Self-Employment and Tax Returns

[al1991]

If I were considered self employed but the pay I received was below the minimum threshold (I.E. <£6K) is it still necessary to fill in a tax return?

Thanks in advance.

[Tyre Smoke]

Simple answer is unless the tax office tell you in writing that you no longer have to fill in a return, then you do.

[Eric Mc]

Yes.

When did you commence Self Employment?

Have you notified HMRC that you are Self Employed?

[Oi_Oi_Savaloy]

Make sure you do - I (couldn't be bothered) forgot! That'll be a £100 fine then sir!

[Eric Mc]

Oi_Oi_Savaloy said:

Make sure you do - I (couldn't be bothered) forgot! That'll be a £100 fine then sir!

Failure to notify HMRC that you have commenced Self Employment can result in another £100 fine.

[al1991]

Thanks chaps.

I haven't, the question was for someone else really

[Lemmonie]

I just did mine.

First year trading i showed a loss of £1100

I still completed the self assesment even though i would earn *next year* well below that threshold

[Eric Mc]

What did you elect to do with the loss?