Self-employed tax question
#1
Forum Regular
Thread Starter
Joined: Mar 2003
Location: Brisbane
Posts: 169
Self-employed tax question
I know from previous threads that if you fill in form P85 then you can apply for a refund from the Inland Revenue when leaving the UK. This seems to work fine for people who are employed as their P45 includes all the information that the Revenue needs to “close� that person's PAYE account and calculate the refund.
I’m currently self-employed however and so I assume I will need to produce my final set of accounts and self assessment tax return before a refund can be calculated?
Has anyone else had any experience of this – I’m wondering whether I need to prepare my tax return now or whether I should instead wait until the end of the tax year next April?
Any advice gratefully received.
Cheers
GLR
PS Sorry to post such a boring tax post – I’ll look out for lettuce stories to post when I get to Oz!
I’m currently self-employed however and so I assume I will need to produce my final set of accounts and self assessment tax return before a refund can be calculated?
Has anyone else had any experience of this – I’m wondering whether I need to prepare my tax return now or whether I should instead wait until the end of the tax year next April?
Any advice gratefully received.
Cheers
GLR
PS Sorry to post such a boring tax post – I’ll look out for lettuce stories to post when I get to Oz!
#2
Re: Self-employed tax question
Originally Posted by GLR
I know from previous threads that if you fill in form P85 then you can apply for a refund from the Inland Revenue when leaving the UK. This seems to work fine for people who are employed as their P45 includes all the information that the Revenue needs to “close� that person's PAYE account and calculate the refund.
I’m currently self-employed however and so I assume I will need to produce my final set of accounts and self assessment tax return before a refund can be calculated?
Has anyone else had any experience of this – I’m wondering whether I need to prepare my tax return now or whether I should instead wait until the end of the tax year next April?
Any advice gratefully received.
Cheers
GLR
I’m currently self-employed however and so I assume I will need to produce my final set of accounts and self assessment tax return before a refund can be calculated?
Has anyone else had any experience of this – I’m wondering whether I need to prepare my tax return now or whether I should instead wait until the end of the tax year next April?
Any advice gratefully received.
Cheers
GLR
I'd get some professional tax advice as there may be tax planning opportunities (or risks) arising from ceasing your business in the UK.
Jeremy
#3
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Self-employed tax question
As Jeremy says, this is an issue you should be discussing with a tax accountant. You will need to produce a final set of business accounts, which will form the basis of your final UK Tax Return. If you were to stop business today this means that you would most probably not be able to finalise your UK tax position until the 2005 Return is issued next April.
In the meantime you will be making Payments on Account re 2004/05 (on 31st Jan 2005 and - if your 2005 Return isn't lodged by the end of July - 31st July 2005). These PoAs may be capable of being reduced as they will be based on your 2003/04 tax liability. This is another reason to discuss your situation with a tax advisor.
Best regards.
In the meantime you will be making Payments on Account re 2004/05 (on 31st Jan 2005 and - if your 2005 Return isn't lodged by the end of July - 31st July 2005). These PoAs may be capable of being reduced as they will be based on your 2003/04 tax liability. This is another reason to discuss your situation with a tax advisor.
Best regards.
Originally Posted by GLR
I know from previous threads that if you fill in form P85 then you can apply for a refund from the Inland Revenue when leaving the UK. This seems to work fine for people who are employed as their P45 includes all the information that the Revenue needs to “close� that person's PAYE account and calculate the refund.
I’m currently self-employed however and so I assume I will need to produce my final set of accounts and self assessment tax return before a refund can be calculated?
Has anyone else had any experience of this – I’m wondering whether I need to prepare my tax return now or whether I should instead wait until the end of the tax year next April?
Any advice gratefully received.
Cheers
GLR
PS Sorry to post such a boring tax post – I’ll look out for lettuce stories to post when I get to Oz!
I’m currently self-employed however and so I assume I will need to produce my final set of accounts and self assessment tax return before a refund can be calculated?
Has anyone else had any experience of this – I’m wondering whether I need to prepare my tax return now or whether I should instead wait until the end of the tax year next April?
Any advice gratefully received.
Cheers
GLR
PS Sorry to post such a boring tax post – I’ll look out for lettuce stories to post when I get to Oz!