Tax rebate deadlines

[Anonuser]

Morning,

 

This year is my first time self employed and first time doing a tax rebate form (online) I've searched for deadline's which seems to be October 2013, but most people are doing them after 5th April. Does this mean that it can be filed anywhere in between these dates?

 

Thank you.

[leonmassey]

If you complete by post Oct 31st but if you file online you have until Jan 2014, if you want your rebate quicker then the closer to April the better, refunds can take upto 12 weeks to be paid

[Still_surviving]

Assuming you will be preparing your first accounts from the date you became self employed to 05.04.13, this return can be submitted online at any date up to 31.01.14.

 

Paper returns can be submitted up to 31.10.13. If by 'tax rebate form' you mean self-assessment return of course.

 

Im not being funny, but if you dont know this kind of stuff, try and find yourself a small acccountant who will charge you around £100 for the return, or £250 for return and accounts. Any half decent accountant will save you more than their fee, and you have the knowledge it will be done properly.

 

Online filing means rebates come out quite quickly these days - as long as there are no obvious errors on the forms.

[Anonuser]

Thank you both.

 

It is true, I am confused by it all. But awaiting my gateway pin so I can see what I'm dealing with. I'm self employed under a subcontractor so some of the questions I'm not sure about i.e (Profit) , are these one-off accountants pretty decent then?

Edited March 23, 2013 by Anonuser

[honeybee13]

Hello there.

 

I'll move this to the self-employment forum as this is the benefits one and hope that you continue to get replies there.

 

My best, HB

[Still_surviving]

CIS subbies are a nice easy job for accountants to do ( I do dozens ) - the trick is to find an advisor that doesnt charge the earth and gives a friendly personal service.

 

(and no Im not touting for work as you really must meet an accountant face to face.....you need to develop a good working relationship in the same way you can trust your doctor or solicitor).

 

The trick is knowing exactly what you can LEGALLY claim in expenses. Quite honestly you can put any old nonsense down on a return and chances are it will get processed, HOWEVER god help you if you are then investigated 1,2 or 3 years down the line as you will be clobbered for tax, penalties and interest.

 

Dont let an accountant kid you that the job they are going to do is massively complicated....it wont be. However try to meet them half way and get your expenses receipts for things such as tools, motoring costs, mobile phone etc into some kind of sorted order. If you dump a bag of crap on an accountant, dont be surprised when you get a hefty bill.

 

Also if you cant settle your accountancy bill when the job is completed, you may be asked to sign your refund over to the accountant, who will then receive it, deduct his fee then send the balance to you. MAKE SURE you get a written quote for the work (so you know your refund wont magically shrink), and make sure they are reputable so you know they will forward your money.

 

A decent accountant will take your bank details, so that they can BACS your money very quickly after receipt.

 

 

Hope this helps

[King_Prawn]

I do a lot of CIS subbies and £250 is the fee I would charge for the job.

 

The trouble is I would prefer to get my hands on you before you start trading. That way I can point you in the right direction especially on how to claim expenses.

 

The most important expense for a subbie will tend to be motor expenses. I imagine that you have a bag full of petrol bills. However, you will claim an higher level of expense by claiming mileage allowances instead. Unless, you can re-construct what journeys you have made during the year, then it will be too late to use this method.