My ex-MSC provider

[cartlidgea]

Thanks Lewis this is very helpful.

Are you sure about being covered til 2009? Other contractors posting about Giant say the insurance is now invalid?

I didnt fill in a self assessment and my local taxman said I wouldnt need to, if this was wrong wouldnt I have had a fine by now hasnt the date passed?

When you say earnt over 33K does that mean 33k before tax is removed or after and is this minus your tax free allowance everyone gets?

Thanks

[Lewis]

Thanks Lewis this is very helpful.

Are you sure about being covered til 2009? Other contractors posting about Giant say the insurance is now invalid?

I didnt fill in a self assessment and my local taxman said I wouldnt need to, if this was wrong wouldnt I have had a fine by now hasnt the date passed?

When you say earnt over 33K does that mean 33k before tax is removed or after and is this minus your tax free allowance everyone gets?

Thanks

What I am saying is correct to the best of my knowledge. But you should try and help yourself a bit. Qdos told me it is valid till 2009. Why not find out for yourself. Phone them up to check - 01455 852030.

With regards to self assesment you MUST speak to Gaint - 0870 125 8692.

I say again .... If your dividends and salary where more than £33K (before tax) you MUST fill in a self assesment tax return - failure to pay your higher rate tax is tax evasion and you can get into big trouble. The local tax man must not have understood your situation or you earnt less than £33K last year. As you have not said your salary I assume you have gone into the higher rate tax bracket as most contractors through Giants ex-MSC do. The date has NOT passed for the last tax year as it only ended a few weeks ago! And you don't get an automatic fine as you have failed to declare income. You will get your fine later when they discover this out.

You NEED to speak to someone about this I recommend Giant as they paid you or your new accountant.

[clwd]

Having read all the replies from you guys, it seems like that there are two categories for MSC providers. Please correct me if I am wrong.

a. MSC providers closed their business before April : ex-MSC users DO NOT need to fill self assessment tax return and have any tax liabilities
b. MSC providers continue their business with new legislation rules: ex-MSC users need to fill self assessment tax return

Actually, I am getting confused whether I should need to complete a self assessment tax return although my ex-MSC closed down in March. In fact, I haven't recieved any self-assessment form. My concern is that I earned more than 33K during 2006-7. In addition, I haven’t got any IR35 insurance.

However, I have joined PCG standard membership once my new Ltd company was registered in companies house at the end of March. Unfortunately, I am still unable to trade because my business bank account from “CATER ALLEN” is STILL being processing.

[cartlidgea]

What I am saying is correct to the best of my knowledge. But you should try and help yourself a bit. Qdos told me it is valid till 2009. Why not find out for yourself. Phone them up to check - 01455 852030.

With regards to self assesment you MUST speak to Gaint - 0870 125 8692.

I say again .... If your dividends and salary where more than £33K (before tax) you MUST fill in a self assesment tax return - failure to pay your higher rate tax is tax evasion and you can get into big trouble. The local tax man must not have understood your situation or you earnt less than £33K last year. As you have not said your salary I assume you have gone into the higher rate tax bracket as most contractors through Giants ex-MSC do. The date has NOT passed for the last tax year as it only ended a few weeks ago! And you don't get an automatic fine as you have failed to declare income. You will get your fine later when they discover this out.

You NEED to speak to someone about this I recommend Giant as they paid you or your new accountant.

Hi Lewis thanks for your help you are right with the qdos statement, as for self assessment my annual salary was £39k so I was worried but minus expenses etc I sneeked in just under 31K so hopefully I dont have to worry anymore

Thanks Mate

[Hex]

a. MSC providers closed their business before April : ex-MSC users DO NOT need to fill self assessment tax return and have any tax liabilities

Filling in a self assessment tax return is not conditional at all on the status of your MSC and when they did or didn't close their business.

A self assessment tax return is for personal tax and not related to your MSC in any way, other than they paid you some of the income that you need to put on the return.

It is your obligation to fill in a self assessment tax return if you have income which takes you into the higher rate tax bracket. It is not an excuse to say you weren't sent one - they obligation is on you to ask for one if you are not sent one.

[ASB]

It is your obligation to fill in a self assessment tax return if you have income which takes you into the higher rate tax bracket.

It's a bit wider than that. You are required to fill one in if you are sent one (generally directors or people who have previously completed one) or you have untaxed income.

This pretty much boils down to being a higher rate payer and having dividend income or savings income.

Other common categories will be anybody who has rental income and (in my personal view) anybody who has claimed any unreceipted expenses since they should be treated as income (read the hmrc guidance and the sticky).

Also one may want to fill in a return to claim releif on additional things such as business calls, mileage reimbursed at < 40/25p - essentially anything which was not claimed as an expense from an employer.