Hi, another question I'm afraid. Thinking on the advice I've been given already, is there any point or advantage in waiting until after the 5th April (year end ) to declare BR? I am self employed and have been for 20 years. I am fortunate in that I have will still have a job on self employed comission only basis after BR as this is how I work now. As a self employed person is there any benefit ingoing to the O.R. with the year completed? I will not have any tax bill this year as last years accounts showed loss of 50K(hence mmy other problems!).Any advice please? Thanks again, Dave.
if you petition before the end of the current tax year then any monies due for that period will be claimed by the OR. Remember the tax return you have previously filed is not for the current tax year but the year before.
Tax returns for the current year need not be presented until Jan 2010. Either way being self employed it makes little difference in that you either pay your due tax amount to HMRC or to the OR.
I suppose one benefit of filing at the year end is that it would present the OR with a full picture of your circumstances at the time of filing.
This might mean they have less legwork to do leading to an easier process all round.
Personally I would want to check what the implications were of filing either just before, on, or just after the year end date, for the reasons mentioned by John above.
Br Timing
Posted - 31 January 2009 : 16:48:38
