Share this content
12

First Self assessment - previous years

Didn't find your answer?

Hi everyone,

I am attempting to do my first self-assessment return for my small photography business. I did my first job in 2015 but am yet to file a return as I saw on the HMRC site that you could file for the previous 4 years if you've never done a SA before. I can't for the life of me find this now but is anyone able to clarify and able to offer any help on how to go about doing this at all? I'm find it all too confusing and there is so much online that trying to sift through it all is getting me nowhere.

 

Many thanks in advance

Replies (12)

Please login or register to join the discussion.

avatar
By GW
25th Nov 2018 00:53

Oh dear, depending on when in 2015 you started you should quite possibly have notified HMRC by either October 2015 or 2016 that you were trading.

In order to minimise the penalties your best course of action is to find an accountant to help you sort out the mess, rather than using an online forum, especially one for accounting and finance professionals.

Thanks (0)
avatar
By Tax Dragon
25th Nov 2018 09:29

What you're saying is that 3 or 4 years ago you thought you might need to tell HMRC what you were doing, but when you looked at the website you saw something that made you think the deadline for doing that was 31 January 2019.

First lesson: take printouts.
Second lesson: don't leave it until this close to the deadline to start sorting things out.

Please tell me you have at least prepared trading statements/accounts for what you have done?

Much your best plan is to do what you say you had intended to do and tell HMRC everything.

I would strongly recommend taking professional advice, if you can find an accountant with the time to go through the take on process, complete 3 or 4 years of accounts if you haven't and help with your disclosure all before 31 Jan. Good luck with that.

It's probably sensible to stay with them after they have sorted you out, but that's your decision.

Thanks (0)
RLI
By lionofludesch
25th Nov 2018 17:26

Eh dear.

Folk are ridiculously optimistic.

Google "accountants in my area"

Thanks (0)
avatar
By andy.partridge
25th Nov 2018 17:30

Some people are still intent on pressing on despite knowing they are out of their depth. An online forum can not solve that.

Thanks (1)
avatar
By andy.partridge
25th Nov 2018 17:41

I have an intelligent friend who was working part-time under PAYE and also under self employment. They were convinced that their tax return only needed to show their self employment income as HMRC already had their P60.

How delighted they were that their £10k profit showed an income tax liability of £0.

Thanks (1)
Replying to andy.partridge:
RLI
By lionofludesch
25th Nov 2018 17:56

To be fair, a better result than you'd've got.

Not right, obviously. But you can't have everything.

Thanks (1)
Replying to lionofludesch:
avatar
By atleastisoundknowledgable...
26th Nov 2018 16:50

lionofludesch wrote:

To be fair, a better result than you'd've got.

Not right, obviously. But you can't have everything.

You say not right, but don’t HMRC tell us their figures show laypersons doing tax returns do it better than accountants? And sooner (re OP)

Thanks (0)
Replying to andy.partridge:
By CazzyT
26th Nov 2018 13:37

Became aware of a similar situation recently.
Rental income of 8k declared - Bingo - no liability, hurrah!
Oops - what about the 50k salary!

Thanks (1)
Replying to CazzyT:
RLI
By lionofludesch
26th Nov 2018 13:41

CazzyT wrote:

Became aware of a similar situation recently.
Rental income of 8k declared - Bingo - no liability, hurrah!
Oops - what about the 50k salary!

And his eight kids on Child Benefit........

Thanks (1)
avatar
By jcace
25th Nov 2018 21:01

You refer to your small photography business.... How small are we talking? Is it profitable? Has it been making profits since 2015?

Thanks (0)
By SteLacca
26th Nov 2018 15:36

Whilst I agree with the sentiments expressed by previous posters, we don't actually know that there's been any failure at all, yet. There may be nothing to pay.

Thanks (1)
avatar
By MrG
26th Nov 2018 15:46

Thanks for taking the time to comment everyone. I am currently talking to an accountant who should be able to give me some advice.

Thanks (0)
Share this content