The tax return you did with an accountant in March this year should cover your actual tax liability for 2006 (Mar-Dec) and your preliminary tax for 2007 (Jan-Dec). that's all you need to submit before Oct 31st this year.
Next yearthen, you would submit actual tax for 2007 (less preliminary tax already paid) and preliminary tax for 2008.
So, no need to submit this every two months???
Thanks everybody for your helpful replies.
So, to sum up, I can pay my pt for 2007 this October but I don't have to. I can also wait until Oct 2008 to pay my tax libility for 2007 plus pt for 2008. Hope that correct.
Thanks again.
Bearaman
As ubiquitous says, you are confusing this with VAT. Normally VAT returns were due every 2 months. This has now changed (since Sept '07) and returns are now due every 4 months instead. Other options are still available (for example, you can still continue submitting every 2 months if you wish, or annual returns are still allowed) so you should contact an accountant/revenue to clarify what your situation would be.So, no need to submit this every two months???
Actually due to commencement rules you do not have to submitt your 2006 return until Oct 2008, likewise in October 2008 you will have to pay the following: Actual liability for 2006, actual liability for 2007 and Preliminary tax for 2008. if you wish you can make a payment for pt 2007 in Octomer 07 but you are not obliged to do so.
Also, it's worth considering paying an amount each month by direct debit rather than facing a big payment in October each year.
Hi All,
In a similar position, most of the year was taxed under PAYE but the later part of the year registered for income tax as a sole trader. After being directed to the income tax section of my district, they informed me I now need to complete Form 11 rather than the normal Form 12. Is this correct? My accountant implied Form 12 would suffice. Income from trading would have been < 15K for 2006 if that makes any difference.
Thanks
S
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