# Online tax return. Do I need to do one this year?



## Guitarjon (Jul 13, 2012)

Hi guys, 

I had a financial advisor but now circumstances have changed so I ought Id ask on here first. 

I started a buisness last August (2014). Due to a change of circumstances and returning to working 'for the Man' I've decided to close the business for the foreseeable future. 

I'm a little worried that I may need to sort out a tax return for 31st of January. I closed the business with the HMRC yesterday online so they will be sending me what ever paper work and a final bill for the national insurance contributions. 

I didn't get home in time to phone HMRC to ask but I understand it's very close (Saturday). I've not had a notification to state that I need to do one. My financial advisor seems to have disappeared off the face of the planet. Probably because I haven't handed over any money. He did say he'd be in touch when I need to do it. I was then told by another advisor that the quite I got was a bit on the expensive side so I decided not to pursue him. 

I guess it's my own fault. When I started my business I wanted advice which quickly became expensive. 

I've not made much of a profit but have got books etc. as I'm closing the buisness I just want to square up with the tax man. 

Just worried im going to run out of time if I do have to do it. He said something about April before as I hadn't done a full year. I just don't want to be landed with a £100 fine.


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## Clancy (Jul 21, 2013)

They are open 8-8 so you could of rang them when you posted this, I would ring them first thing tomorrow and get an answer from them

That way you know exactly where you stand, if someone in here says something that turns out to be wrong and you've listene, you'll get the fine. So might as well ask them


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## Andyg_TSi (Sep 6, 2013)

Short answer is yes.

You'll need to do a final return from the date your 14/15 accounts start (August) to the date you closed your business.

I presume you have accounts for august 13 to July 14 (2013/2014) which Is the set of accounts for the 2013/2014 return that's due now by end of Jan.

Actually if it's a paper return your submitting the deadline for that was 31st October.

The final deadline of 31st Jan is for submitting the return online.

Have you got your user Id and pasSword for submitting online?


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## Dougnorwich (Jun 27, 2014)

If you only started it in August 14 no you don't your first year will end 4/4/15 and you will have until 31/1/16 before you need to submit a tax return

If you had any business before 4/4/14 then yes you will by 31/1/15 online

Do them all online and submit before jan I find hmrc audit more on the later submitted ones


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## Guitarjon (Jul 13, 2012)

I'll give them a call tomorrow. I presumed they'd be office hours. 

I only started trading in August 2014 so hopefully I'll be ok but il call tomorrow. I was intending on doing it online regardless. I did have a quick google search last night but I didn't fully understand it.


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## Andyg_TSi (Sep 6, 2013)

Guitarjon said:


> I'll give them a call tomorrow. I presumed they'd be office hours.
> 
> I only started trading in August 2014 so hopefully I'll be ok but il call tomorrow. I was intending on doing it online regardless. I did have a quick google search last night but I didn't fully understand it.


If you only started August 14 then that'll be your 2014/2015 tax return. That will be due by either 31/10/15 if submitting a paper return or 31/1/16 if submitting online.

Covering the period from August 2014 to the date you ceased the business.


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## Guitarjon (Jul 13, 2012)

Thanks Andy. This is what I came to the conclusion of after my reading. It's not always in sinple terms though! 

Is it possible to pay what is owned up front without waiting until next year?


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## dcj (Apr 17, 2009)

Guitarjon said:


> Thanks Andy. This is what I came to the conclusion of after my reading. It's not always in sinple terms though!
> 
> Is it possible to pay what is owned up front without waiting until next year?


I wouldn't pay the tax man anything upfront until you know what you owe,because if you overpay you'll have a job getting it back.


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## Andyg_TSi (Sep 6, 2013)

Guitarjon said:


> Thanks Andy. This is what I came to the conclusion of after my reading. It's not always in sinple terms though!
> 
> Is it possible to pay what is owned up front without waiting until next year?


You can and it'll be held on account as a credit. Once you submit the return the credit is allocated against what you owe and either you'll pay a small balance if owed more or you csn claim a refund if paid too much.

If you do pay you'll need to use your 10 digit UTR as a payment reference......assuming that your already registered as Self Assessment & have a UTR.


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## Dougnorwich (Jun 27, 2014)

You can pay the class 1 nics as well if you like its something like £2.56 per week


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