Tax Return for when self employed - help!!

[Lilly_Monroe]

Mods please move of posted in wrong section.

 

Basically up until Feb 2011 I was classed as self employed, and claiming working tax credits, for just myself some £53 a week, I was working from home.

I made not a bean, so then went onto claiming JSA after signing off WTC.

 

I have got this tax return to fill in, and it is a nightmare - do I have to fill it ALL in, I do not understand most of it.

 

My figures are simple, £53 a week, and that was it.

Also do I need to put that figure down where it asks about income received..

I have no expenditure as I was using my computer.

No pensions, no nothing.

 

Lilly

[honeybee13]

Hi Lilly.

 

I think there's an HMRC phone line you can ring for advice. Is there a number on the form? From memory, it might be on the front.

 

I've done them online in the past and thought it was easier, because it left out the pages that didn't apply to me. You need a password though, which they post to you. When does it have to be in by?

 

My best, HB

[Lilly_Monroe]

Hi Lilly.

 

I think there's an HMRC phone line you can ring for advice. Is there a number on the form? From memory, it might be on the front.

 

I've done them online in the past and thought it was easier, because it left out the pages that didn't apply to me. You need a password though, which they post to you. When does it have to be in by?

 

My best, HB

 

 

Hi Honeybee

 

I was doing it on line, password and everything, but it is never ending, and will not seem to let me skip the parts that do not apply.

why is everything so complicated.

 

I will ring them (hate doing it) I get all flustered.

 

Lilly

[ashmk]

I used to go up to my local office and they would help me fill it iN.

 

You will need some numbers.

 

Your total income & what you have spent.

Take the spent away from the total to give you your taxable income which at £53 per week will be 0.00

 

So if you worked every week in the year (52 weeks) and earned £53 a week your total income is £2704 which is under the tax threshold so you will not be billed anything. (excluding national insurance).

 

What you spend does not really matter at your level of income because you won't be taxed but if it did you just subtract (for which you should have receipts as proof) costs such as electric, telephone, fuel, tools, clothing etc ... whatever your business needs to run from your total income.

 

 

Anyway they are very helpful, call them and make an appointment, take all your paperwork, receipts etc and they will go through it with you.

[Lilly_Monroe]

I used to go up to my local office and they would help me fill it iN.

 

You will need some numbers.

 

Your total income & what you have spent.

Take the spent away from the total to give you your taxable income which at £53 per week will be 0.00

 

So if you worked every week in the year (52 weeks) and earned £53 a week your total income is £2704 which is under the tax threshold so you will not be billed anything. (excluding national insurance).

 

What you spend does not really matter at your level of income because you won't be taxed but if it did you just subtract (for which you should have receipts as proof) costs such as electric, telephone, fuel, tools, clothing etc ... whatever your business needs to run from your total income.

 

 

Anyway they are very helpful, call them and make an appointment, take all your paperwork, receipts etc and they will go through it with you.

 

Oh, thank you I understood that - if only it said it like that on their website.

 

Lilly

[jadeybags]

At that amount of profit, you could have applied for exemption of NI too, earnings up to £5,315 per year (2011-12) but too late now as they will only backdate that application...can't remember how far, about a month I think, maybe 2. So they would expect you to pay 10 pounds per month. Tax credits won't be counted as a taxable income, so it would just have been profits from Self employment you would be taxed on. When you ceased being self employed did you de register?

[Lilly_Monroe]

Yes I did de-register, and I made a big fat zero so nothing to worry about on that side.

I had/have no savings, no pensions, no nothing....such is life.

 

Thanks

 

Lilly

[andydd]

Yep..you still have to fill in a tax return even if you made zero..and yep..they are a bit of a nightmare, mine last year was a lot of guesswork. luckily Im employed PAYE so wont have to do one.

 

Andy