OK so I run a self employed business and a limited company. I am completing my Self assessment. The self employed business is straight forward with a turn over of £68,000. Now my problem is this. My limited company was run on a self employed basis from 01/01/2014 until it became limited in march. I am guess that the turnover from the limited company prior to incorporation should be included on my self assessment. If I add turnovers from both companies it is a total of 90,000. so i have a problem that I can not fill in the online form as the turnover is too high and the system advises me to complete a full SA form. Can I do this online? if so how? very worried that I will have to complete the paper form and post but missed the deadline for this?
You will not be able to include the pre incorporation trading for the company accounts and as you suspect it will have to be part of your self employed income. I assume you are using the hmrc site which I have to admit I have no knowledge of and wasn't aware you couldn't submit if your turnover was above a certain threshold. Since it is two separate businesses are you able to put down both self employments? I'm sure someone will be able to advise on this though otherwise you may need to invest in some software or get an accountant to submit. The deadline for paper returns was October 31st.
and, is it suppose to be that one takes over from the other?
IE: you stopped being self employed on the day the cmpany was formed, and became "employed" as the director of that company which carried on the same trade
