Self Employed Tax Return

Are you receiving income from self employment?

from

£75

TaxPenny offer a fast and efficient service for the completion of your trading accounts and tax return.

Our Self Employed Tax Return Service will:

Complete your tax return
Compile your trading acounts
We will advise you on tax deductibility of business expenses and on how you can maintain your records better.
Should you be suffering from trading losses, we will advise you on how best to utilize these to reduce your tax liability.
If you are both self employed and employed we can check that you are not paying too much in national insurance contributions.

Records which you will need to keep

If you're self-employed or in business there are certain records you legally have to keep. There are also good business reasons for keeping good records.

By law, you must keep business records for at least five years and ten months after the end of the tax year the records relate to. You can be charged up to £3,000 for failure to maintain or retain the records you need to make a Tax Return.

You'll need to keep your business records and personal records separate. Most businesses find that it helps to have a separate business bank account.

Basic records you must keep

This will normally include:

A record of all your sales, with copies of any invoices you have issued
A record of all your business purchases and expenses together with invocies unless the amounts concerned are small
Details of any amounts you personally pay into or take from the business
Copies of business bank statements

Capital allowances

It's helpful to keep a separate record of purchases and sales of assets that you use in the business, such as equipment. These need to be treated differently in your Tax Return. You can claim capital allowances for assets, which means that rather than claiming the whole cost at the time you buy, you reclaim the cost over time.

Other records you must keep

All businesses are different and there are many specific types of detailed record that may need to be kept. Some examples of records you should keep include:

cash book
petty cash book
order notes and invoices
copy sales invoices
details of any other business income received
details of any private money brought into the business
till rolls or other form of electronic record of sales
details of any other income
any cash taken out of the till to pay small business expenses
bills and invoices for purchases and expenses
a record of stock on hand at the end of the year
all bank and building society statements, pass books, cheque stubs and paying-in slips which include details of business transactions

Registered in England No. 06734565 - HM Revenue & Customs Agent Ref: i5076F - Data Protection Number : Z1549382 - VAT Reg. 942 0667 26

Web Design By

Title:
Forename:
Surname:
How can we help you:
Employment Sector:

Your contact number:
Your email address:
Any Further Information: