Tax Question

[Steed Train]

I am currently employed on a PAYE basis but might be starting a new job in a month which will then make me a self employed adviser. Not worked on a self employed basis before so wanted to know what the tax situation is. Initially my money will drop significantly until i'm up and running properly.

When would my first tax bill be due? I should be able to put some money away when I'm up and running , but the first few months would be incredibly tight if i had a tax liability within that period.

 

[Richie]

If you've been on PAYE and then you have a significant drop in income, you'll probably be owed money come the end of the tax year.

 

[southstand1882]

Another tax avoider......great

You join a long list of tax avoiders, including The BBC and The Guardian

 

[Steed Train]

Another tax avoider......great

You join a long list of tax avoiders, including The BBC and The Guardian

Thats helpful...

 

[Leeds Spur]

I am currently employed on a PAYE basis but might be starting a new job in a month which will then make me a self employed adviser. Not worked on a self employed basis before so wanted to know what the tax situation is. Initially my money will drop significantly until i'm up and running properly.

When would my first tax bill be due? I should be able to put some money away when I'm up and running , but the first few months would be incredibly tight if i had a tax liability within that period.

Please fill in this form and I'll be happy to help you out pal

https://online.hmrc.gov.uk/shortfor...me=TEH&sub-dept-name=&location=39&origin=http

 

[ArcspacE]

 

[Steed Train]

Should have known better than to come on here

If anyone does genuinely know when I would have to pay my first annual tax bill it would be appreciated. I'm not attempting to avoid tax, just want to know when I would need to pay it as I won't have had a full accounting year prior to tax year end

 

[Golfball]

Should have known better than to come on here

If anyone does genuinely know when I would have to pay my first annual tax bill it would be appreciated. I'm not attempting to avoid tax, just want to know when I would need to pay it as I won't have had a full accounting year prior to tax year end

No point paying tax at the same rate you were before. Self employed creates all sort of opportunities to be creative. Everyone else is doing it in your position. If you make a success of it you will still pay more tax than before, just less %.

As for your question - www.google.co.uk

 

[Steed Train]

No point paying tax at the same rate you were before. Self employed creates all sort of opportunities to be creative. Everyone else is doing it in your position. If you make a success of it you will still pay more tax than before, just less %.

As for your question - www.google.co.uk

I asked because I couldn't find anything about specifically moving from PAYE to self assessment. I understand how but wanted to know when my first tax bill would be due e.t.c.

I shall seek a tax guru elsewhere

 

[jts1882]

If you've been on PAYE and then you have a significant drop in income, you'll probably be owed money come the end of the tax year.

This makes sense.

 

[P.D.]

You won't need to pay any tax until you do your self assessment so 31 October if doing it by paper or 31 January if doing it online.

Obviously as you are only just becoming self employed then the current tax year doesnt end until 5 April so you wont owe any monies until 31 October 2013 at the earliest.

I'd advise that you put some money aside as you go along though or else you could have a massive liability that you are unable to pay.

 

[Steed Train]

You won't need to pay any tax until you do your self assessment so 31 October if doing it by paper or 31 January if doing it online.

Obviously as you are only just becoming self employed then the current tax year doesnt end until 5 April so you wont owe any monies until 31 October 2013 at the earliest.

I'd advise that you put some money aside as you go along though or else you could have a massive liability that you are unable to pay.

=D>

Thats just what I was after, cheers mate