Self Assesment

Hi,

I could do with some help regarding my situation. I left University in June

2003, then like many students I moved back home with my parents for the immediate time after uni. I started to DJ in clubs and bars for the summer time, through an agency... I didn't make a massive amount of money, I also got some part time work at a radio station which paid me a bit extra a week. I moved out of my parents place in October 2003 and also realised I needed to set myself up as self employed... as I was invoicing them for my services.

I called inland revenue and set myself up in business as from 1st Oct 2003 which was the date I moved out of my parents and into my new place and wanted to set myself up as a professional DJ.

However my situation didn't really improve being self-employed and I changed and got a full time job in June 2004.

I have copies of invoices I sent to the radio station and the DJ agency throughout the time I was self-employed. However my earnings were quite low. I have been very late with my self-assesment form and need to have it completed by the end of the month.

I was also in big debt throughout this time (few thousand overdrawn at bank) and often relied on my parents for loans. I had to set myself up as self employed as I wasn't being taxed on my earnings (despite working for companies, I was not an employee), but I wasn't a business.. just an individual.

I am in the process of going through my invoices (to be honest I have only now sat down and started to go through them). However I do obviously want to avoid them being suspiscious of my quite low earnings and then launching a big investigation on me... I am wondering if there is a process for people like myself? With a return I am not given a chance to explain that I lived at home with my parents and had just left university.

I'll be honest I am quite uselss as finances, hence the reason I do not want to be self-employed, and have been rather stupid leaving this until the last minute. Basically what I did amounted to little more than part-time work whilst I lived at home after University before I gained a full time job.

I haven't got an accountant, but as my earnings were the same every week and my only expenses being travel (which I have receipts for) it will be easy to work out my return. I just wondered what the inland revenue are likely to look for? I have nothing to hide, however, the only paper work I have is invoices I sent to the DJ agency and the radio station, and travel receipts.

I am hoping this will be a pretty straight forward matter, or am I overlooking anything they may need of me or anyone I should talk to?

Sorry to sound so hopeless, I really am in these matters.

Regards

Sounds like it should be quite simple.

If your turnover was below 10k - 15k (Not sure of exact figure) all you need are the total income and total expenses for the business for the year. You don't need to show all the receipts etc to the IR at this time - but need to keep it all safe for 7 (i think?) years.

You also need to have to hand your P60 from your employer and details of any interest from bank/building society accounts. If any.

I think you also need your details of student loan?

I guess you are not feeling rich enough to get an accountant to help you out so I would suggest you use a good PC package or the Inland Revenue Online package to comlete and submit the form so that

1) It checks you don't miss anything 2) It submits immediatly - as long as you make sure you get the final confirmation message! 3) It tells you how much, if anything, you owe as this has to be paid by the end of January 2005.