't got anything to do with turnover.

Tax returns are based on exact figures from the dates in the year that you started / finished. You don't double the turnover if you do 6 months worth of work, the same as you don't double the expenses for 6 months of work.

If you did all the figures would be incorrect and estimated which might mean you pay too much / little tax.

 

[nikkib]

Sorry, that's incorrect. With VAT they ask you to estimate what your total turnover will be for the year so work out if you should be paying VAT but it hasn't got anything to do with turnover.

Tax returns are based on exact figures from the dates in the year that you started / finished. You don't double the turnover if you do 6 months worth of work, the same as you don't double the expenses for 6 months of work.

If you did all the figures would be incorrect and estimated which might mean you pay too much / little tax.[/QUOTE

I did say that I may be incorrect, i don't deal with tax.

 

[Lucy-Jayne]

I didn't want to come across harsh, just wanted to get the right answer across as sometimes it worse to give wrong advice as it makes the original poster confused about the answer!