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Sam
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Category: Tax
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I am filing my self assessment for the first time since I started

Customer Question

I am filing my self assessment for the first time since I started trading. I am the sole director and employee and my turnover is less than 77k pa.
I have read the guidance on the basis period and can't get the hang of it. The period end for my company accounts are 28th September. My trading period and period for which HMRC has requested CT for is 5th June 2012 to 6th June 2013. What is my basis period and should I change my reporting date?
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question. I am Sam one of the UK tax experts here on Just Answer.


If you are a director, then its the employment page you complete - not self employment. (the self employment page is for sole traders)

And on the employment page you advise salary and tax deducted from salary drawn to the period from 05/06/2012 to 05/04/2013, and then also record any dividends paid, on the main tax return.

And of course any other income for the tax period 06/04/2012 to 05/04/2013

 


Thanks


Sam

Customer: replied 3 years ago.
Thank you. Can you please advise regarding the dates for the accounting periods and whether I should change either my own date or the company's date for reporting? Most grateful.
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your response

 

There are no accounting dates to be reported on the employment page - you just advise

1) Name of employer - your limited company name

2) The PAYE reference number - which would have been allocated when you set the limited company up for PAYE

3) The salary you have drawn - so your wages

4) Tax deducted and paid over to HMRC - from the salary only (as deducted through the PAYE tax system on your wages)

 

The period of accounting applies to the CT return only - but this has no connection with the Corporation tax AT ALL

The corporation tax return (and companies house tax return) look at how the business has performed with income made and expenses incurred (od which the wages you pay yourself are one of the expenses) You send your returns and accounts in annually and the year of trading (and the accounts would start 29th Sept. each year and finish 28 Sept each year

 

Then you would also have monthly returns, to report the wages you pay yourself, this is under PAYE and uses the new RTI system (Real Time information) and reports the wages paid, and tax deducted and employee and employer National Insurance.

This allows you to pay yourself the net wage (wages less tax and both lots of National Insurance) this happens every month and each period runs from the 6th of one month to the 5th of the next (so usually 12 months wages so 12 returns) and then the tax and National insurances deducted are paid over to HMRC each month no later than 9th of the month (unless paying online, then you are given 3 extra days to 22nd of the month)

If you have any benefits, such as company car etc then these also have to be reported annually to HMRC with the return P11db and a return per employee (so maybe just you) on form P11d.

 

 

 

Then you as an individual then complete a self assessment tax return after each 5th of April - and this allows you to declare all personal income - such as wages as a director, any dividends as a director, and any other income - such as investment income, capital gains, rental income, etc etc and also to show any tax already paid. You also record any company benefits on the employment page - from form P11d you have had completed.

The self assessment for the period 06/04/2012 to 05/04/2013 - has to be back to HMRC by 31/10/2013 if filling in a paper return and no later than 31st Jan 2014, if filing online, and any additional tax that might be due has also to be paid no later than 31st Jan 2014.

 

Hope that explains your obligations better. Do feel free to ask any follow up questions on the information provided.

 

Thanks


Sam

 

Expert:  Sam replied 3 years ago.

Hi

Apologies - for PAYE I wrote

 

and then the tax and National insurances deducted are paid over to HMRC each month no later than 9th of the month (unless paying online, then you are given 3 extra days to 22nd of the month)

 

This should have read and then the tax and National insurances deducted are paid over to HMRC each month no later than 19th of the month (unless paying online, then you are given 3 extra days to 22nd of the month)

 

Thanks

 

Sam

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