Self Assessment Tax Return
Everybody wants to pay as little tax as possible. At CC Associates, we want you to pay as little tax as possible too.
You could probably prepare your own taxes.
You might not even make any mistakes.
But you will almost definitely spend more time doing them and pay more tax than you would if you let the tax specialists at CC Associates prepare your taxes for you.
Here are just a few of the reasons why you should have your tax returns prepared at CC Associates:
Self Assessment Tax Return FAQ
You will need to fill one out if:
- You are self employed or in a partnership
- You are the Director of a Limited Company, or a Minister of Religion
- You have rental income of £10k or more
- You get income from abroad
- You have income from your savings or investments of more than £10k, or from untaxed savings and investments of £2.5k or more
- You receive income from a deceased person
- You receive child benefit and your income is more than £50k
You need to submit any paper copy of a return by 31st October.
You need to submit an online version of a self assessment tax return by 31st January.
If you do not meet the deadlines, there are fines and penalties imposed.
However, if you have extreme circumstances which lead to you filing late, such as a death or hospital stay, or even a fire or flood, then you can always explain this to HMRC and they are considerate of such circumstances
- Every invoice for anything you buy, and everything you sell.
- Your bank account statements
- Any paperwork relating to finance or loans you have for the business
- Basically, anything with a £ sign on it should be kept.
How you decide to keep these is up to you, some people like to use a simple spreadsheet, some write in a book, and some invest in software to help them. As long as you keep the records, use the method of keeping them, which suits you best.
The money you spent has to be a business expense, e.g. stock you bought, postage and stationary, bank charges, telephone calls etc etc plus many more.
The main things that you can not claim are things like gym membership, speeding and parking tickets, client entertainment etc plus many more.
You can get in touch with us to check a specific item and we will be happy to advise you.
There are lots of other allowances that an accountant will be able to think about applying to your particular type of business too, so it’s a good idea to get professional advice. Don’t forget, accounting fees are also tax deductible!
You will be given the chance to explain to HMRC how the mistake happened and they are very understanding about human error. If they find that you left income off your tax return or changed figures on purpose, they take a much dimmer view and you are likely to face fines and/or prosecution.
Click on the “Get In Touch” button below to book a 100% free, no obligation consultation to find out where CC Associates can help to save you money on your taxes.