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

Self Assessment Tax Return Checklist 2014-15 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.
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Tax deductible expenses guide to tax deductible expenses Tax deductible expensesThere 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.

In general, costs enabling you to run the business and are incurred for business purposes are tax deductible.
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Maximise use of your basic rate tax band guide to maximising the use of your basic rate band Maximise use of your basic rate tax bandI originally posted this article on the a4uforum in March 2007, and have updated it for the current (2015/16) tax thresholds.

I 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 up to the maximum at which the basic rate will still apply.

As dividends currently have a 10% tax credit attached, this tax credit can be used to effectively pay the basic rate personal tax liability on the dividend. This is why they are known as “tax free” dividends. Higher rate and additional rate tax payers will have extra tax to pay which is usually collected via self assessment and so they would need to register for self assessment and submit a tax return to HMRC to report the income and tax liability.

Click here to read the rest of this guide (Maximise use of your basic rate tax band)