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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4798
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I want to know if I need to fill in a Tax return. The

Resolved Question:


I want to know if I need to fill in a Tax return.
The company that I was a director of went into insolvency in July 2013, I was therefore given redundancy money that I believe that I have paid tax on. Since August 2013 I have had a period of unemployment claim and have also traded as self employed.
In the period to April 2014 I had earned under the Tax allowance single person.
And to date I believe that I will be in the same position -2015.
My question is if I need to complete an SA form or R40 or do nothing until i am earning over the personal allowance. I had previously SA whilst a director but have had no communication since 2013 . I am also thinking that I may be due some tax rebate from the redundancy money.
regards
chris
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
and welcome to the site. Thank you question.

As you have traded as self employed during the tax year 2013-14, you should complete a tax return under self assessment (SA form), irresepective of the fact that you may have earned below the personal allowance threshold.

You report redundancy payments and tax deducted at source within additional information page (SA101) and provide income from self employment in supplementary pages SA103s.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 1 year ago.

Thank you.

Appears I have been a bit remiss, as I dont think I have registered assessment. I also havent paid NI's so I want to get all things straight. I am guessing that I can calculate NI,s that I owe and pay these since starting Self employment and up to date.

Expert:  taxadvisor.uk replied 1 year ago.
Chris, thanks fo ryour reply.

You stated "I had previously SA whilst a director but have had no communication since 2013."

That would suggest you already have a UTR number to enable you to file your tax return.

As far as Class 2 NI goes you should register and then set up a DD to pay your weekly stamp.

More information on Class 2 NI can be found here
http://webarchive.nationalarchives.gov.uk/+/http://www.hmrc.gov.uk/nic/class2.htm

If your profits become liable to Class 4 NI then this is collected with tax under SA.

I hope this is helpful
Customer: replied 1 year ago.

Thank you advise and help. It has put my mind at rest.

Many thanks Once again.

Chris

Expert:  taxadvisor.uk replied 1 year ago.
Chris, its my pleasure.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited .

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4798
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
i thank you my answer.

good luck.

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