Self employed and paying taxes before going
Jun 5th 2004, 12:28 pm
#1
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Thread Starter
Joined: Aug 2003
Location: Doha, Qatar
Posts: 790
Self employed and paying taxes before going
What happens to your taxes if you are self employed and you are all set to leave the UK for Oz.
Do you have to contact the inland revenue and do a emergency tax return (if there is one) or do you just drop the tax man a line saying "I'll give you a bell when I get to Oz"?
Much appreciated if someone can give me an idea of how to settle taxes before you leave.
Thanks
Majj
Do you have to contact the inland revenue and do a emergency tax return (if there is one) or do you just drop the tax man a line saying "I'll give you a bell when I get to Oz"?
Much appreciated if someone can give me an idea of how to settle taxes before you leave.
Thanks
Majj
Jun 5th 2004, 1:33 pm
#2
BE Enthusiast
Joined: Jun 2003
Posts: 369
Re: Self employed and paying taxes before going
Originally posted by Majj
What happens to your taxes if you are self employed and you are all set to leave the UK for Oz.
Do you have to contact the inland revenue and do a emergency tax return (if there is one) or do you just drop the tax man a line saying "I'll give you a bell when I get to Oz"?
Much appreciated if someone can give me an idea of how to settle taxes before you leave.
Thanks
Majj
What happens to your taxes if you are self employed and you are all set to leave the UK for Oz.
Do you have to contact the inland revenue and do a emergency tax return (if there is one) or do you just drop the tax man a line saying "I'll give you a bell when I get to Oz"?
Much appreciated if someone can give me an idea of how to settle taxes before you leave.
Thanks
Majj
mmmmmm...settle taxes before you leave...thats a novel idea
Jun 5th 2004, 2:39 pm
#3
Hot and sweaty member!!
Joined: Apr 2002
Location: WA I think!
Posts: 2,031
fortunately my hubby managed to give up work a couple of weeks or so before we left. we gave all the stuff to our accountant(who had been for warned ofcourse)..he told us that we would have to wait till end april this year..
hubby called tax office and they said that they would do it straight away....so we got acc. to send the stuff off!!!
having said that..we left the uk 18th sept and got money through by mid november, paid by cheque to my mums house and she paid it in the bank for us!!!
I must say tho we had to badger the accountant who promised that he would sort it...and eventually phoned the tax office from here...then got the money sent on to us.....
like out of sight out of mind...not that all accountants are like that...we had used them a long time in uk and they had always been very good/ prompt service!!!!
hubby called tax office and they said that they would do it straight away....so we got acc. to send the stuff off!!!
having said that..we left the uk 18th sept and got money through by mid november, paid by cheque to my mums house and she paid it in the bank for us!!!
I must say tho we had to badger the accountant who promised that he would sort it...and eventually phoned the tax office from here...then got the money sent on to us.....
like out of sight out of mind...not that all accountants are like that...we had used them a long time in uk and they had always been very good/ prompt service!!!!
Jun 6th 2004, 1:20 pm
#4
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Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Self employed and paying taxes before going
Do you have an accountant? He or she should be able to answer this one for you, but in the meantime ... you will need to prepare some final accounts for the period from the last balance sheet date to the date of your departure from the UK, with details to be included on your 2005 Tax Return, which will need to be lodged with the Inland Revenue by 31/01/2006.
The important cash flow planning issue here is to ensure your Payments on Account of the 2004/05 liability (due on 31/01/2005 and 31/07/2005) - which would usually be based on your income for 2003/04 - are adjusted to reflect your actual income.
In short, have your final accounts prepared soon after you leave the UK, and ask your accountant to prepare a pro forma tax computation so you can reduce your PoA as required.
And if you want any formal assistance please let me know.
Hope this helps.
The important cash flow planning issue here is to ensure your Payments on Account of the 2004/05 liability (due on 31/01/2005 and 31/07/2005) - which would usually be based on your income for 2003/04 - are adjusted to reflect your actual income.
In short, have your final accounts prepared soon after you leave the UK, and ask your accountant to prepare a pro forma tax computation so you can reduce your PoA as required.
And if you want any formal assistance please let me know.
Hope this helps.
Originally posted by Majj
What happens to your taxes if you are self employed and you are all set to leave the UK for Oz.
Do you have to contact the inland revenue and do a emergency tax return (if there is one) or do you just drop the tax man a line saying "I'll give you a bell when I get to Oz"?
Much appreciated if someone can give me an idea of how to settle taxes before you leave.
Thanks
Majj
What happens to your taxes if you are self employed and you are all set to leave the UK for Oz.
Do you have to contact the inland revenue and do a emergency tax return (if there is one) or do you just drop the tax man a line saying "I'll give you a bell when I get to Oz"?
Much appreciated if someone can give me an idea of how to settle taxes before you leave.
Thanks
Majj
