3rd month trading - prelim tax?!

Hanley

Tax Q (and yes I should know the answer) - as this is my first year under self assessment rules and Revenue say you must pay 100% of your previous year liability or 90% of current year. Since I've no previous year liability, does this mean I do and pay nothing until my full 2012 return is submitted next year?!

nompere

Probably, yes.

This time next year you will probably be paying 2012 tax and preliminary tax for 2013, so it's worth putting something aside so that the double whammy in twelve months doesn't come as a big shock.

cmbutterfly45

Hanley wrote: »

Tax Q (and yes I should know the answer) - as this is my first year under self assessment rules and Revenue say you must pay 100% of your previous year liability or 90% of current year. Since I've no previous year liability, does this mean I do and pay nothing until my full 2012 return is submitted next year?!

im also wondering about this im only in my 2nd month of trading and am unsure if i need to file a return or do i just leave it and do it all together next year? i cant seem to find this answer anywhere and any help would be great thanks!

Axwell

You pay for the previous year, if you are only two months trading then you wont be filing till next October and it will be for whatever months you were running this year and then preliminary tax for 2013's bill

thecommander

But make sure to file a 0 return.