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• You will also need your Once you’ve entered everything, just If you have made a profit, you may also
accounts for your self-employed hit the calculate button and it will need to make a payment on account
business – if your turnover is less automatically calculate how much for the current year, for example, on
than £0,000, you can choose to put tax is owed (or to be refunded to  January 200 you may have to
your expenses in as a single figure. you). A refund can be requested at pay both of the following:
However, you may still need details this point as part of your submission. • the balance of tax owing for
later on so it is definitely worth It usually takes about 0 working the year 200-09; and
preparing proper accounts, however days from when you submit your • the first ‘payment on account’
tempting it may be to just add up all return. for 2009-0.
those bits of paper!
If you’ve made a self-employed profit A second payment on account
Once you’ve gathered all your bits and you are also employed, you would be due st July 200 with
of paper, you’re ready to start filling have a choice of how to pay any tax a balancing payment due the
in the form. It really is just a matter owed. You can make a full payment following st January (if there is
of reading the instructions carefully, by st January or if the tax owed any still due). Two payments on
finding the relevant bit of paper is less than £2000, you can elect to account are calculated as 0% of the
in front of you and entering the pay it through your tax code (your previous tax owed so, for example, if
details. There is a NEXT button which employer will be sent an amended you owed £00 for 200-09, the on-
automatically saves your information tax code for you) but in order to do account payments would be £70
as you change the page or if you this, you will need to file your return each. If your tax liability for 2009-0
want to leave and come back later, by 0th December. is higher than 200-09, the balancing
you can use the SAVE button. payment would then fall due on st
January 20.
 | ukhandmade | Autumn 2009
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