The tax return deadline for the small businesses and self assessment is due in only 10 days.
If you are self employed you have to fill in a self assessment tax return each year.
Here, ESB Accountancy reviews the options available to self employed people when filling out their tax return and the processes they are likely to have to go through.
If you need to fill in a self-assessment tax return, HMRC should notify you in April and ask you complete a paper tax return, or make an online tax return.
In order to make an accurate tax return, you are expected to keep records, which you may need to produce if your tax return is queried. These should include details of all your sales and takings and a record of your purchases and business expenses. You should keep your records for a minimum of six years.
Before you complete a tax return you will need to register for self-assessment. You can do this online. Once you have registered, HMRC will issue you with a ten-digit Unique Taxpayer Reference (UTR) number.
If you want to send a paper tax return, you need to complete the main return (SA 100) and also some supplementary pages. Supplementary pages are for declaring details of your:
income from self-employment (SA 103S or SA 103F)
employment income (SA102)
income from UK property (SA 105)
other income and gains
The supplementary pages you need depend on your business turnover. Below £73,000 use SA 103S, above £73,000 use SA 103F. HMRC Helpsheets are provided for supplementary pages.
The deadline to submit a paper self assessment tax return for 2014-15 was 31 October 2015- if you missed this then the only way you can avoid a fine this year is to complete the return online.
If you submit an online tax return, you can select the pages you need as you complete it. To make an online tax return you need to register in advance and receive an activation code (pin) through the post.
Sole traders and most other self employed people can submit a self-assessment tax return online without any problem, but a Partnership Tax Return (SA 800) can only be sent online in conjunction with specially developed commercial software.
The deadline to submit an online self assessment tax return for 2014-15 is in only 10 days on 31 January 2016.
So if you needing help with your online tax return – you can either ring us now on 01242 583001 – or email us on email@example.com or click the Contact Us button or please fill the form at the bottom of the contact us page.