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Re:Your self-employed tax return

04/01/2019 13:39:10
In response to the question posted by Jasyl on 03/01/19 11:25

Hi,

If you are unable to submit your return before 31 January 2019 you may incur a £100 late filing penalty. You can appeal penalties but we need to have the tax return on file.

Please contact the self assessment helpline on 0300 200 3310 for assistance to complete the return.

We can also make a note on your record that you have problems filing online.

I hope this helps.
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Your self-employed tax return

10/01/2019 17:54:26
Hi
I was a company director and according to your criteria was an office Holder, because I did not have an employment contract , duties were minimal and the only payment received was for attendance at director meetings. On which page on self assessment should I declare my earning which amounted to £510 in total.


is there threshold above whic you have declare income from savings and dividend income?
OK963
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Re:Your self-employed tax return

10/01/2019 18:01:56
Hello,

Being a company director is no longer self assessment criteria even if you have been paid. If you had over £10000 of dividends then you would be required to declare through an SA return.

However if you do not fit that particular criteria then there is no obligation to complete a return. As for the £510 you would be required to declare that to the Pay As You Earn system where it would be included in your p800 or PA302 for the year, depending on your income & circumstances you may not have to pay any tax on your £510 payment.

I hope this helps.
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Re:Your self-employed tax return

11/01/2019 16:54:32
Dear All,

In the beginning of November 2018 I registered the start of my business activity as a sole trader the 1st January 2018 . A limited company was invoicing from January 2018 up to that date my services. I did not raise my first invoice as a sole trader until October 2018.
In this case, II'm not sure if I need to complete a Tax Return by 31 January 2019.
Thanks in advance
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Re:Your self-employed tax return

11/01/2019 18:50:12
Hi,

If you were a director of the limited company from January 2018 to November 2018 and this is a close company, a company run by 5 or fewer shareholders, then you will be required to file a self assessment return.

If not and you did start trading as a sole trader until October 2018 then providing you have no other reason to file a return then this may not be required. If you have been issued with a notice to file you would need to contact hmrc for this to be withdrawn.

Guidance on whether a return is required and how to contact HMRC is available here:

Self Assessment tax returns

Self Assessment: general enquiries

I hope this helps.
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Your self-employed tax return

14/01/2019 14:31:19
Hi, I'm preparing to submit my 2017/18 tax return for my self employed earnings. I have a Capital Gains situation that I need to clarify as to whether it should be included in this return. I sold a property that I owned (but didn't live in) on 4th April 2018. I didn't get any monies paid to my account from my solicitors in settlement of the sale until around 10th April 2018 - meaning that I didn't actually make the gain until the current tax year, albeit, the purchasers got the house on 4th April (their payment cheque took a week to clear). So, could you clarify please whether I should show the Capital Gains in the 2017/18 Tax Return or leave that out until the 2018/19 Tax Return? Thanks.
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Re:Your self-employed tax return

15/01/2019 07:53:57
Hi,

If you dispose of an asset, in your case the property, under a contract the date that you use to calculate the gain is usually the date of the contract.

So if the date of disposal is the 04/04/2018 then this has to be declared in the tax year 2017/18 unless the contract is conditional. This means that it contains one or more conditions that have to be met before it becomes binding. Then the date of disposal is the date on which the last condition is met.

Please refer to the following links:

Capital Gains Manual 14260

Capital Gains Manual 14261
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Your self-employed tax return

16/01/2019 07:55:03
Many thanks for your helpful reply. As a matter of fact, there was an issue with the sale which meant there was a retention of a small part of the monies (£500) held back until I was able to confirm that no building warrant was required in respect of some internal alterations to the property. This took several weeks later to resolve before the final £500 retention was released, which was in late April 2018. I presume from what you've said that in this case the contract wasn't fully closed off until that matter was fully resolved and consequently it isn't due to be shown in the 2017/18 return. Can you confirm please?
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Re:Your self-employed tax return

16/01/2019 09:36:25
Hi,

HMRC cannot confirm if the contract was conditional or not as it is all based on facts and also HMRC does not have access to the paper work.

Please refer again to the CG section that I provided in respect of the contract to establish the date of disposal and if the contract is binding.

Under Self Assessment if you are happy that the contract is binding and date of disposal is after the 06/04/2018 then you will declare the gain when you complete the 2018/19 Return.
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Your self-employed tax return

16/01/2019 13:21:03
That's great, many thanks for your help. I'll confirm with my solicitor as to when the contract is viewed as being legally disposed under the circumstances.
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Your self-employed tax return

21/01/2019 07:57:01
Hello. I still haven’t payed my taxes for 2017-2018. I just got to the tax calculation and it showed me that I owe around 900£ when I was was only working as a self-employed for around three months and making around 700£ on average per month. How is this possible? Shouldn’t it be only calculated for this period of time? I’m really confused and extremely surprised by the result. If someone can help me that would be lovely.
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Re:Your self-employed tax return

21/01/2019 12:38:26
Hi.
As I do not have access to your record or calculation I am unable to comment as to why you are underpaid in tax. As well as your self-employment income did you have any other sources of income i.e employment income? To enable HMRC to provide a detailed reply to your enquiry you will need to contact HMRC direct so that your record can be accessed. Please refer to the following link
Contact HMRC

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Your self-employed tax return

23/01/2019 15:15:14
Hi - I am trying to fill in my online return and I am getting this message, at the top of a page asking for a detailed breakdown of my expenses:

"Important: You have entered you are over the VAT threshold. A detailed breakdown of your Total Expenses is required here. Read help."

I am well under the VAT threshold, so I am confused as to why you need these extra details? I have not needed to provide them in previous years. The Help link goes to a page that says "Sorry, the requested help could not be found", so that hasn't really shed any light on it either.

Thanks in advance

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Re:Your self-employed tax return

23/01/2019 16:46:32
Hi,

The VAT threshold is £85,000. Did you say yes to the question on page 1 of 2 of the self employment page to "Did you have a annual turnover of £85,000 or more". If you said yes and your turnover was over £85,000 then this is over the VAT threshold and you will need to provide a detailed breakdown of your expenses. If your turnover is below £85,000 then you will say no and then you will have the option to record your expenses as a single total or as a detailed breakdown.

I hope this helps.
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Your self-employed tax return

24/01/2019 07:51:24
I do my self-assessment online which is easy enough. What is the biggest hassle is the signing in especially as when I return each year!So when this started 3 years back I signed up with experian to verify. Then last year it didn't work, so I signed up to go directly with the HMRC app. Then over the year my phone broke and I re-downloaded the app on the new phone, but it isn't working so I thought I would sign up with post office verify, but for some reason it won't verify my bank card after asking about all my personal details, so that isn't working. I'm feeling extremely frustrated and don't know what to do now.
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Your self-employed tax return

24/01/2019 07:51:24
Thanks for the response. I have double checked & I definitely marked that box as 'No', as my turn over was much less than £85000, but I am still getting that message & the request for a detailed breakdown. Is there any other reason that might be happening?

If it comes to it I can go back through my records and work out my expenses by category to give the detailed breakdown, but I am concerned I may end up being asked to pay VAT I don't owe.

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