From: Peter Saxton 
Newsgroups: uk.finance
Subject: Re: Question about Self Assessment and dealines and having your own business on the side.
Date: Thu, 04 Jan 2007 12:48:26 +0000

On Wed, 03 Jan 2007 19:48:12 +0000, Random 
wrote:

>Does anyone here with a background in accountancy or book keeping know 
>the answer to this lot?
>It's a length explanation, and fairly simple questions hopefully.
>
>I'm currently employed and running a business on the side. The business 
>is actually a partnership between myself and a friend. We are both 
>employed in full time jobs and paying tax through PAYE.
>There is no conflict between the business on the side and my normal 
>work, it's purely a means of earning cash in my spare time.
>
>The business has a joint business account which any payments we receive 
>go into.
>The business is NOT limited and NOT vat registered. (No need for the 
>amounts we make)
>
>We've been going since mid 2005 and have earned around £7000 between us. 
>We have not yet submitted any paperwork to the tax office or paid any 
>tax (although we still have the money in the business account to do it)
>
>We've got records of all invoices we've raised and the payments for said 
>invoices have gone into the bank. There's only about 11 invoices in 
>total so it isn't complicated accounts.
>
>We don't have many business expenses to speak of, just 2 payments I made 
>to register a website, so I should hopefully be able to get some tax 
>relief on those due to them being a business expense.
>
>So as you can see, a very simple setup.
>
>Problem is, from looking at the IR website, the paperwork for the tax 
>year 2005-2006 has to be in by end of Jan and to be honest, I've looked 
>at it and haven't got a clue what to do. We'd totally overlooked the 
>fact that we'd have to fill in these forms and now it's getting a bit 
>close to deadlines!
>
>It's not a problem financially, we knew we'd have to do it eventually 
>and pay what we owe. The business has been run properly with proper 
>invoices in the company name being given to our customers etc so it's 
>all legit.
>
>So my questions are :-
>
>1) Am I right in thinking that as an employed person with a business on 
>the side I carry on paying PAYE through my 9 to 5 job, and do a self 
>assessment for any extra I've earned.
>
>2) Have I got the deadlines right? Do the forms for 2005-2006 have to be 
>in by end of Jan?
>
>3) Should I just find a local accountant who can do the self assessment 
>forms for us?
>
Yes.

If you'd got the information together and to an accountant by April
last year you wouldn't be panicking niw.

-- 
Peter Saxton from London
peter@petersaxton.co.uk