 Your step by step DIY
checklist setting out what you are required to
do: Pay NI - from April
2008 it is £2.30 per week and payable either monthly by direct
debit or they'll send you a bill every three
months. Keep records of your
income and expenditure which are good enough to enable you to
complete your tax return. Book-keeping Monitor your
turnover (that's income received before taking off any expenses) at
the end of every month and work out the total for the previous 12
months.
Register for VAT within 30 days if you find your turnover
exceeds the VAT registration limit. From 1 April 2008 the limit is
£67,000 and previously it was
£64,000. Once you're
registered for VAT you will be asked to complete a VAT return every
3 months. You have 30 days to send in the return and pay the
VAT. Make sure you get a
tax return. If you owe tax you have until 5 October to ask for a
return if you haven't already been sent one.
Complete and send in your tax
return. You have until
30 October to send in your form if you want HMRC to calculate your
tax. If you want to calculate it yourself, or file the form on-line
you have until 31 January. Pay your tax. You
will normally have to make payments on 31 January and 31 July each
year. |
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1. Do-it-Yourself
