To help you collate the information you need to prepare your self assessment tax return for 2011/12 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 2013 to avoid a penalty.
At HRBS we submit all tax returns and tax computations 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.
Read our guide on how your tax and NIC payments 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 2011-12)
There is a great deal of confusion as to what you can and what you can’t deduct from your profit for tax purposes.
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.
I originally posted this article on the a4uforum in March 2007, and have updated it for the current (2012/13) tax thresholds.
We recommend to all our clients that they maximise the use of their basic rate band. This can be done by declaring interim dividends to take total taxable income upto the maximum at which the basic rate will still apply.
As dividends have a 10% tax credit attached, this tax credit can be used to effectively pay your personal tax liability on the dividend.