How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I am planning to start a new business as a sole trader in January

Resolved Question:

I am planning to start a new business as a sole trader in January 2015.
Will i need to submit a tax return in april 2015 after less than 4 months of trading, or will i submit a tax return for January 2015 - December 2015 in April 2016?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

You will need to submit a tax return for 2014/15 but you have until 31 January 2016 to submit it to HMRC if you complete it online. If you run your first accounts to 31 December 2015, you will need to estimate your profit for 2014/15 if you haven't put your figures together by 31 January 2016.

In order to avoid the possibility of paying tax twice on some of your first year's profit, run your first accounts from your start date to 5 April 2015 and then to each subsequent 5 April.

I hope this helps but let me know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you

Related Tax Questions