Tax returns. We know they can be a daunting task. It’s a minefield out there. Different regulations, unclear information and fast-approaching deadlines stop even the savviest business owners in their tracks. However, falling behind or making big mistakes on your tax returns can have serious implications for you and your business.
Whether you’re a small or medium-sized business, a big business, or self-employed, our expert tax return accountants can help you to stay on top of your tax returns. Each of our tax return accountants has years of experience and knowledge of the tax return process. Let us simplify the process for you, so you can get back to running your business.
Self-Employment and Tax Return
Taxes are often one of the most complicated and time-consuming tasks you’ll have to undertake as a self-employed individual. Without the comfort of your very own financial team, you can end up feeling completely overwhelmed by the imminence of your tax returns. At RS Accountancy, we work with hundreds of self-employed individuals just like you. We are dedicated to ensuring that tax returns are as pain-free as possible.
Put simply, if you’re self-employed or a sole trader, you need to complete a personal tax return every year. Everything up to the 5th April needs to be submitted by 31st January. Your earnings will be a summation of both your earnings as a self-employed individual and as an employee- that’s right, you can be both.
If your tax bill is over £1,000, you will also have to pay tax on 31st July. So, it’s really important to watch out for your first tax bill- if it is over £1,000 you will have to pay one year and a half’s worth of tax. Confused? No problem, we’re here to help. Contact one of our tax return accountants today to find out everything you need to know about tax returns for self-employed individuals.
Tax Breaks For Your Business: Tax Return Accountant Advice
Recently, HMRC shared some rather shocking information about tax returns. Around 40% of 2014/15 tax returns were still outstanding by 6th January. That’s about 2 million tax returns. Missing the deadline can have serious implications for your business, so don’t fall prey to big penalties that could have easily been avoided.
One of the main reasons people miss the deadline is because they don’t have all the necessary information readily available, which makes it difficult to complete their numbers. Along with many others, you may have found yourself in this situation. Did you know that you can submit your tax return without all of the numbers in what is called a ‘provisional tax return?”
HMRC operates on a system of ‘process now, check the numbers later,’ which is great if you aren’t prepared. You can avoid the fines and penalties that come with late submission and late payment of tax by sending in your tax return as ‘provisional’. All you need to do is estimate the numbers and keep in mind that these numbers may change (although perhaps leave that out of the supplementary information box). You can then send off the ‘provisional’ tax return and have the peace of mind that you made the deadline. Just don’t forget to submit it fully later!