Self Employed is the simplest way to start a business. The only drawback is that you are personally liable for the payments of business debts and the lender can recover their funds from your personal assets. This can specially be a risky move where the businesses require a lot of investment. If you are self-employed, you would need to complete a Self-Assessment tax return every year. A tax year runs from 6th of every April to 5th of the following April. We can prepare your annual tax return known as Self Assessment Tax Return and file it online or in a paper form. You would probably need to pay any Income Tax you owe for a tax year in two installments i.e. January and July, plus a final ‘balancing payment’.
Registering for Self Employment with HMRC doesn’t involve any registration fees; it can be done through an online form. We can do this for you by providing you check list of the information required to do.
Every year while preparing your statutory accounts we will provide you a comprehensive report on business insights highlighting you the areas that can help you increase your earning and future tax planning.
We don’t just provide you the service of year end self assessment tax return & accounts but also work with you throughout the year to provide you help with accounting matters, employee costs and payroll issues, tax planning, purchasing, inventory levels, VAT and any other matter where you require a professional advice.
Services we can provide you:
- Register you as a sole trader/ Self Employed where needed
- Prepare your self assessment tax return & discuss the periods’ affairs with you so that you have full knowledge of your business.
- File your Self-Assessment tax return once you are satisfied.
- Guide you on how tax system works in UK – Tax, N.I. rates etc.
- Guide you on good record keeping
- Guide you on whether your business needs to be VAT registered, and explain to you about available VAT schemes
- Provide you list of possible allowable expenses
- Advise you about the tax liability & due dates
- Act as an agent on your behalf and deal with HM Revenue Customs
- Email and telephone support throughout the year
- Bookkeeping software
- Tax planning
For more details and quotes, please contact us.