A friend of mine who is a 'gas man', needs to complete his first tax forms. He is registered as self employed, so has got a UTR, and I would be most grateful if somone would be kind enough to give advice on the following-
1. By what date does the tax return have to be completed?
2. Does it need to be completed on paper or online?
3. Where can he get assistance of how to complete it i.e. what income he has to declare and expenses he can claim etc?
Your friend can find basic information about self assessment on the HM Revenue & Customs website - see here.
geek84 wrote:
Hi Folks
A friend of mine who is a 'gas man', needs to complete his first tax forms. He is registered as self employed, so has got a UTR, and I would be most grateful if somone would be kind enough to give advice on the following-
1. By what date does the tax return have to be completed?
This depends on whether you file online or not (see question 2)
2. Does it need to be completed on paper or online?
A paper return for 2012/13 can be completed but the deadline for this is 31 October 2013. The deadline for an online return is 31 January 2014.
3. Where can he get assistance of how to complete it i.e. what income he has to declare and expenses he can claim etc?
He can look on the HM Revenue & Customs website - they produce helpsheets and guidance notes. He could also pay someone to prepare it for him.
4. Who calculates the tax due?
You can get HM Revenue & Customs to calculate the tax if you send in a paper return by 31 October. Unless it's very straightforward, he might prefer not to rely on HMRC to calculate his tax correctly.
5. When does the tax amount need to be paid by?Â
The liability for 2012/13 will be payable on 31 January 2014. He may also need to make a payment on account for 2013/14 on 31 January 2014. A second payment on account may be due on31 July 2014.
6. Can the tax be paid in instalments?
You can pay by instalments before the due date. If you can't pay the tax by the due date, then you can try to arrange a payment plan with HM Revenue & Customs.
Thanks in advance for your responses.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
The default for payments on account is that they are half of the tax liability of the previous year. For example, if the income tax and Class 4 national insurance liability for 2012/13 was £2,000, then a payment on account of £1,000 would be due on 31 January 2014 and 31 July 2014. If you feel that profits in the next tax year will be lower, then you can apply to reduce the payments on account.
When I said that 'you can pay by instalments before the due date', I was referring to the budget payment plan, more details of which can be found here.
__________________
Pearce & Co - Chartered Accountant and Chartered Tax Adviser
