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Planning for your self assessment tax bill

Keith — Mon, 03 May 2010 14:10:55 +0000

The UK tax year is 6 April to the following 5 April. So the tax year 2009/10 ends on 5 April 2010. If you are self employed or a limited company director you will need to complete a self assessment tax return. Although the deadline is 31 January for e-filed returns, we recommend that you complete your tax return and submit it to HM Revenue & Customs 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.

Self Assessment Tax Return Checklist 2009-10

Keith — Sun, 02 May 2010 13:14:38 +0000

To help you collate the information you need to prepare your self assessment tax return for 2009/10 we have prepared a useful checklist for you to download.

HM Revenue & Customs must receive your tax return by 31 January 2011 to avoid a penalty.

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.

How to register your new PAYE scheme

Keith — Thu, 29 Oct 2009 11:00:00 +0000

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. Once your scheme is registered you will receive notification of your new scheme in writing and it will be given two reference numbers.

How to choose your accountant

Keith — Tue, 30 Sep 2008 23:00:51 +0000

An accountant is not a legal requirement but you may consider that some external expertise may be helpful to keep you on the right side of the UK tax authorities, maintain proper accounting records and advise you on how to minimise your tax and National Insurance.

Tax deductible expenses

Keith — Wed, 30 Apr 2008 23:00:44 +0000

This tip gives a brief list of the types of expenditure you can claim, some of which you may already be deducting, some may be new to you and applicable to your business. As a general tip, if you are using a credit card to pay for business costs, have a separate one in your name for business use, so that your personal expenditure is kept out of the business. Cashback or Reward cards are ideal, especially if you pay them off in full.