Tax deadline Year 1 sole trader

irishmoss

Registered User
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337
If a person started business in May 09 should they have paid prelim tax Oct 09 and full tax due from May- Dec 09 by end of Oct 10?
I thought the first years taxes were due year 2 in this case oct 11
 
Feel free any other posters to correct me if i am wrong i am giving information based on a self employed person
I am not sure but i think that may 2009 to end of sept 2009 will have to be paid by end of oct 10 (tax year will be 2009). oct 2009 to sept 2010 will be due before the end of oct 2011. (tax year will be 2010.)
I.E tax on income earned from oct 08 to sept 09 due end of oct 2010.
tax on income earned from oct 09 to sept 10 due end of oct 2011.
Not sure about prelim tax but its better to pay in as much as you can to prelim and you may end up with very little tax having to be paid come oct. If you have overpaid prelim then i'm sure they will refund you the difference which in turn you could put towards the following years prellim tax?
Otherwise if you have an accountant he/she would be able to give you all the answers you need
 
Sole trader with first year ending 30/04/10. ( If you wish to have this as your year end)
Income tax returns for 2010 due by 31/10/2011.
Since trade started in 2009, profits for 2009 will be profits to 30/04/10 x 8/12, to cover period May to December 2009. 2009 returns to go in with 2010.
Preliminary Income tax 2009 based on previous year's tax N/A, but you could pay something towards it.
Preliminary Income tax 2010 due by 31/10/10.

If you wish to have 31/12 as your year end, accounts and tax to 31/12/09 due by 31/10/10.