cdcs...... tax question

I wonder if anyone could help please.
This is my first year as a cdc and with the new tax year now in place what happens? do i need to fill in a sa tax form now or will they contact me anyway? I will try to get to speak to someone asap on tuesday but can anyone prepare me in advance please.

Sorry for being dumb!!!!

lynjo

You should have told the IR that you are self-employed within 3 months of starting a business and then they will send you a tax self assessment form to fill out and return.

M.

Hi Mike. Thanks for that. I did register within the three months with IR but dont remember recieving a self assesment form. Will get back in touch with them on Tuesday. Thanks. Are these forms straight forward to fill out?

They won't have sent it out yet, they usually come end of April for the previous year.

They are easy BUT I would recommend you get an accountant as mine does all my tax and the money they save you with advice by far pays for their costs.

M.

Hmmm... within three months.... I kind of forgot and now have a £100 fine to pay....eek... I hate paperwork

hey, at least you're paying your taxes! i'm sure they won't blacklist you just yet debs! x

Hi Lynjo!
You don't need to send back your S.A.Tax Form until January '08 - although the sooner you do it the better! Reason: if you get it sorted out now-ish, then get a bill in for £*** - at least you've got almost 9months to put money aside to pay the bill off by Jan without incurring any penalty charges. Obviously, the best way is to put money aside each week, and if it works out less than expected, great! Last year, I put my amount into an ISA account each week. Only problem is, my bill wasn't as much as I thought, and I totally spent the rest in a fab shopping binge! Bigger problem - I haven't budgeted for MrTaxman yet this year (v.naughty!) and I totally have to a.s.a.p, as my tax bill will be huge this time compared to my first year!!!
I agree with Mike - get yourself an Accountant! I was so stressed out, as I openly admit that I'm a complete Doris when it comes to the business side of my business doh and once I hired him, I slept like a log knowing that he was doing all the yukky taxy stuff that my brain didn't allow me to understand!! Heaven! :bliss:
Also, as your business grows, you'll need to put aside more each week. An accountant can tell you an approx. figure to go on to begin with, then if you get a bulging client file, let him know, and he can advise you on how much to increase your savings into your tax-banky. Good luck, and don't worry! There are people out there who do this every day for a living, so let them!!

Lainey xx
(aka Doris!!)