Tax Return Deadline 31st January 2012

:beagle:YOU HAVE 35 DAYS(AT 28/12/11) LEFT TO FILE YOUR TAX RETURN IF YOU ARE EITHER SELF EMPLOYED OR HAVE OTHER INCOME.

PENALTIES FOR NOT FILING ON TIME OF £100 EVEN IF THERE IS NO TAX TO PAY (NEW FROM THIS YEAR) + IT CAN OPEN A CAN OF WORMS WITH HMRC BY THEM DOING A TAX INVESTIGATION IN THE FUTURE FOR AN INDEFINATE PERIOD. (AS FAR BACK AS THE REVENUE WANT TO GO)

[TUTTSI]

Re: Tax Return Deadline 31st January 2012

14 days left to file your tax returns..

[EXC]

Re: Tax Return Deadline 31st January 2012

Thanks for the reminder.

I wouldn't want to get a letter like I did last year demanding a late filing fine of £0.

[Sapphire]

Re: Tax Return Deadline 31st January 2012

All sorted thanks for the reminder Tuttsi x

[Shadowcat]

Re: Tax Return Deadline 31st January 2012

I don't know whether I should have started another thread but as it's only a specific question, I thought I'd tag it onto this.

Mr S doing his tax return online and contrary to popular belief, men can multi-task, he's managing to fill out the form and drive me mad at the same time. He keeps asking me questions but the one below I said I'd ask on the forum as I haven't got a clue:

He set up as a sole trader 2010, around the same time he bought a van out of his personal money.
He sold it last year for £9,800
He bought another one for £3,800
Would the balance of £6,000 be counted as part of his annual income and be declared as such on his tax return, even thought the first van was bought with his own money?

[TUTTSI]

Re: Tax Return Deadline 31st January 2012

I have just asked hubby and will return with the answer later.

[cards down]

Re: Tax Return Deadline 31st January 2012

Was the initial money for the van put through his books?

[TUTTSI]

Re: Tax Return Deadline 31st January 2012

Hubby said that without knowing the full facts he cannot answer and suggest that he finds an accountant who can best advise him.

There has to be more to the question as there would have been a 2011 tax return.

Sorry that I could not be of more help.

[Shadowcat]

Re: Tax Return Deadline 31st January 2012

Yes, the original van was put through on his 2011 tax return as being bought for the business.