[chris no 1]

hi guys just had a self assement tax return reminder in i have not paid my accountant yet as had no money so i dont think he put my tax return in am in trouble any post will be greatfull many thanks

[jampot]

ive had the same probs when i first started, didnt know what to do 

i strongly advise you go to the inland revenue and explain your situation to them.
thats what i did and theyy were very helpfull. i was sh itting myself but after i was so pleased

[NWH]

Sometimes they put your tax return in with only a couple of weeks to spare,he will tell you how much you have to pay and give you a pay slip from his office.

[Jeff Brimble]

You could set up a DD to pay the accountant, ask him. Dont worry he will still submit your accounts on time. But have you the money to pay the Tax ?

[NWH]

Always save for your tax,have a business and business reserve account for your tax money.

[Joe H]

I never ruffle the taxman nor my accountant.
I need them both.

Inland Rev are very helpful.
I remember 16 years ago when I was starting up they offered to come to my office (house) and go through a few things. I took them up on the offer and they were really good.
Two years running i had an inspector visit and go through all my paperwork.
Everything was sound as a pound and Ive not had one since.

[chris no 1]

i dont have the money to pay the tax man things bin very tight i have my accounts from when my buiness partner left and we earnt about £6000 between us i am poo-ing my self

[chrismroberts]

i dont have the money to pay the tax man things bin very tight i have my accounts from when my buiness partner left and we earnt about £6000 between us i am poopting my self

You shouldnt pay much tax on £6000, I wouldnt have thought? I think I only earnt about 7 or 8 in my first year, and my tax bill was about £300. See if the bank will give you a temporary overdraft just to cover you until you can pay it back?

[macmac]

Just for now, don't worry too much mate, it's all sortable. you'll be one in thousands going through the same thing. you may end up with a small penalty to pay but you've not murdered anyone!
Get tonight over with, clear your head & tommorow have a good think about improving your financial situation. Regarding your business, all the help & advice you could wish for is here. Use the new year as a fresh start to get things back on track, many people who use this forum are natural helpers & i'm sure you would have as much support at hand as was needed.

Calm down. have a bevvie & look forward to a new start.

tony

[Ian_Giles]

the first £5,000 you ear is tax free, I think that if your turnover was only £6,000 you won't pay any tax at all, but contact the tax man, he really is very helpful.

Good post Tony, nice perspective that

Ian

[chris no 1]

thanks for the advice guys i dont have a lot of luck allthough im still poopting self i might go and have a beer thnks alot guys

[J. Deans]

Chris, you have until January 31st to submit your 2006-07 tax return.

If you can't afford to pay your accountant to do it, why not set it up online yourself?
It is pretty straight forward. Go to this page of the HMRC website and register for self assessement:
https://online.hmrc.gov.uk/login?GAREASONCODE=-1&GARESOURCEID=Common&GAURI=https://online.hmrc.gov.uk/home&Reason=-1&APPID=Common&URI=https://online.hmrc.gov.uk/home

You still have just over 4 weeks to get your head around the process.
Good luck.

[Paul Coleman]

hi guys just had a self assement tax return reminder in i have not paid my accountant yet as had no money so i dont think he put my tax return in am in trouble any post will be greatfull many thanks

You have got until Jan 31 to do it provided you work out your own tax bill (i.e. your accountant works it out).
Your accountant should be OK about taking instalments if you are open and honest with him about your situation.  I suppose it depends on the person really.  On a couple of years I've split my accountancy bill into 3 and paid him a third each month.  He was fine about it.

[chris no 1]

i,v tryed that but it comes up saying i need a utr number witch i aint got

[Sir Squeaky]

the first £5,000 you ear is tax free, I think that if your turnover was only £6,000 you won't pay any tax at all, but contact the tax man, he really is very helpful.

Good post Tony, nice perspective that

Ian

You lot must have different tax people.
All the ones I've dealt with have been uninformed smug tossers.

[Ian Lancaster]

So there were two of you and you only earned a total of £6000 between you?

STOP WORRYING

By the time you've accounted for the cost of running your business, the tax man will end up owing you money.

Unless you had some other source of income during the period, there's no way you can owe any tax.

The worst that can happen is you'll get an automatic £100 penalty for being late with your self assessment, but if you contact the tax man now you won't even have that.

As for your accountant, drop him!!  No ethical accountant should be demanding a fee for preparation of accounts for such a low sum, he should have told you to approach the tax man yourself.  The most he should be asking is about £20 for doing your self assessment.

[Ian Rochester]

Call the tax office and talk to them direct, you'll not be asking for anything they haven't dealt with a million times before.

50% of new businesses fail in the first year and one of the main reasons is they forgot to put money away for the inland revenue and other outstanding debts.

Learn from it, what you put in the bank at the end of each week is not all yours for a Friday night on the razz, Big Brother wants his cut!

[L.J.Thorpe]

how come you have not got a utr?? surely you got one when you registered as self employed also its not worth paying an accountant if only earned 6k you can do it yourself its not that hard short tax return is easy even i can do it and i aint that smart

[[GQC] Tim]

You can be sure that £6000 was monthly guys = £72000 yearly turnover. Now it should be less, working on his own. But prob. still £2500 or so a month.

Call up accountant, get it sorted. If you don't have money for tax, then you haven't set aside 27% every month of what you earn. And that's not smart.

Even better, do it yourself. You need to register first for online assesment, you get the account number and password in the post. Do it now. Sitting down doesn't help, same with drinking beer. Get moving, right now.

[Village Gleam]

I thought he mean't £6000 pa, or double this with his mate.

Correct me if i'm wrong but below a certain figure i think you don't need to provide a profit and loss just net earnings. In the same way that most of us don't have to do a balance sheet.

If so ask, and put 6k down. Keep records from now on.

To register online the unique tax payers reference is just the begining. You will have it on anything they have ever sent you.