Planning for your self assessment tax bill
The UK tax year is 6 April to the following 5 April. So the tax year 2009/10 ends on 5 April 2010.
You will need to complete a self assessment tax return if you are self employed or a limited company director.
Click here to read our free guide on starting a business and registering with HMRC (opens in a new window).
Although the deadline is 31 January for e-filed returns, we recommend that you complete your tax return and submit it to HMRC as early as possible. Click here to download a useful pdf tax return checklist.
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.
Click here to read the rest of this guide (Planning for your self assessment tax bill)
Popularity: 3%
Self Assessment Tax Return Checklist 2009-10
To help you collate the information you need to prepare your self assessment tax return for 2009/10 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 2011 to avoid a penalty.
At HRBS we submit all tax returns online. However, if you wish to prepare a paper return, the deadline is midnight on 31 October.
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.
Click here to read the rest of this guide (Self Assessment Tax Return Checklist 2009-10)
Popularity: 5%
How to register your new PAYE scheme
This article and video gives easy to follow, step by step instructions on registering a new PAYE scheme with HMRC.
A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing.
Click here to read the rest of this guide (How to register your new PAYE scheme)
Popularity: 23%
How to choose your accountant
Do you really need an accountant?
If your business is small and you have less than £15k turnover pa and are organised, willing to research various business guides and the HMRC website to keep up with tax, VAT, payroll, NIC legislation … then the answer is likely to be No.
If you are not organised, then either get organised or get an accountant, as at the very least they can save you the various HMRC penalties and interest that is charged for late registration, late submission of tax returns and late payments of tax.
Click here to read the rest of this guide (How to choose your accountant)
Popularity: 18%
