Self Assesment


T

The-Studio

Hi,

I could do with some help regarding my situation. I left University in June
2003, then like many students I moved back home with my parents for the
immediate time after uni. I started to DJ in clubs and bars for the summer
time, through an agency... I didn't make a massive amount of money, I also
got some part time work at a radio station which paid me a bit extra a week.
I moved out of my parents place in October 2003 and also realised I needed
to set myself up as self employed... as I was invoicing them for my
services.

I called inland revenue and set myself up in business as from 1st Oct 2003
which was the date I moved out of my parents and into my new place and
wanted to set myself up as a professional DJ.

However my situation didn't really improve being self-employed and I changed
and got a full time job in June 2004.

I have copies of invoices I sent to the radio station and the DJ agency
throughout the time I was self-employed. However my earnings were quite
low. I have been very late with my self-assesment form and need to have it
completed by the end of the month.

I was also in big debt throughout this time (few thousand overdrawn at bank)
and often relied on my parents for loans.
I had to set myself up as self employed as I wasn't being taxed on my
earnings (despite working for companies, I was not an employee), but I
wasn't a business.. just an individual.

I am in the process of going through my invoices (to be honest I have only
now sat down and started to go through them). However I do obviously want
to avoid
them being suspiscious of my quite low earnings and then launching a big
investigation on me... I am wondering if there is a process for people like
myself?
With a return I am not given a chance to explain that I lived at home with
my parents and had just left university.

I'll be honest I am quite uselss as finances, hence the reason I do not want
to be self-employed, and have been rather stupid leaving this until the last
minute.
Basically what I did amounted to little more than part-time work whilst I
lived at home after University before I gained a full time job.

I haven't got an accountant, but as my earnings were the same every week and
my only expenses being travel (which I have receipts for) it will be easy to
work out my return. I just wondered what the inland revenue are likely to
look for? I have nothing to hide, however, the only paper work I have is
invoices I sent to the DJ agency and the radio station, and travel receipts.

I am hoping this will be a pretty straight forward matter, or am I
overlooking anything they may need of me or anyone I should talk to?

Sorry to sound so hopeless, I really am in these matters.

Regards
 
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R

rob.

The-Studio said:
Hi,

I could do with some help regarding my situation. I left University
in June 2003, then like many students I moved back home with my
parents for the immediate time after uni. I started to DJ in clubs
and bars for the summer time, through an agency... I didn't make a
massive amount of money, I also got some part time work at a radio
station which paid me a bit extra a week. I moved out of my parents
place in October 2003 and also realised I needed to set myself up as
self employed... as I was invoicing them for my services.
I am hoping this will be a pretty straight forward matter, or am I
overlooking anything they may need of me or anyone I should talk to?

Sorry to sound so hopeless, I really am in these matters.

Regards
Sounds like it should be quite simple.

If your turnover was below £10k - £15k (Not sure of exact figure) all you
need are the total income and total expenses for the business for the year.
You don't need to show all the receipts etc to the IR at this time - but
need to keep it all safe for 7 (i think?) years.

You also need to have to hand your P60 from your employer and details of any
interest from bank/building society accounts. If any.

I think you also need your details of student loan?

I guess you are not feeling rich enough to get an accountant to help you out
so
I would suggest you use a good PC package or the Inland Revenue Online
package to comlete and submit the form so that
1) It checks you don't miss anything
2) It submits immediatly - as long as you make sure you get the final
confirmation message!
3) It tells you how much, if anything, you owe as this has to be paid by the
end of January 2005.
 

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