self assessment question

MikeMacca

one of my mates works for a finance comany but is not on their books so is self employed. she is a total finance noobie and has missed the 31st october cut off. she's in panic stage by now. does anyone have a guide or advice on what she needs to do. she has a copy of all her income (sales reports where she gets a commission) she also has petrol and phone receipts for expenses corresponding to the work carried out

thanks in advance

MBateson

It's a 5% surcharge if she files late. She has until Wed to file and pay online but I'd be surprised if she can register for this so close to deadline unless she's so already.

MikeMacca

cheers for the reply but she doesnt know where to actually start. she knows there will be a penalty and is willing to pay but she is starting from scratch here and wants to know how to go about a self assessment

MBateson

First she needs to register as self employed with Revenue, go to their website for the form. I presume she started as self employed last year, if it's this year she has nothing to worry about as regards the current deadline.

Once registered, she'll need to file a Form 11 for all her income for 2010, including any PAYE, she can get a manual form off the Revenue website or register with ROS and file online using the Revenue software which will calculate the tax for her (but won't include any late filing surcharge)

If she works in a finance company there must be an accountant in there that will help her fill out the form.

MikeMacca

thanks for that. im unaware of her start date.
if she started in 2011 ,she is o.k?
oct 31st deadline only relates to 2010?

smeharg

If she commenced in 2010 she doesn't have to file files return until the second return is due, ie 31 October 2012.

If she does need to file this year there's still time to file on time. An accountant can file on her behalf without the need for her to register for ROS.

If she files a form 11 she will be deemed registered for self assessment so I wouldn't bother wasting time at this late stage registering for income tax.

From what you say it seems her circumstances are fairly straightforward. Accountant's fees shouldn't be that high, especially compared to the potential surcharge and being on Revenue's radar for being non-compliant.

MikeMacca

cheers for the reply, i'll look up some limerick accountants in the yellow pages

MBateson

I dont think she'll show on ROS to file a Form 11 though, registering that way may only work for a manual Form 11.

smeharg

MBateson wrote: »

I dont think she'll show on ROS to file a Form 11 though, registering that way may only work for a manual Form 11.

No. An accountant file online for an unregistered person.