sarjo Posted January 28, 2007 Share Posted January 28, 2007 I'm new to all this and have managed to fill my forms in using the explanation notes, but am now a bit confused working out how much I've got to sen them before 31st Jan! Can I leave the box unchecked to say I want this years payment taken into consideration with my next years tax code? If so, that saves the panic, if not please help Link to comment Share on other sites More sharing options...
DannyW Posted January 28, 2007 Share Posted January 28, 2007 If you leave it unticked then this means you will need to do another tax return next January for any income you receive for the period 6th April 06 to 5th April 07 and pay any tax due on that income in January. If you tick the box this means you will pay more tax throughout the year "on account" for the additional income. You will still need to do a tax return but will most probably have to pay very little tax if any. Link to comment Share on other sites More sharing options...
sarjo Posted January 28, 2007 Author Share Posted January 28, 2007 If you leave it unticked then this means you will need to do another tax return next January for any income you receive for the period 6th April 06 to 5th April 07 and pay any tax due on that income in January. If you tick the box this means you will pay more tax throughout the year "on account" for the additional income. You will still need to do a tax return but will most probably have to pay very little tax if any. Thanks for that Danny, but to say i understand . . . . To check: If I leave box 23.1 unchecked means I want my tax for 05/06 collectd through my tax code. So as I'm not sure how much I need to pay I can just leave that and they'll sort it for me? Link to comment Share on other sites More sharing options...
DannyW Posted January 28, 2007 Share Posted January 28, 2007 Give me a few minutes to check (its the Mrs who's the accountant not me). Link to comment Share on other sites More sharing options...
DannyW Posted January 28, 2007 Share Posted January 28, 2007 Hi can you just tell me exactly what box 23.1 says next to it? I haven't got one to hand to look at. If you don't want to pay more throughout the year and want to pay what you owe now i can work it out for you. If you do then i'll PM you what i need to know. Jo (Danny's other half) Link to comment Share on other sites More sharing options...
merckx Posted January 28, 2007 Share Posted January 28, 2007 The important thing is to pay something before the deadline, not necessarily getting the form in on time. Best to pay more than you think it will be to avoid interest if you don't pay enough. If you pay too much you'll get it back. You'll only know the true amount to pay now if you do your tax return online, but you have to register for this and wait for an access code through the post. Link to comment Share on other sites More sharing options...
sarjo Posted January 28, 2007 Author Share Posted January 28, 2007 Hi can you just tell me exactly what box 23.1 says next to it? I haven't got one to hand to look at. If you don't want to pay more throughout the year and want to pay what you owe now i can work it out for you. If you do then i'll PM you what i need to know. Jo (Danny's other half) PM on its way - thanks Jo Link to comment Share on other sites More sharing options...
peter richards Posted January 28, 2007 Share Posted January 28, 2007 hello , hope you dont mind me jumping in . i went self employed on the 1st of april 06, but havnt had any tax return forms sent to me , thanks peter Link to comment Share on other sites More sharing options...
RedM Posted January 28, 2007 Share Posted January 28, 2007 Be careful of that giant egg-timer, love. Link to comment Share on other sites More sharing options...
sarjo Posted January 28, 2007 Author Share Posted January 28, 2007 Be careful of that giant egg-timer, love. Tell me . . . . Forms are all filled in, its just the bit about paying . Getting it in the post first thing in the morning. Link to comment Share on other sites More sharing options...
sarjo Posted January 28, 2007 Author Share Posted January 28, 2007 hello , hope you dont mind me jumping in . i went self employed on the 1st of april 06, but havnt had any tax return forms sent to me , thanks peter If I remember rightly, you wont have to do any until next year? You'll get something through in April then have September and January deadlines to complete them. You always work a year behind? But then - I'm the one struggling here so I could be very, very wrong. Link to comment Share on other sites More sharing options...
peter richards Posted January 28, 2007 Share Posted January 28, 2007 ok thanks hope you get it sorted , i find this aspect of the business the hardest to comprehend Link to comment Share on other sites More sharing options...
Rico2006 Posted January 28, 2007 Share Posted January 28, 2007 I gotta get mine in but.... Ive not taken paid salary for year in question, as I paid in over 70k into my business (from savings / equity release ) , and took it back as a director loan repayments ( no interest either ) any idea what i put in as earnings? ive just been paying basic NI contributions, as no earnings. Link to comment Share on other sites More sharing options...
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