Self assessment

[acorno]

Hi,

I have recently started working as a consultant (March 2004). I am contracted to a Government body and each month pay withholding tax. My first question is do I have to make a tax return this October and secondly do the tax office send me out a self assessment form when I am due to pay tax or is it my responsibility to know when I have to make a return? Finally do I claim back the withholding tax or is it just taken into account when I am paying tax? I would appreciate a little advice. I have registered for income tax and VAT.

 

[Capall]

For 2004 you must file your return and pay all tax due by oct 31 2005. This will also be the preliminary tax payment date for 2005.
You do not have to pay PT in 2004 because it is your commencement year. You can choose to pay and file your returns earlier for 2004.
The witholding tax already paid is available as a credit for offset against your total tax liability for the year.
Under the self assessment system it is your responsibility to ensure you meet the filing and payment dates. The revenue should send you out the forms if you have registered for Income tax.

 

[c1966]

Don't forget about VAT - if you are billing more than 25,000 you will have to register for VAT. F45s do not deduct 20% from the VAT element of the payment.

You can also apply for an interim refund. Look at the Revneue website as this is a bit difficult.