newly self employed, paying tax and joint assessment

sc0by

I signed up to the short term back to work scheme this year

so as of October 2011 I'm registered as self employed for income tax.

Unfortunately I don't have any income yet so I wanted to know whether I have to file any documentation at the end of this year, or is that only necessary when there's proven income?

Since I'm not making any money, is it possible to assign more of my tax credit to my wife?

We were already doing this when I was employed at the start of the year but my situation is different now.

Anyone in the same boat? I'm obviously new to all this.


Cheers.

gerrybbadd

sc0by wrote: »

I signed up to the short term back to work scheme this year

so as of October 2011 I'm registered as self employed for income tax.

Unfortunately I don't have any income yet so I wanted to know whether I have to file any documentation at the end of this year, or is that only necessary when there's proven income?

Since I'm not making any money, is it possible to assign more of my tax credit to my wife?

We were already doing this when I was employed at the start of the year but my situation is different now.

Anyone in the same boat? I'm obviously new to all this.


Cheers.

When you registered as self assessed for tax purposes, this will ensure that you are issued with a Tax Return annually. You'll be obliged to complete this form, and return it on time. If you've no income, just input zeros.

If you already allocated your credits to your wife, odds are she's utilised them, unless you transferred them back at some stage?

sc0by

Thanks Gerrybbad,

I was hoping that being self employed would effectively give me more tax credit but probably not.

Thanks for the info

Cedrus

You actually get less credit because you lose the PAYE credit. But, you get to claim legit expenses which can be more valuable and can even be built up against later earnings if you're not making anything yet.