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Free Guides for new and growing businesses from HRBS - fixed fee accountants and business advisors

EC Sales List (ECSL) for services supplied to other EU member states

hrbs.biz guide to the EC sales list for services to other EU states EC Sales List (ECSL) for services supplied to other EU member statesAs of 1 January 2010, the requirement to report to HMRC the value of sales to other EU member states was extended to include services whereas it previously only applied to the sale of goods.

The ECSL rules applies to all VAT-registered businesses in the UK who supply goods and/or services to a VAT-registered customer in another EU country.

The ECSL is a statistical return, usually submitted quarterly, used by the UK government to prepare intra-EU sales figures.

It is also used by the tax authorities in other EU countries to check that the businesses on your ECSL are dealing with the VAT correctly.
Click here to read the rest of this guide (EC Sales List (ECSL) for services supplied to other EU member states)

Planning for your self assessment tax bill

hrbs.biz guide to paying your self assessment tax bill Planning for your self assessment tax billThe UK income tax year is 6 April to the following 5 April and so the tax year 2015/16 ran from 6 April 2015 to 5 April 2016.

You will need to complete a self assessment tax return if you are self employed, have untaxed income (eg rent), or if you, or your partner, have an individual income of more than £50,000 and one of you gets Child Benefit or contributions towards the upkeep of a child. Limited company directors are often required to submit a tax return.

A self employed person will pay both income tax and class 4 national insurance (NI) on their profits plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.

Student loan repayments collectable under self assessment (typically the self employed and directors receiving salary and dividends from their own company) are also included in the January self assessment payment but not in the payment in account.

Although the deadline is 31 January for e-filed tax returns, we suggest that your return is submitted to HMRC as early as possible.

Click here to download a useful pdf tax return checklist.

Click here to read the rest of this guide (Planning for your self assessment tax bill)

Self Assessment Tax Return Checklist 2014-15

hrbs.biz tax return checklist for 2009 10 Self Assessment Tax Return Checklist 2014 15To help you collate the information you need to prepare your self assessment tax return we have prepared a useful checklist which you can download here.

In our experience, the list of income, deductions and capital transactions covers the majority of our clients but if you have other income, tax deductions or gains/losses not listed, you may need to include those on your tax return.

HM Revenue & Customs must receive your tax return by 31 January 2016 to avoid a penalty.

At HRBS we submit all tax returns and tax computations online. The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.

Read our guide on how your tax and NIC payments on account are calculated which explains the self assessment payment on account system.
Click here to read the rest of this guide (Self Assessment Tax Return Checklist 2014-15)

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