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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13861
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Hallo,i have been self employed since 8/2013...i have been

Resolved Question:

hallo,i have been self employed since 8/2013...i have been doing the self assessment but finding difficult to follow...i earn from £350 a week...how will i know how much i owe in taxes?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question and for asking for me.
By using self assessment online this calculates the tax and National Insurance (Class 4) position for you.
So lets see what the position should be.
You advise that you started self employment 08/02/2013, so at this time you have tax returns for 2013/2014 (for the period 06/04/2013 to 05/04/2014) and also 2014/2015 (for the period 06/04/2014 to 05/04/2015)
So could you advise for 2013/2014 all the income you earned so
1) Self employment income for the period Aug 2013 to 05/04/2014 and whether you had any tax deducted (if you worked in the Construction Industry) and any expenses
2) Any other income from 06/04/2013 to Aug 2013 and tax tax deducted
Then
3) Self employment income from 06/04/2014 to 05/04/2015 and any expenses - and any tax suffered (if you worked in the Construction Industry)
4) Any other income
I can then work out anything owed - and also make sure you have completed the tax return correctly.
Thanks
Sam
Customer: replied 2 years ago.

i actually started self-employment 1/08/2013..

I did my expenses from 08/2013 to 21/07/2014 total £ 17,139.11

then from july 2014 to april 2015 total £ 16,501.58

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
Sorry - I can see you advise Aug 2013 for the start of self employment.
Did you have any other income from 06/04/2013 to 31/07/2013
I need this income broken down into the tax years ( you do not want to be going down the accounts route - just keep your accounts in line with the tax year or you have to do overlaps for the years of commencing trading and ceasing)
So income and expenses for the two tax years please.
Is this income only for each year - or expenses? Can I have a breakdown of income AND expenses
Can you clarify you are a sole trader - (not limited company)
Can you advise what your trade is
Thanks
Sam
Customer: replied 2 years ago.

can i get back to you a bit later with the details above?

Expert:  Sam replied 2 years ago.
Hi
Certainly -
Thanks
Sam
Customer: replied 2 years ago.

Hi Sam,it's Roy; had to have a long and really good look at the numbers.

Income: 06/04/2013 to 05/04/2014 £ 21,585.64

06/04/2014 to 05/04/2015 £ 26,729.17

Expenses: 06/04/2013 to 05/04/2014 £ 24,763.60

006/04/2014 to 05/04/2015 £ 24,493.02

Expert:  Sam replied 2 years ago.
Hi Roy
Thanks for your response
Then according to your figures
2013/2014 £21585.64 less expenses £24763.00 = loss £3177.36 (I assume this is from Aug 2014 to 05/04/2014) so no tax owed as less than you personal allowances of £9440
2014/2015 £26727.17 less expenses £24493.02 = £2214.15 - so no tax owed as less than personal allowances of £10,000
Also no Class 4 National Insurance for each of the years.
Let me know if you require any further assistance
Thanks
Sam
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